Assembly Bill A8871

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8871

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 4, 2012
                               ___________

Introduced by M. of A. CASTELLI -- read once and referred to the Commit-
  tee on Corporations, Authorities and Commissions

AN  ACT  to amend the public authorities law, in relation to the village
  of Mount Kisco parking authority; and to repeal title 16 of article  7
  of such law relating thereto

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Title 16 of article 7 of the  public  authorities  law,  as
added by chapter 276 of the laws of 1971, is REPEALED.
  S  2.   Article 7 of the public authorities law is amended by adding a
new title 16 to read as follows:
                                 TITLE 16
                VILLAGE OF MOUNT KISCO PARKING AUTHORITY
SECTION 1599-AAA. SHORT TITLE.
        1599-BBB. DEFINITIONS.
        1599-CCC. MOUNT KISCO PARKING AUTHORITY.
        1599-DDD. PURPOSE AND POWERS OF THE AUTHORITY.
        1599-EEE. CIVIL SERVICE STATUS OF OFFICERS AND EMPLOYEES.
        1599-FFF. CONVEYANCE OF PROPERTY BY THE VILLAGE TO THE  AUTHORI-
                    TY; ACQUISITION OF PROPERTY BY THE VILLAGE OR BY THE
                    AUTHORITY.
        1599-GGG. CONSTRUCTION CONTRACTS.
        1599-HHH. MONEYS OF THE AUTHORITY.
        1599-III. BONDS OF THE AUTHORITY.
        1599-JJJ. NOTES OF THE AUTHORITY.
        1599-KKK. AGREEMENTS OF THE VILLAGE.
        1599-LLL. STATE AND VILLAGE NOT LIABLE ON BONDS.
        1599-MMM. BONDS LEGAL INVESTMENTS FOR PUBLIC OFFICERS.
        1599-NNN. TAX EXEMPTIONS.
        1599-OOO. TAX CONTRACT BY THE STATE.
        1599-PPP. REMEDIES OF BONDHOLDERS.
        1599-QQQ. ACTIONS AGAINST THE AUTHORITY.
        1599-RRR. TERMINATION OF THE AUTHORITY.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                      [ ] is old law to be omitted.
                                                           LBD13495-01-1

A. 8871                             2

        1599-SSS. TITLE  NOT  AFFECTED  IF  IN  PART UNCONSTITUTIONAL OR
                    INEFFECTIVE.
        1599-TTT. INCONSISTENT PROVISIONS IN OTHER ACTS SUPERSEDED.
  S  1599-AAA.  SHORT TITLE. THIS TITLE MAY BE CITED AS THE "MOUNT KISCO
PARKING AUTHORITY ACT."
  S 1599-BBB. DEFINITIONS. AS USED OR REFERRED TO IN THIS TITLE,  UNLESS
A DIFFERENT MEANING CLEARLY APPEARS FROM THE CONTEXT:
  (A) THE TERM "AUTHORITY" SHALL MEAN THE CORPORATION CREATED BY SECTION
THREE OF THIS TITLE;
  (B) THE TERM "VILLAGE" SHALL MEAN THE VILLAGE OF MOUNT KISCO;
  (C) THE TERM "BONDS" SHALL MEAN THE BONDS AUTHORIZED IN THIS TITLE;
  (D) THE TERM "BOARD" SHALL MEAN THE MEMBERS OF THE AUTHORITY;
  (E) THE TERM "REAL PROPERTY" SHALL MEAN LANDS, STRUCTURES, FRANCHISES,
AND  INTEREST  IN  LANDS, AND ANY AND ALL THINGS USUALLY INCLUDED WITHIN
THE SAID TERM, AND INCLUDES NOT ONLY FEES SIMPLE ABSOLUTE BUT  ALSO  ANY
AND  ALL LESSER INTERESTS, SUCH AS EASEMENTS, RIGHTS OF WAY, USES, LEAS-
ES, LICENSES, AND ALL OTHER INCORPOREAL HEREDITAMENTS AND EVERY  ESTATE,
INTEREST  OR  RIGHT,  LEGAL  OR EQUITABLE, INCLUDING TERMS OF YEARS, AND
LIENS THEREON BY WAY OF JUDGMENTS,  MORTGAGES  OR  OTHERWISE,  AND  ALSO
CLAIMS FOR DAMAGE TO REAL ESTATE, IN THE AREA OF THE VILLAGE;
  (F)  THE TERM "PROJECT" SHALL MEAN ANY AREA OR PLACE OPERATED OR TO BE
OPERATED BY THE AUTHORITY FOR THE PARKING OR STORING OF MOTOR AND  OTHER
VEHICLES AND SHALL, WITHOUT LIMITING THE FOREGOING, INCLUDE ALL REAL AND
PERSONAL  PROPERTY,  DRIVEWAYS, ROADS, APPROACHES, STRUCTURES, TERMINALS
OF ALL KINDS, GARAGES, METERS, MECHANICAL EQUIPMENT,  AND  ALL  APPURTE-
NANCES  AND  FACILITIES  EITHER  ON, ABOVE OR UNDER THE GROUND WHICH ARE
USED OR USABLE IN CONNECTION WITH SUCH PARKING OR STORING OF SUCH  VEHI-
CLES IN THE AREA OF THE VILLAGE;
  (G) THE TERM "PROJECTS" SHALL MEAN MORE THAN ONE PROJECT.
  S  1599-CCC.  MOUNT  KISCO  PARKING  AUTHORITY. A BOARD TO BE KNOWN AS
"MOUNT KISCO PARKING AUTHORITY" IS HEREBY CREATED. SUCH BOARD SHALL BE A
BODY CORPORATE, CONSTITUTING  A  PUBLIC  BENEFIT  CORPORATION,  AND  ITS
EXISTENCE  SHALL  COMMENCE UPON THE APPOINTMENT OF THE MEMBERS AS HEREIN
PROVIDED. IT SHALL CONSIST OF A CHAIRMAN AND  FOUR  OTHER  MEMBERS,  WHO
SHALL  BE APPOINTED BY THE MAYOR WITH THE APPROVAL OF THE BOARD OF TRUS-
TEES OF THE VILLAGE. OF  THE  MEMBERS  FIRST  APPOINTED,  ONE  SHALL  BE
APPOINTED  FOR  A PERIOD OF ONE YEAR, ONE FOR A PERIOD OF TWO YEARS, ONE
FOR A PERIOD OF THREE YEARS, ONE FOR A PERIOD OF FOUR YEARS, AND ONE FOR
A PERIOD OF FIVE YEARS. AT THE EXPIRATION OF SUCH TERMS,  THE  TERMS  OF
OFFICE  OF  THEIR  SUCCESSORS  SHALL  BE  FIVE  YEARS. EACH MEMBER SHALL
CONTINUE TO SERVE UNTIL THE APPOINTMENT AND QUALIFICATION OF HIS SUCCES-
SOR. VACANCIES IN SUCH BOARD OCCURRING OTHERWISE THAN BY THE  EXPIRATION
OF TERM SHALL BE FILLED FOR THE UNEXPIRED TERM. THE MEMBERS OF THE BOARD
SHALL  CHOOSE  FROM  THEIR NUMBER A VICE-CHAIRMAN. THE BOARD OF TRUSTEES
MAY REMOVE ANY MEMBER OF THE BOARD FOR INEFFICIENCY, NEGLECT OF DUTY  OR
MISCONDUCT  IN  OFFICE, GIVING HIM A COPY OF THE CHARGES AGAINST HIM AND
AN OPPORTUNITY OF BEING HEARD IN PERSON, OR BY COUNSEL, IN  HIS  DEFENSE
UPON  NOT  LESS THAN TEN DAYS' NOTICE. THE MEMBERS OF THE BOARD SHALL BE
ENTITLED TO NO COMPENSATION FOR THEIR SERVICES BUT SHALL BE ENTITLED  TO
REIMBURSEMENT  FOR  THEIR  ACTUAL AND NECESSARY EXPENSES INCURRED IN THE
PERFORMANCE OF THEIR OFFICIAL DUTIES. THE POWERS OF THE AUTHORITY  SHALL
BE  VESTED  IN  AND  EXERCISED BY A MAJORITY OF THE MEMBERS OF THE BOARD
THEN IN OFFICE. SUCH BOARD MAY DELEGATE TO ONE OR MORE OF ITS MEMBERS OR
TO ITS OFFICERS, AGENTS AND EMPLOYEES SUCH POWERS AND DUTIES AS  IT  MAY
DEEM  PROPER. SUCH BOARD AND ITS CORPORATE EXISTENCE SHALL CONTINUE ONLY
FOR A PERIOD OF FIVE YEARS, AND THEREAFTER  UNTIL  ALL  ITS  LIABILITIES

A. 8871                             3

HAVE  BEEN  MET AND ITS BONDS HAVE BEEN PAID IN FULL OR SUCH LIABILITIES
OR BONDS HAVE OTHERWISE BEEN DISCHARGED. UPON ITS CEASING TO EXIST,  ALL
ITS RIGHTS AND PROPERTIES SHALL PASS TO THE VILLAGE.
  S  1599-DDD.  PURPOSE  AND POWERS OF THE AUTHORITY. THE PURPOSE OF THE
AUTHORITY SHALL BE TO  CONSTRUCT,  OPERATE  AND  MAINTAIN  ONE  OR  MORE
PROJECTS  IN THE VILLAGE. TO CARRY OUT SAID PURPOSE, THE AUTHORITY SHALL
HAVE POWER:
  (A) TO SUE AND BE SUED;
  (B) TO HAVE A SEAL AND ALTER THE SAME AT PLEASURE;
  (C) TO ACQUIRE, HOLD AND DISPOSE OF PERSONAL PROPERTY FOR  ITS  CORPO-
RATE  PURPOSES, INCLUDING THE POWER TO PURCHASE PROSPECTIVE OR TENTATIVE
AWARDS IN CONNECTION WITH THE CONDEMNATION OF REAL PROPERTY;
  (D) TO ACQUIRE, IN THE NAME OF THE VILLAGE BY  PURCHASE  OR  CONDEMNA-
TION, AND USE NECESSARY REAL PROPERTY. ALL REAL PROPERTY ACQUIRED BY THE
AUTHORITY  BY  CONDEMNATION  SHALL BE ACQUIRED IN THE MANNER PROVIDED IN
THE CONDEMNATION LAW OR IN THE MANNER PROVIDED BY LAW FOR THE  CONDEMNA-
TION  OF  LAND  BY THE VILLAGE, AND FURTHER PROVIDED, THAT THE AUTHORITY
SHALL GIVE THE BOARD OF TRUSTEES OF THE VILLAGE WRITTEN  NOTICE  OF  ITS
INTENT  TO  ACQUIRE  ANY  LAND  BY CONDEMNATION, WHEREUPON SAID BOARD OF
TRUSTEES, WITHIN A PERIOD OF FORTY-FIVE DAYS AFTER THE  GIVING  OF  SUCH
NOTICE,  BY RESOLUTION VOTED UPON AFFIRMATIVELY BY AT LEAST FOUR MEMBERS
OF SUCH BOARD OF TRUSTEES, MAY DETERMINE THAT SUCH LAND SHALL NOT BE  SO
ACQUIRED, IN WHICH EVENT THE AUTHORITY SHALL BE WITHOUT FURTHER POWER TO
SO ACQUIRE THE SAME BY CONDEMNATION;
  (E)  TO MAKE BY-LAWS FOR THE MANAGEMENT AND REGULATION OF ITS AFFAIRS,
AND, SUBJECT TO AGREEMENTS WITH BONDHOLDERS, FOR THE REGULATION  OF  THE
PROJECT;
  (F)  WITH  THE  CONSENT  OF  THE  VILLAGE TO USE AGENTS, EMPLOYEES AND
FACILITIES OF THE VILLAGE, PAYING TO THE VILLAGE ITS  AGREED  PROPORTION
OF THE COMPENSATION OR COSTS;
  (G)  TO  APPOINT  OFFICERS,  AGENTS  AND EMPLOYEES, TO PRESCRIBE THEIR
QUALIFICATIONS AND TO FIX THEIR COMPENSATION; SUBJECT, HOWEVER,  TO  THE
PROVISIONS  OF THE CIVIL SERVICE LAW, AS HEREINAFTER PROVIDED; TO DESIG-
NATE OFFICERS AND EMPLOYEES, APPOINTED OR  USED  BY  THE  AUTHORITY,  AS
HEREINABOVE  SPECIFIED, WHO SHALL BE EMPOWERED TO ISSUE APPEARANCE TICK-
ETS AS PROVIDED FOR IN ARTICLE ONE HUNDRED FIFTY OF THE CRIMINAL  PROCE-
DURE LAW. PERSONS SO DESIGNATED ARE HEREBY AUTHORIZED TO ISSUE AND SERVE
SUCH   TICKETS  FOR  TRAFFIC  INFRACTIONS  RELATING  TO  PARKING  WITHIN
"PROJECT" AREAS AS DEFINED HEREIN,  IN  ACCORDANCE  WITH  LAW  AND  WHEN
AUTHORIZED  BY  LOCAL  LAW  OF THE TOWN OF MOUNT KISCO OR THE VILLAGE TO
ISSUE AND SERVE SUCH TICKETS FOR TRAFFIC INFRACTIONS COMMITTED  ANYWHERE
IN  SUCH  TOWN OR SUCH VILLAGE INCLUDING AT PARKING SPACES CONTROLLED BY
PARKING METERS;
  (H) TO APPOINT AN ATTORNEY, WHO MAY BE THE VILLAGE  ATTORNEY,  AND  TO
FIX HIS COMPENSATION;
  (I)  TO  MAKE  CONTRACTS  AND  LEASES,  AND TO EXECUTE ALL INSTRUMENTS
NECESSARY OR CONVENIENT;
  (J) TO CONSTRUCT SUCH BUILDINGS, STRUCTURES AND FACILITIES AS  MAY  BE
NECESSARY;
  (K) TO RECONSTRUCT, IMPROVE, MAINTAIN AND OPERATE THE PROJECTS;
  (L)  TO  ACCEPT GRANTS, LOANS OR CONTRIBUTIONS FROM THE UNITED STATES,
THE STATE OF NEW YORK, OR ANY AGENCY OR  INSTRUMENTALITY  OF  EITHER  OF
THEM,  OR THE VILLAGE, OR AN INDIVIDUAL, BY BEQUEST OR OTHERWISE, AND TO
EXPEND THE PROCEEDS FOR ANY PURPOSES OF THE AUTHORITY;

A. 8871                             4

  (M) TO FIX AND COLLECT RENTALS, FEES AND OTHER CHARGES FOR THE USE  OF
THE  PROJECTS  OR  ANY  OF  THEM  SUBJECT TO AND IN ACCORDANCE WITH SUCH
AGREEMENTS WITH BONDHOLDERS AS MAY BE MADE AS HEREINAFTER PROVIDED;
  (N)  TO  CONSTRUCT, OPERATE OR MAINTAIN IN THE PROJECTS ALL FACILITIES
NECESSARY OR CONVENIENT IN CONNECTION THEREWITH; AND TO CONTRACT FOR THE
CONSTRUCTION, OPERATION OR MAINTENANCE  OF  ANY  PARTS  THEREOF  OR  FOR
SERVICES  TO BE PERFORMED; TO RENT PARTS THEREOF, AND GRANT CONCESSIONS,
ALL ON SUCH TERMS AND CONDITIONS AS IT MAY DETERMINE; PROVIDED, HOWEVER,
THAT NEITHER THE AUTHORITY, THE VILLAGE OF MOUNT KISCO, OR ANY AGENCY OF
THE AUTHORITY OR VILLAGE, OR  ANY  OTHER  PERSON,  FIRM  OR  CORPORATION
SHALL,  WITHIN  OR  ON  ANY  PROPERTY  COMPRISING  A PART OF ANY PROJECT
AUTHORIZED BY THIS TITLE, SELL, DISPENSE OR OTHERWISE HANDLE ANY PRODUCT
USED IN OR FOR THE SERVICING OF ANY MOTOR VEHICLE USING ANY  PROJECT  OR
FACILITY AUTHORIZED BY THIS TITLE.
  S  1599-EEE.  CIVIL SERVICE STATUS OF OFFICERS AND EMPLOYEES. OFFICERS
AND EMPLOYEES OF ANY BOARD, COMMISSION OR DEPARTMENT OF THE VILLAGE  MAY
BE TRANSFERRED TO THE AUTHORITY IN ACCORDANCE WITH THE PROVISIONS OF THE
CIVIL  SERVICE  LAW AND SHALL BE ELIGIBLE FOR SUCH TRANSFER AND APPOINT-
MENT WITHOUT EXAMINATION TO OFFICES AND POSITIONS UNDER  THE  AUTHORITY.
OFFICERS  AND  EMPLOYEES OF THE VILLAGE WHO ARE MEMBERS OR BENEFICIARIES
OF ANY EXISTING PENSION OR RETIREMENT SYSTEM SHALL CONTINUE TO HAVE  THE
RIGHTS,  PRIVILEGES,  OBLIGATIONS AND STATUS WITH RESPECT TO SUCH SYSTEM
OR SYSTEMS AS ARE NOW PRESCRIBED BY LAW, AND ALL SUCH EMPLOYEES WHO HAVE
BEEN APPOINTED TO POSITIONS IN THE SERVICE  OF  THE  VILLAGE  UNDER  THE
RULES  OF  THE  MUNICIPAL  CIVIL SERVICE COMMISSION OF THE VILLAGE SHALL
HAVE THE SAME STATUS WITH RESPECT THERETO AFTER TRANSFER TO THE AUTHORI-
TY AS THEY HAD UNDER THEIR ORIGINAL APPOINTMENTS.   THE APPOINTMENT  AND
PROMOTION  OF ALL EMPLOYEES OF THE AUTHORITY SHALL BE MADE IN ACCORDANCE
WITH THE PROVISIONS OF THE CIVIL  SERVICE  LAW  AND  THE  RULES  OF  THE
VILLAGE CIVIL SERVICE COMMISSION.
  S  1599-FFF.  CONVEYANCE  OF PROPERTY BY THE VILLAGE TO THE AUTHORITY;
ACQUISITION OF PROPERTY BY THE VILLAGE OR  BY  THE  AUTHORITY.  (A)  THE
VILLAGE MAY, BY RESOLUTION OR RESOLUTIONS OF THE BOARD OF TRUSTEES OR BY
INSTRUMENTS  AUTHORIZED  BY  SUCH  RESOLUTIONS,  CONVEY, WITH OR WITHOUT
CONSIDERATION, TO THE AUTHORITY REAL AND PERSONAL PROPERTY OWNED BY  THE
VILLAGE  FOR  USE  BY  THE  AUTHORITY AS A PROJECT OR PROJECTS OR A PART
THEREOF. IN CASE OF REAL PROPERTY SO CONVEYED, THE TITLE  THERETO  SHALL
REMAIN IN THE VILLAGE BUT THE AUTHORITY SHALL HAVE THE USE AND OCCUPANCY
THEREOF  FOR  SO  LONG AS ITS CORPORATE EXISTENCE SHALL CONTINUE. IN THE
CASE OF PERSONAL PROPERTY SO CONVEYED,  THE  TITLE  SHALL  PASS  TO  THE
AUTHORITY.
  (B)  THE VILLAGE MAY ACQUIRE IN THE NAME OF THE VILLAGE BY PURCHASE OR
CONDEMNATION REAL PROPERTY IN THE VILLAGE FOR ANY OF THE PROJECTS OR FOR
THE WIDENING OF EXISTING ROADS, STREETS, AVENUES OR HIGHWAYS, OR FOR NEW
ROADS, STREETS, AVENUES OR HIGHWAYS, WITHIN A RADIUS OF ONE MILE TO  ANY
OF  THE  PROJECTS,  OR  PARTLY  FOR  SUCH  PURPOSES AND PARTLY FOR OTHER
VILLAGE PURPOSES, BY PURCHASE OR CONDEMNATION IN THE MANNER PROVIDED  BY
LAW  FOR  THE  ACQUISITION  OF  REAL  PROPERTY  BY THE VILLAGE. FOR LIKE
PURPOSES, THE VILLAGE MAY CLOSE SUCH STREETS, ROADS, AVENUES,  OR  HIGH-
WAYS  AS MAY BE NECESSARY OR CONVENIENT, EXCEPT AS TO STATE HIGHWAYS AND
ARTERIAL WAYS WHICH MAY NOT BE CLOSED WITHOUT THE CONSENT OF  THE  STATE
COMMISSIONER OF TRANSPORTATION.
  (C) CONTRACTS MAY BE ENTERED INTO BETWEEN THE VILLAGE AND THE AUTHORI-
TY  PROVIDING  FOR  THE  PROPERTY  TO  BE CONVEYED BY THE VILLAGE TO THE
AUTHORITY, THE ADDITIONAL PROPERTY TO BE ACQUIRED BY THE VILLAGE AND  SO
CONVEYED,  THE STREETS, ROADS, AVENUES, AND HIGHWAYS TO BE CLOSED BY THE

A. 8871                             5

VILLAGE AND THE AMOUNTS, TERMS AND CONDITIONS OF PAYMENT TO BE  MADE  BY
THE  AUTHORITY. SUCH CONTRACTS MAY ALSO CONTAIN COVENANTS BY THE VILLAGE
AS TO THE ROAD, STREET, AVENUE AND HIGHWAY IMPROVEMENTS TO  BE  MADE  BY
THE  VILLAGE.  ANY  SUCH CONTRACTS BETWEEN THE VILLAGE AND THE AUTHORITY
MAY BE PLEDGED BY THE AUTHORITY TO SECURE ITS BONDS AND MAY NOT BE MODI-
FIED THEREAFTER EXCEPT AS PROVIDED BY THE TERMS OF THE PLEDGE. THE BOARD
OF TRUSTEES MAY AUTHORIZE SUCH CONTRACTS BETWEEN  THE  VILLAGE  AND  THE
AUTHORITY AND NO OTHER AUTHORIZATION ON THE PART OF THE VILLAGE FOR SUCH
CONTRACTS  SHALL  BE  NECESSARY. ANY SUCH CONTRACTS MAY BE SO AUTHORIZED
AND ENTERED INTO BY THE VILLAGE AND IN SUCH MANNER AS THE BOARD OF TRUS-
TEES MAY DETERMINE, AND THE PAYMENTS REQUIRED TO BE MADE BY THE  VILLAGE
MAY  BE  MADE  AND  FINANCED  NOTWITHSTANDING THAT NO PROVISION THEREFOR
SHALL HAVE FIRST BEEN MADE IN THE CAPITAL BUDGET  OF  THE  VILLAGE.  ALL
CONTRACTUAL OR OTHER OBLIGATIONS OF THE VILLAGE INCURRED IN CARRYING OUT
THE  PROVISIONS  OF  THIS TITLE SHALL BE INCLUDED IN AND PROVIDED FOR BY
EACH CAPITAL BUDGET OF THE VILLAGE THEREAFTER MADE, IF AND TO THE EXTENT
THAT THEY MAY APPROPRIATELY BE INCLUDED THEREIN.
  (D) SUBJECT TO THE PROVISIONS OF SUBDIVISION (D)  OF  SECTION  FIFTEEN
HUNDRED  NINETY-NINE-DDD OF THIS TITLE, THE AUTHORITY MAY ITSELF ACQUIRE
REAL PROPERTY FOR A PROJECT IN THE NAME OF THE VILLAGE AT THE  COST  AND
EXPENSE  OF  THE  AUTHORITY  BY PURCHASE OR CONDEMNATION PURSUANT TO THE
EMINENT DOMAIN PROCEDURE LAW OR PURSUANT TO THE  LAWS  RELATING  TO  THE
CONDEMNATION  OF  LAND  BY THE VILLAGE. THE AUTHORITY SHALL HAVE THE USE
AND OCCUPANCY OF SUCH REAL PROPERTY SO LONG AS ITS  CORPORATE  EXISTENCE
SHALL CONTINUE.
  (E) IN CASE THE AUTHORITY SHALL HAVE THE USE AND OCCUPANCY OF ANY REAL
PROPERTY  WHICH  IT  SHALL DETERMINE IS NO LONGER REQUIRED FOR A PROJECT
THEN, IF SUCH REAL PROPERTY WAS ACQUIRED AT THE COST AND EXPENSE OF  THE
VILLAGE,  THE  AUTHORITY SHALL HAVE POWER TO SURRENDER ITS USE AND OCCU-
PANCY THEREOF TO THE VILLAGE, OR, IF SUCH REAL PROPERTY WAS ACQUIRED  AT
THE  COST  AND  EXPENSE  OF THE AUTHORITY, THEN THE AUTHORITY SHALL HAVE
POWER TO SELL, LEASE OR OTHERWISE  DISPOSE  OF  SAID  REAL  PROPERTY  AT
PUBLIC  OR  PRIVATE SALE, AND SHALL RETAIN AND HAVE THE POWER TO USE THE
PROCEEDS OF SALE, RENTALS, OR OTHER MONEYS DERIVED FROM THE  DISPOSITION
THEREOF FOR ITS PURPOSES.
  S  1599-GGG. CONSTRUCTION CONTRACTS. THE AUTHORITY SHALL LET CONTRACTS
FOR CONSTRUCTION IN THE SAME  MANNER,  SO  FAR  AS  PRACTICABLE,  AS  IS
PROVIDED  BY  LAW,  FOR  CONTRACTS OF THE VILLAGE, EXCEPT THAT WHERE THE
ESTIMATED EXPENSE OF A CONTRACT  DOES  NOT  EXCEED  TWENTY-FIVE  HUNDRED
DOLLARS,  SUCH  CONTRACT  MAY  BE  ENTERED  INTO WITHOUT PUBLIC LETTING.
NOTHING IN THIS SECTION SHALL BE CONSTRUED TO LIMIT  THE  POWER  OF  THE
AUTHORITY  TO  DO  ANY CONSTRUCTION DIRECTLY BY THE OFFICERS, AGENTS AND
EMPLOYEES OF THE AUTHORITY.
  S 1599-HHH. MONEYS OF THE AUTHORITY. ALL MONEYS OF THE AUTHORITY SHALL
BE PAID TO THE TREASURER OF THE VILLAGE AS AGENT OF THE  AUTHORITY,  WHO
SHALL NOT COMMINGLE SUCH MONEYS WITH ANY OTHER MONEYS. SUCH MONEYS SHALL
BE  DEPOSITED IN A SEPARATE BANK ACCOUNT OR ACCOUNTS. THE MONEYS IN SUCH
ACCOUNTS SHALL BE PAID OUT BY THE TREASURER ON REQUISITION OF THE CHAIR-
MAN OF THE AUTHORITY OR OF SUCH PERSON OR PERSONS AS THE  AUTHORITY  MAY
AUTHORIZE  TO  MAKE SUCH REQUISITIONS AFTER AUDIT BY THE TREASURER.  ALL
DEPOSITS OF SUCH MONEYS SHALL, IF  REQUIRED  BY  THE  TREASURER  OR  THE
AUTHORITY,  BE  SECURED  BY  OBLIGATIONS  OF THE UNITED STATES OR OF THE
STATE OF NEW YORK OF A MARKET VALUE EQUAL AT ALL TIMES TO THE AMOUNT  OF
THE  DEPOSIT,  AND  ALL BANKS AND TRUST COMPANIES ARE AUTHORIZED TO GIVE
SUCH SECURITY FOR SUCH DEPOSITS. THE TREASURER AND HIS  LEGALLY  AUTHOR-
IZED  REPRESENTATIVES  ARE AUTHORIZED AND EMPOWERED FROM TIME TO TIME TO

A. 8871                             6

EXAMINE THE ACCOUNTS AND BOOKS OF THE AUTHORITY, INCLUDING ITS RECEIPTS,
DISBURSEMENTS, CONTRACTS, LEASES, SINKING  FUNDS,  INVESTMENTS  AND  ANY
OTHER RECORDS AND PAPERS RELATING TO ITS FINANCIAL STANDING. THE AUTHOR-
ITY SHALL HAVE POWER, NOTWITHSTANDING THE PROVISIONS OF THIS SECTION, TO
CONTRACT  WITH  THE  HOLDERS  OF  ANY  OF  ITS  BONDS AS TO THE CUSTODY,
COLLECTION, SECURING, INVESTMENT  AND  PAYMENT  OF  ANY  MONEYS  OF  THE
AUTHORITY  OR  ANY  MONEYS HELD IN TRUST OR OTHERWISE FOR THE PAYMENT OF
BONDS OR IN ANY WAY TO SECURE BONDS, AND TO CARRY OUT ANY SUCH  CONTRACT
NOTWITHSTANDING THAT SUCH CONTRACT MAY BE INCONSISTENT WITH THE PREVIOUS
PROVISIONS  OF  THIS  SECTION. MONEYS HELD IN TRUST OR OTHERWISE FOR THE
PAYMENT OF BONDS OR IN ANY WAY TO SECURE  BONDS  AND  DEPOSITS  OF  SUCH
MONEYS  MAY  BE  ACQUIRED IN THE SAME MANNER AS MONEYS OF THE AUTHORITY,
AND ALL BANKS AND TRUST COMPANIES ARE AUTHORIZED TO GIVE  SUCH  SECURITY
FOR SUCH DEPOSITS. THE ACCOUNTS OF THE AUTHORITY SHALL BE SUBJECT TO THE
SUPERVISION  OF  THE  STATE COMPTROLLER AND HE OR HIS LEGALLY AUTHORIZED
REPRESENTATIVES ARE HEREBY AUTHORIZED AND EMPOWERED FROM TIME TO TIME TO
EXAMINE THE ACCOUNTS AND BOOKS OF THE AUTHORITY, INCLUDING ITS RECEIPTS,
DISBURSEMENTS, CONTRACTS,  SINKING  FUNDS,  INVESTMENTS  AND  ANY  OTHER
MATTER  RELATING  TO  ITS  FINANCIAL  STANDING  AND  FISCAL AFFAIRS. THE
AUTHORITY SHALL RENDER A COMPLETE ANNUAL ACCOUNT OF ITS  PROCEEDINGS  TO
THE  BOARD  OF  TRUSTEES  AT ITS SECOND MEETING IN SEPTEMBER OF EACH AND
EVERY YEAR.
  S 1599-III. BONDS OF THE AUTHORITY. (A) THE AUTHORITY SHALL  HAVE  THE
POWER AND IS HEREBY AUTHORIZED FROM TIME TO TIME TO ISSUE ITS NEGOTIABLE
BONDS IN CONFORMITY WITH APPLICABLE PROVISIONS OF THE UNIFORM COMMERCIAL
CODE   FOR   ANY   PURPOSE   MENTIONED   IN   SECTION   FIFTEEN  HUNDRED
NINETY-NINE-DDD OF THIS TITLE, INCLUDING THE ACQUISITION,  CONSTRUCTION,
RECONSTRUCTION  AND  REPAIR  OF  PERSONAL AND REAL PROPERTY OF ALL KINDS
DEEMED BY THE BOARD TO BE NECESSARY  OR  DESIRABLE  TO  CARRY  OUT  SUCH
PURPOSES,  AS WELL AS TO PAY SUCH EXPENSES AS MAY BE DEEMED BY THE BOARD
NECESSARY OR DESIRABLE TO THE FINANCING THEREOF AND PLACING THE  PROJECT
OR  PROJECTS  IN  OPERATION  IN  THE  AGGREGATE  PRINCIPAL AMOUNT OF NOT
EXCEEDING TWENTY-FIVE PER CENT OF  THE  BONDED  INDEBTEDNESS  LIMITATION
FROM  TIME  TO  TIME  IMPOSED BY SECTION 104.00 OF THE LOCAL FINANCE LAW
UPON BONDED INDEBTEDNESS OF THE VILLAGE OUTSTANDING AT ANY ONE TIME. THE
AUTHORITY SHALL HAVE POWER FROM TIME  TO  TIME  AND  WHENEVER  IT  DEEMS
REFUNDING  EXPEDIENT,  TO REFUND ANY BONDS BY THE ISSUANCE OF NEW BONDS,
WHETHER THE BONDS TO BE REFUNDED HAVE OR HAVE NOT MATURED, AND MAY ISSUE
BONDS PARTLY TO REFUND BONDS THEN OUTSTANDING AND PARTLY FOR  ANY  OTHER
PURPOSE  HEREINABOVE DESCRIBED. THE REFUNDING BONDS MAY BE EXCHANGED FOR
THE BONDS TO BE REFUNDED, WITH SUCH CASH ADJUSTMENTS AS MAY  BE  AGREED,
OR  MAY  BE  SOLD AND THE PROCEEDS APPLIED TO THE PURCHASE OR PAYMENT OF
THE BONDS TO BE REFUNDED. IN COMPUTING THE TOTAL AMOUNT OF BONDS OF  THE
AUTHORITY  WHICH  MAY  AT  ANY  TIME  BE  OUTSTANDING  THE AMOUNT OF THE
OUTSTANDING BONDS TO BE REFUNDED FROM THE PROCEEDS OF THE  SALE  OF  NEW
BONDS  OR  BY  EXCHANGE  FOR  NEW BONDS SHALL BE EXCLUDED. EXCEPT AS MAY
OTHERWISE BE PROVIDED BY THE AUTHORITY, THE BONDS OF EVERY  ISSUE  SHALL
BE  GENERAL  OBLIGATIONS  OF  THE AUTHORITY PAYABLE OUT OF ANY MONEYS OR
REVENUES OF THE AUTHORITY, SUBJECT ONLY TO ANY AGREEMENTS WITH THE HOLD-
ERS OF PARTICULAR BONDS PLEDGING ANY PARTICULAR MONEYS OR REVENUES.
  (B) THE BONDS SHALL BE AUTHORIZED BY RESOLUTION OF THE BOARD AND SHALL
BEAR SUCH DATE OR DATES, MATURE AT SUCH TIME  OR  TIMES,  NOT  EXCEEDING
THIRTY  YEARS FROM THEIR RESPECTIVE DATES, BEAR INTEREST AT SUCH RATE OR
RATES, NOT EXCEEDING SIX PER CENTUM PER ANNUM PAYABLE ANNUALLY OR  SEMI-
ANNUALLY,  BE  IN  SUCH DENOMINATIONS, BE IN SUCH FORM, EITHER COUPON OR
REGISTERED, CARRY SUCH REGISTRATION  PRIVILEGES,  BE  EXECUTED  IN  SUCH

A. 8871                             7

MANNER,  BE  PAYABLE  IN LAWFUL MONEY OF THE UNITED STATES OF AMERICA AT
SUCH PLACE OR PLACES AND BE SUBJECT TO SUCH TERMS OF REDEMPTION, AS SUCH
RESOLUTION OR RESOLUTIONS MAY PROVIDE. THE BONDS MAY BE SOLD  AT  PUBLIC
OR  PRIVATE  SALE FOR SUCH PRICE OR PRICES AS THE AUTHORITY SHALL DETER-
MINE, BUT WHICH SHALL NOT AT THE TIME OF SALE YIELD MORE THAN  FIVE  PER
CENTUM PER ANNUM.
  (C)  ANY  RESOLUTION OR RESOLUTIONS AUTHORIZING ANY BONDS OR ANY ISSUE
OF BONDS MAY CONTAIN PROVISIONS, WHICH SHALL BE A PART OF  THE  CONTRACT
WITH THE HOLDERS OF THE BONDS THEREBY AUTHORIZED, AS TO
  (1)  PLEDGING ALL OR ANY PART OF THE REVENUES OF A PROJECT OR PROJECTS
TO SECURE THE PAYMENT OF THE BONDS,  SUBJECT  TO  SUCH  AGREEMENTS  WITH
BONDHOLDERS AS MAY THEN EXIST;
  (2) THE RENTALS, FEES AND OTHER CHARGES TO BE CHARGED, AND THE AMOUNTS
TO  BE  RAISED  IN EACH YEAR THEREBY, AND THE USE AND DISPOSITION OF THE
REVENUES;
  (3) THE SETTING ASIDE OF RESERVES OR SINKING FUNDS, AND THE REGULATION
AND DISPOSITION THEREOF;
  (4) LIMITATIONS ON THE RIGHT OF THE AUTHORITY TO RESTRICT AND REGULATE
THE USE OF A PROJECT;
  (5) LIMITATIONS ON THE PURPOSE TO WHICH THE PROCEEDS OF  SALE  OF  ANY
ISSUE OF BONDS THEN OR THEREAFTER TO BE ISSUED MAY BE APPLIED AND PLEDG-
ING  SUCH PROCEEDS TO SECURE THE PAYMENT OF THE BONDS OR OF ANY ISSUE OF
THE BONDS;
  (6) LIMITATIONS ON THE ISSUANCE OF ADDITIONAL BONDS;  THE  TERMS  UPON
WHICH  ADDITIONAL  BONDS  MAY  BE  ISSUED  AND SECURED; THE REFUNDING OF
OUTSTANDING OR OTHER BONDS;
  (7) THE PROCEDURE, IF ANY, BY WHICH THE TERMS  OF  ANY  CONTRACT  WITH
BONDHOLDERS MAY BE AMENDED OR ABROGATED, THE AMOUNT OF BONDS THE HOLDERS
OF  WHICH MUST CONSENT THERETO, AND THE MANNER IN WHICH SUCH CONSENT MAY
BE GIVEN;
  (8) LIMITATIONS ON THE AMOUNT OF MONEYS DERIVED FROM A PROJECT  TO  BE
EXPENDED FOR OPERATING, ADMINISTRATIVE OR OTHER EXPENSES OF THE AUTHORI-
TY;
  (9) VESTING IN A TRUSTEE OR TRUSTEES SUCH PROPERTY, RIGHTS, POWERS AND
DUTIES  IN TRUST AS THE AUTHORITY MAY DETERMINE WHICH MAY INCLUDE ANY OR
ALL THE RIGHTS, POWERS AND DUTIES OF THE TRUSTEES APPOINTED BY THE BOND-
HOLDERS PURSUANT TO SECTION  FIFTEEN  HUNDRED  NINETY-NINE-PPP  OF  THIS
TITLE,  AND  LIMITING  OR  ABROGATING  THE  RIGHT  OF THE BONDHOLDERS TO
APPOINT A TRUSTEE UNDER SUCH SECTION OR LIMITING THE RIGHTS, DUTIES  AND
POWERS OF SUCH TRUSTEE;
  (10)  ANY  OTHER MATTERS, OF LIKE OR DIFFERENT CHARACTER, WHICH IN ANY
WAY AFFECT THE SECURITY OR PROTECTION OF THE BONDS.
  (D) IT IS THE INTENTION HEREOF THAT ANY PLEDGE OF  REVENUES  OR  OTHER
MONEYS  MADE  BY  THE AUTHORITY SHALL BE VALID AND BINDING FROM THE TIME
WHEN THE PLEDGE IS MADE; THAT THE REVENUES OR OTHER  MONEYS  SO  PLEDGED
AND THEREAFTER RECEIVED BY THE AUTHORITY SHALL IMMEDIATELY BE SUBJECT TO
THE LIEN OF SUCH PLEDGE WITHOUT ANY PHYSICAL DELIVERY THEREOF OR FURTHER
ACT;  AND THAT THE LIEN OF ANY SUCH PLEDGE SHALL BE VALID AND BINDING AS
AGAINST ALL PARTIES HAVING CLAIMS, OF ANY  KIND  IN  TORT,  CONTRACT  OR
OTHERWISE  AGAINST  THE  AUTHORITY  IRRESPECTIVE OF WHETHER SUCH PARTIES
HAVE NOTICE THEREOF. NEITHER THE RESOLUTION NOR ANY OTHER INSTRUMENT  BY
WHICH A PLEDGE IS CREATED NEED BE RECORDED.
  (E)  NEITHER THE MEMBERS OF THE AUTHORITY NOR ANY PERSON EXECUTING THE
BONDS SHALL BE LIABLE PERSONALLY ON THE  BONDS  OR  BE  SUBJECT  TO  ANY
PERSONAL LIABILITY OR ACCOUNTABILITY BY REASON OF THE ISSUANCE THEREOF.

A. 8871                             8

  (F) THE AUTHORITY SHALL HAVE POWER OUT OF ANY FUNDS AVAILABLE THEREFOR
TO  PURCHASE BONDS. THE AUTHORITY MAY HOLD, CANCEL OR RESELL SUCH BONDS,
SUBJECT TO AND IN ACCORDANCE WITH AGREEMENTS WITH BONDHOLDERS.
  (G)  IN THE DISCRETION OF THE AUTHORITY, THE BONDS MAY BE SECURED BY A
TRUST INDENTURE BY AND BETWEEN THE AUTHORITY AND  A  CORPORATE  TRUSTEE,
WHICH  MAY  BE  ANY  TRUST  COMPANY OR BANK HAVING THE POWERS OF A TRUST
COMPANY IN THE STATE OF NEW YORK. SUCH TRUST INDENTURE MAY CONTAIN  SUCH
PROVISIONS  FOR  PROTECTING AND ENFORCING THE RIGHTS AND REMEDIES OF THE
BONDHOLDERS AS MAY BE REASONABLE AND PROPER AND NOT IN VIOLATION OF LAW,
INCLUDING COVENANTS  SETTING  FORTH  THE  DUTIES  OF  THE  AUTHORITY  IN
RELATION  TO THE CONSTRUCTION, MAINTENANCE, OPERATION, REPAIR AND INSUR-
ANCE OF THE PROJECT OR PROJECTS AND THE CUSTODY, SAFEGUARDING AND APPLI-
CATION OF ALL MONEYS, AND MAY PROVIDE THAT THE PROJECT OR PROJECTS SHALL
BE CONSTRUCTED AND PAID  FOR  UNDER  THE  SUPERVISION  AND  APPROVAL  OF
CONSULTING  ENGINEERS. NOTWITHSTANDING THE PROVISIONS OF SECTION FIFTEEN
HUNDRED NINETY-NINE-HHH OF THIS TITLE THE AUTHORITY MAY PROVIDE BY  SUCH
TRUST  INDENTURE  FOR  THE  PAYMENT OF THE PROCEEDS OF THE BONDS AND THE
REVENUES OF THE PROJECT OR PROJECTS TO  THE  TRUSTEE  UNDER  SUCH  TRUST
INDENTURE OR OTHER DEPOSITORY, AND FOR THE METHOD OF DISBURSEMENT THERE-
OF,  WITH  SUCH  SAFEGUARDS  AND  RESTRICTIONS  AS IT MAY DETERMINE. ALL
EXPENSES INCURRED IN CARRYING OUT SUCH TRUST INDENTURE MAY BE TREATED AS
A PART OF THE COST OF MAINTENANCE, OPERATION, AND REPAIRS OF THE PROJECT
OR PROJECTS. IF THE BONDS SHALL BE SECURED BY  A  TRUST  INDENTURE,  THE
BONDHOLDERS  SHALL  HAVE  NO  AUTHORITY TO APPOINT A SEPARATE TRUSTEE TO
REPRESENT THEM, AND THE TRUSTEE UNDER SUCH TRUST  INDENTURE  SHALL  HAVE
AND  POSSESS  ALL  OF  THE POWERS WHICH ARE CONFERRED BY SECTION FIFTEEN
HUNDRED NINETY-NINE-PPP OF THIS TITLE UPON A TRUSTEE APPOINTED BY  BOND-
HOLDERS.
  S  1599-JJJ.  NOTES  OF  THE AUTHORITY. THE AUTHORITY SHALL HAVE POWER
FROM TIME TO TIME TO ISSUE  ITS  NEGOTIABLE  NOTES  IN  CONFORMITY  WITH
APPLICABLE  PROVISIONS  OF  THE UNIFORM COMMERCIAL CODE AND FROM TIME TO
TIME TO ISSUE RENEWAL NOTES (HEREIN REFERRED TO AS NOTES)  MATURING  NOT
LATER  THAN FIVE YEARS FROM THEIR RESPECTIVE ORIGINAL DATES IN AN AMOUNT
NOT EXCEEDING AT ANY TIME ONE HUNDRED THOUSAND DOLLARS, OVER  AND  ABOVE
THE   AMOUNT   OF   BONDS   AUTHORIZED   BY   SECTION   FIFTEEN  HUNDRED
NINETY-NINE-III OF THIS TITLE, FOR ANY PURPOSE  OR  PURPOSES  FOR  WHICH
BONDS MAY BE ISSUED, WHENEVER THE AUTHORITY SHALL DETERMINE THAT PAYMENT
THEREOF  CAN  BE  MADE  IN  FULL  FROM  ANY MONEYS OR REVENUES WHICH THE
AUTHORITY EXPECTS TO RECEIVE FROM ANY  SOURCE.  SUCH  NOTES  MAY,  AMONG
OTHER  THINGS,  BE  ISSUED  TO PROVIDE FUNDS TO PAY PRELIMINARY COSTS OF
SURVEYS, PLANS OR OTHER MATTERS RELATING TO ANY  PROPOSED  PROJECT.  THE
AUTHORITY  MAY  PLEDGE  SUCH  MONEYS  OR  REVENUES (SUBJECT TO ANY OTHER
PLEDGE THEREOF) FOR THE PAYMENT OF THE NOTES AND MAY IN ADDITION  SECURE
THE NOTES IN THE SAME MANNER AND WITH THE SAME EFFECT AS HEREIN PROVIDED
FOR  BONDS.  THE  NOTES SHALL BE ISSUED IN THE SAME MANNER AS BONDS. THE
AUTHORITY SHALL HAVE POWER TO MAKE CONTRACTS FOR THE  FUTURE  SALE  FROM
TIME TO TIME OF THE NOTES, BY WHICH THE PURCHASERS SHALL BE COMMITTED TO
PURCHASE  THE  NOTES FROM TIME TO TIME ON TERMS AND CONDITIONS STATED IN
SUCH CONTRACTS, AND THE AUTHORITY SHALL HAVE POWER TO PAY SUCH CONSIDER-
ATION AS IT SHALL DEEM PROPER FOR SUCH COMMITMENTS. IN CASE  OF  DEFAULT
ON ITS NOTES, OR VIOLATION OF ANY OF THE OBLIGATIONS OF THE AUTHORITY TO
THE  NOTEHOLDERS,  THE  NOTEHOLDERS SHALL HAVE ALL THE REMEDIES PROVIDED
HEREIN FOR BONDHOLDERS.
  S 1599-KKK. AGREEMENTS OF THE VILLAGE. (A) THE VILLAGE OF MOUNT  KISCO
IS  AUTHORIZED TO PLEDGE TO AND AGREE WITH THE HOLDERS OF THE BONDS THAT
THE VILLAGE WILL NOT LIMIT OR ALTER THE  RIGHTS  HEREBY  VESTED  IN  THE

A. 8871                             9

AUTHORITY  TO  ACQUIRE, CONSTRUCT, MAINTAIN, RECONSTRUCT AND OPERATE THE
PROJECT OR PROJECTS, TO ESTABLISH AND COLLECT RENTALS,  FEES  AND  OTHER
CHARGES AND TO FULFILL THE TERMS OF ANY AGREEMENTS MADE WITH THE HOLDERS
OF  THE BONDS, OR IN ANY WAY IMPAIR THE RIGHTS AND REMEDIES OF THE BOND-
HOLDERS, UNTIL THE BONDS, TOGETHER WITH INTEREST THEREON, WITH  INTEREST
ON  ANY  UNPAID  INSTALLMENTS  OF INTEREST AND ALL COSTS AND EXPENSES IN
CONNECTION WITH ANY ACTION OR PROCEEDING BY OR ON BEHALF  OF  THE  BOND-
HOLDERS, ARE FULLY MET AND DISCHARGED.
  (B)  THE AUTHORITY IS HEREBY AUTHORIZED, IN ITS DISCRETION, FOR AND ON
BEHALF OF ITSELF AND THE VILLAGE OF MOUNT KISCO TO  COVENANT  AND  AGREE
WITH  THE  HOLDERS OF THE BONDS, WITH SUCH EXCEPTIONS AND LIMITATIONS AS
IT MAY DEEM IN THE PUBLIC INTEREST, THAT NO PUBLIC PARKING AREAS  EXCEPT
THOSE  ACQUIRED  AND  OPERATED  BY  THE AUTHORITY WILL BE CONSTRUCTED OR
OPERATED IN THE VILLAGE BY THE VILLAGE, OR  BY  ANY  PUBLIC  BENEFIT  OR
OTHER  CORPORATION  THE  MEMBERS  OR  SOME  OF  WHICH ARE ELECTED OR ARE
APPOINTED BY VILLAGE OFFICIALS, UNTIL EITHER
  (1) THE BONDS, TOGETHER WITH INTEREST THEREON, INTEREST ON ANY  UNPAID
INSTALLMENTS  OF  INTEREST AND ALL COSTS AND EXPENSES IN CONNECTION WITH
ANY ACTION OR PROCEEDING BY OR ON BEHALF OF THE  BONDHOLDERS  ARE  FULLY
MET AND DISCHARGED OR
  (2)  PRINCIPAL  OR  INTEREST  OF ANY OF THE BONDS SHALL BE OVERDUE AND
UNPAID FOR A PERIOD OF THREE YEARS OR MORE.
  S 1599-LLL. STATE AND VILLAGE NOT LIABLE ON BONDS. THE BONDS AND OTHER
OBLIGATIONS OF THE AUTHORITY SHALL NOT BE A DEBT OF  THE  STATE  OF  NEW
YORK  OR  OF THE VILLAGE, AND NEITHER THE STATE NOR THE VILLAGE SHALL BE
LIABLE THEREON, NOR SHALL THEY BE PAYABLE OUT OF ANY  FUNDS  OTHER  THAN
THOSE OF THE AUTHORITY.
  S 1599-MMM. BONDS LEGAL INVESTMENTS FOR PUBLIC OFFICERS. THE BONDS ARE
HEREBY  MADE  SECURITIES IN WHICH ALL PUBLIC OFFICERS AND BODIES OF THIS
STATE AND ALL MUNICIPALITIES AND MUNICIPAL SUBDIVISIONS,  ALL  INSURANCE
COMPANIES  AND  ASSOCIATIONS  AND OTHER PERSONS CARRYING ON AN INSURANCE
BUSINESS, ALL BANKS, BANKERS, TRUST COMPANIES, SAVINGS BANKS AND SAVINGS
ASSOCIATIONS, INCLUDING SAVINGS AND LOAN ASSOCIATIONS, BUILDING AND LOAN
ASSOCIATIONS, INVESTMENT COMPANIES AND OTHER PERSONS CARRYING ON A BANK-
ING BUSINESS, AND ALL OTHER PERSONS  WHATSOEVER  EXCEPT  AS  HEREINAFTER
PROVIDED,  WHO ARE NOW OR MAY HEREAFTER BE AUTHORIZED TO INVEST IN BONDS
OR OTHER OBLIGATIONS OF THE STATE, MAY PROPERLY AND LEGALLY INVEST FUNDS
INCLUDING CAPITAL IN THEIR CONTROL OR BELONGING TO THEM, PROVIDED  THAT,
NOTWITHSTANDING  THE  PROVISIONS  OF ANY OTHER GENERAL OR SPECIAL LAW TO
THE CONTRARY, SUCH BONDS SHALL NOT BE ELIGIBLE  FOR  THE  INVESTMENT  OF
FUNDS,  INCLUDING CAPITAL, OF TRUSTS, ESTATES OR GUARDIANSHIPS UNDER THE
CONTROL OF INDIVIDUAL ADMINISTRATORS, GUARDIANS, EXECUTORS, TRUSTEES AND
OTHER INDIVIDUAL FIDUCIARIES. THE BONDS ARE ALSO HEREBY MADE  SECURITIES
WHICH MAY BE DEPOSITED WITH AND SHALL BE RECEIVED BY ALL PUBLIC OFFICERS
AND  BODIES  OF THIS STATE AND MUNICIPALITIES AND MUNICIPAL SUBDIVISIONS
FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR OTHER  OBLIGATIONS  OF
THIS STATE IS NOW OR MAY HEREAFTER BE AUTHORIZED.
  S 1599-NNN. TAX EXEMPTIONS. ANY BONDS OR NOTES ISSUED PURSUANT TO THIS
TITLE,  TOGETHER  WITH  THE INCOME THEREFROM, AS WELL AS THE PROPERTY OF
THE AUTHORITY, SHALL BE EXEMPT FROM TAXATION, EXCEPT  FOR  TRANSFER  AND
ESTATE TAXES.
  S 1599-OOO. TAX CONTRACT BY THE STATE. THE STATE OF NEW YORK COVENANTS
WITH  THE  PURCHASERS AND WITH ALL SUBSEQUENT HOLDERS AND TRANSFEREES OF
BONDS OR NOTES ISSUED BY  THE  AUTHORITY  PURSUANT  TO  THIS  TITLE,  IN
CONSIDERATION  OF  THE ACCEPTANCE OF AND PAYMENT FOR THE BONDS OR NOTES,
THAT THE BONDS AND NOTES OF THE AUTHORITY ISSUED PURSUANT TO THIS  TITLE

A. 8871                            10

AND  THE INCOME THEREFROM, AND ALL MONEYS, FUNDS AND REVENUES PLEDGED TO
PAY OR SECURE THE PAYMENT OF SUCH BONDS OR NOTES SHALL AT ALL  TIMES  BE
FREE  FROM TAXATION EXCEPT FOR ESTATE TAXES AND TAXES ON TRANSFERS BY OR
IN CONTEMPLATION OF DEATH.
  S 1599-PPP. REMEDIES OF BONDHOLDERS. (A) IN THE EVENT THAT THE AUTHOR-
ITY  SHALL  DEFAULT  IN  THE  PAYMENT OF PRINCIPAL OF OR INTEREST ON ANY
ISSUE OF THE BONDS AFTER THE SAME SHALL BECOME DUE, WHETHER AT  MATURITY
OR UPON CALL FOR REDEMPTION, AND SUCH DEFAULT SHALL CONTINUE FOR A PERI-
OD  OF  THIRTY  DAYS,  OR  IN THE EVENT THAT THE AUTHORITY SHALL FAIL OR
REFUSE TO COMPLY WITH THE PROVISIONS OF THIS TITLE, OR SHALL DEFAULT  IN
ANY AGREEMENT MADE WITH THE HOLDERS OF ANY ISSUE OF THE BONDS, THE HOLD-
ERS OF TWENTY-FIVE PER CENTUM IN AGGREGATE PRINCIPAL AMOUNT OF THE BONDS
OF  SUCH  ISSUE  THEN OUTSTANDING, BY INSTRUMENT OR INSTRUMENTS FILED IN
THE OFFICE OF THE CLERK OF THE  COUNTY  OF  WESTCHESTER  AND  PROVED  OR
ACKNOWLEDGED  IN THE SAME MANNER AS A DEED TO BE RECORDED, MAY APPOINT A
TRUSTEE TO REPRESENT THE HOLDERS OF SUCH BONDS FOR THE  PURPOSES  HEREIN
PROVIDED.
  (B) SUCH TRUSTEE MAY, AND UPON WRITTEN REQUEST OF THE HOLDERS OF TWEN-
TY-FIVE  PER  CENTUM  IN PRINCIPAL AMOUNT OF SUCH BONDS THEN OUTSTANDING
SHALL, IN HIS OR ITS OWN NAME
  (1) BY SUIT, ACTION OR SPECIAL PROCEEDINGS ENFORCE ALL RIGHTS  OF  THE
BONDHOLDERS,  INCLUDING  THE  RIGHT  TO REQUIRE THE AUTHORITY TO COLLECT
REVENUES ADEQUATE TO CARRY OUT BY ANY AGREEMENT AS  TO,  OR  PLEDGE  OF,
SUCH  REVENUES,  AND  TO  REQUIRE  THE  AUTHORITY TO CARRY OUT ANY OTHER
AGREEMENTS WITH THE HOLDERS OF SUCH BONDS  AND  TO  PERFORM  ITS  DUTIES
UNDER THIS TITLE;
  (2) BRING SUIT UPON SUCH BONDS;
  (3)  BY  ACTION OR SUIT IN EQUITY, REQUIRE THE AUTHORITY TO ACCOUNT AS
IF IT WERE THE TRUSTEE OF AN EXPRESS  TRUST  FOR  THE  HOLDERS  OF  SUCH
BONDS;
  (4)  BY  ACTION OR SUIT IN EQUITY, ENJOIN ANY ACTS OR THINGS WHICH MAY
BE UNLAWFUL OR IN VIOLATION OF THE RIGHTS OF THE HOLDERS OF SUCH BONDS;
  (5) DECLARE ALL SUCH BONDS DUE AND PAYABLE, AND IF ALL DEFAULTS  SHALL
BE  MADE  GOOD  THEN  WITH THE CONSENT OF THE HOLDERS OF TWENTY-FIVE PER
CENTUM OF THE PRINCIPAL AMOUNT OF SUCH BONDS THEN OUTSTANDING, TO  ANNUL
SUCH DECLARATION AND ITS CONSEQUENCES.
  (C)  THE  SUPREME COURT SHALL HAVE JURISDICTION OF ANY SUIT, ACTION OR
PROCEEDING BY THE TRUSTEE ON BEHALF OF BONDHOLDERS.  THE  VENUE  OF  ANY
SUCH SUIT, ACTION OR PROCEEDING SHALL BE LAID IN THE COUNTY OF WESTCHES-
TER.
  (D)  BEFORE DECLARING THE PRINCIPAL OF ALL SUCH BONDS DUE AND PAYABLE,
THE TRUSTEE SHALL FIRST GIVE THIRTY  DAYS'  NOTICE  IN  WRITING  TO  THE
AUTHORITY.
  (E) ANY SUCH TRUSTEE, WHETHER OR NOT THE ISSUE OF BONDS REPRESENTED BY
SUCH  TRUSTEE HAS BEEN DECLARED DUE AND PAYABLE, SHALL BE ENTITLED AS OF
RIGHT TO THE APPOINTMENT OF A RECEIVER OF  ANY  PART  OR  PARTS  OF  THE
PROJECT  THE REVENUES OF WHICH ARE PLEDGED FOR THE SECURITY OF THE BONDS
OF SUCH ISSUE, AND SUCH RECEIVER MAY ENTER AND TAKE POSSESSION  OF  SUCH
PART  OR  PARTS  OF  THE PROJECT AND, SUBJECT TO ANY PLEDGE OR AGREEMENT
WITH BONDHOLDERS, SHALL TAKE POSSESSION OF ALL MONEYS AND OTHER PROPERTY
DERIVED FROM OR APPLICABLE TO THE ACQUISITION, CONSTRUCTION,  OPERATION,
MAINTENANCE  AND RECONSTRUCTION OF SUCH PART OR PARTS OF THE PROJECT AND
PROCEED  WITH  THE  ACQUISITION  OF  ANY  NECESSARY  REAL  PROPERTY   IN
CONNECTION  WITH  THE  PROJECT  THAT  THE  AUTHORITY  HAS  COVENANTED TO
CONSTRUCT, AND WITH ANY CONSTRUCTION WHICH THE AUTHORITY IS UNDER  OBLI-
GATION TO DO AND TO OPERATE, MAINTAIN AND RECONSTRUCT SUCH PART OR PARTS

A. 8871                            11

OF  THE  PROJECT AND COLLECT AND RECEIVE ALL REVENUES THEREAFTER ARISING
THEREFROM SUBJECT TO ANY PLEDGE THEREOF OR  AGREEMENT  WITH  BONDHOLDERS
RELATING  THERETO AND PERFORM THE PUBLIC DUTIES AND CARRY OUT THE AGREE-
MENTS AND OBLIGATIONS OF THE AUTHORITY UNDER THE DIRECTION OF THE COURT.
IN  ANY SUIT, ACTION OR PROCEEDING BY THE TRUSTEE, THE FEE, COUNSEL FEES
AND EXPENSES OF THE TRUSTEE AND OF THE RECEIVER, IF ANY,  SHALL  CONSTI-
TUTE  TAXABLE  DISBURSEMENTS  AND ALL COSTS AND DISBURSEMENTS ALLOWED BY
THE COURT SHALL BE A FIRST CHARGE ON  ANY  REVENUES  DERIVED  FROM  SUCH
PROJECT.
  (F) SUCH TRUSTEE SHALL, IN ADDITION TO THE FOREGOING, HAVE AND POSSESS
ALL OF THE POWERS NECESSARY OR APPROPRIATE FOR THE EXERCISE OF ANY FUNC-
TIONS SPECIFICALLY SET FORTH HEREIN OR INCIDENT TO THE GENERAL REPRESEN-
TATION OF BONDHOLDERS IN THE ENFORCEMENT AND PROTECTION OF THEIR RIGHTS.
  S 1599-QQQ. ACTIONS AGAINST THE AUTHORITY. (A) IN EVERY ACTION AGAINST
THE AUTHORITY FOR DAMAGES, FOR INJURIES TO REAL OR PERSONAL PROPERTY, OR
FOR  THE  DESTRUCTION  THEREOF,  OR  FOR PERSONAL INJURIES OR DEATH, THE
COMPLAINT SHALL CONTAIN AN ALLEGATION THAT AT  LEAST  NINETY  DAYS  HAVE
ELAPSED  SINCE  THE  DEMAND,  CLAIM  OR CLAIMS UPON WHICH SUCH ACTION IS
FOUNDED WERE PRESENTED TO A MEMBER OF THE AUTHORITY, OR  TO  ITS  SECRE-
TARY,  OR  TO  ITS  CHIEF  EXECUTIVE  OFFICER AND THAT THE AUTHORITY HAS
NEGLECTED OR REFUSED TO MAKE AN ADJUSTMENT OR PAYMENT THEREOF FOR NINETY
DAYS AFTER SUCH PRESENTMENT.
  (B) EXCEPT IN AN ACTION FOR WRONGFUL  DEATH,  AN  ACTION  AGAINST  THE
AUTHORITY  FOR DAMAGES FOR INJURIES TO REAL OR PERSONAL PROPERTY, OR FOR
THE DESTRUCTION THEREOF, OR FOR PERSONAL INJURIES, ALLEGED TO HAVE  BEEN
SUSTAINED,  SHALL NOT BE COMMENCED MORE THAN ONE YEAR AFTER THE CAUSE OF
ACTION THEREFOR SHALL HAVE ACCRUED, NOR UNLESS A NOTICE OF INTENTION  TO
COMMENCE SUCH ACTION AND OF THE TIME WHEN AND PLACE WHERE THE DAMAGES OR
PERSONAL  INJURIES  WERE INCURRED OR SUSTAINED, TOGETHER WITH A VERIFIED
STATEMENT SHOWING IN DETAIL THE PROPERTY ALLEGED TO HAVE BEEN DAMAGED OR
DESTROYED AND THE VALUE THEREOF, OR THE  PERSONAL  INJURIES  ALLEGED  TO
HAVE  BEEN  SUSTAINED AND BY WHOM, SHALL HAVE BEEN FILED WITH THE SECRE-
TARY OF THE AUTHORITY IN THE PRINCIPAL OFFICE OF  THE  AUTHORITY  WITHIN
SIX  MONTHS  AFTER  SUCH  CAUSE  OF ACTION SHALL HAVE ACCRUED. AN ACTION
AGAINST THE AUTHORITY FOR WRONGFUL DEATH SHALL BE COMMENCED  IN  ACCORD-
ANCE  WITH  THE  NOTICE OF CLAIM AND TIME LIMITATION PROVISIONS OF TITLE
ELEVEN OF ARTICLE NINE OF THIS CHAPTER.
  S 1599-RRR. TERMINATION OF THE AUTHORITY. WHENEVER ALL  OF  THE  BONDS
ISSUED  BY  THE  AUTHORITY  SHALL  HAVE  BEEN REDEEMED OR CANCELLED, THE
AUTHORITY SHALL CEASE TO EXIST AND ALL RIGHTS, TITLES AND  INTEREST  AND
ALL  OBLIGATIONS  AND  LIABILITIES THEREOF VESTED IN OR POSSESSED BY THE
AUTHORITY SHALL THEREUPON VEST IN AND BE POSSESSED  BY  THE  VILLAGE  OF
MOUNT KISCO.
  S 1599-SSS. TITLE NOT AFFECTED IF IN PART UNCONSTITUTIONAL OR INEFFEC-
TIVE.  IF ANY SECTION, CLAUSE OR PROVISION OF THIS TITLE SHALL BE UNCON-
STITUTIONAL OR BE INEFFECTIVE IN WHOLE OR IN PART, TO THE EXTENT THAT IT
IS NOT UNCONSTITUTIONAL OR INEFFECTIVE, IT SHALL BE VALID AND  EFFECTIVE
AND  NO  OTHER  SECTION, CLAUSE OR PROVISION SHALL ON ACCOUNT THEREOF BE
DEEMED INVALID OR INEFFECTIVE.
  S 1599-TTT. INCONSISTENT PROVISIONS IN OTHER ACTS SUPERSEDED.  INSOFAR
AS  THE PROVISIONS OF THIS TITLE ARE INCONSISTENT WITH THE PROVISIONS OF
ANY OTHER ACT, GENERAL OR SPECIAL, OR OF ANY LOCAL LAW OF  THE  VILLAGE,
THE PROVISIONS OF THIS TITLE SHALL BE CONTROLLING.
  S 3. This act shall take effect immediately.