Establishes the city of Buffalo parking authority
download bill text pdf| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Mar 24, 2025 |
referred to corporations, authorities and commissions |
S T A T E O F N E W Y O R K
________________________________________________________________________
7281
2025-2026 Regular Sessions
I N A S S E M B L Y
March 24, 2025
___________
Introduced by M. of A. PEOPLES-STOKES -- read once and referred to the
Committee on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law, in relation to establishing
the city of Buffalo parking authority
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Article 7 of the public authorities law is amended by
adding a new title 5 to read as follows:
TITLE 5
CITY OF BUFFALO PARKING AUTHORITY
SECTION 1500-A. SHORT TITLE.
1500-B. DEFINITIONS.
1500-C. CITY OF BUFFALO PARKING AUTHORITY.
1500-D. PURPOSE AND POWERS OF THE AUTHORITY.
1500-E. CONVEYANCE OF PROPERTY BY THE CITY TO THE AUTHORITY;
ACQUISITION OF PROPERTY BY THE CITY OR BY THE AUTHORI-
TY.
1500-F. CONSTRUCTION AND PURCHASE CONTRACTS.
1500-G. CONTRACT FOR EMPLOYEES.
1500-H. MONEYS OF THE AUTHORITY.
1500-I. BONDS OF THE AUTHORITY.
1500-J. NOTES OF THE AUTHORITY.
1500-K. AGREEMENTS OF NEW YORK STATE.
1500-L. STATE AND CITY NOT LIABLE ON BONDS.
1500-M. BONDS LEGAL INVESTMENTS FOR PUBLIC OFFICERS.
1500-N. TAX EXEMPTIONS.
1500-O. TAX CONTRACT BY THE STATE.
1500-P. REMEDIES OF BONDHOLDERS.
1500-Q. ACTIONS AGAINST THE AUTHORITY.
1500-R. DEFENSE AND INDEMNIFICATION.
1500-S. CODE OF ETHICS.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10468-02-5
A. 7281 2
1500-T. CONTRACTING FOR MUNICIPAL SERVICES.
1500-U. TERMINATION OF AUTHORITY.
1500-V. TITLE NOT AFFECTED IF IN PART UNCONSTITUTIONAL OR INEF-
FECTIVE.
1500-W. INCONSISTENT PROVISIONS IN OTHER ACTS SUPERSEDED.
§ 1500-A. SHORT TITLE. THIS TITLE SHALL BE KNOWN AND MAY BE CITED AS
THE "CITY OF BUFFALO PARKING AUTHORITY ACT".
§ 1500-B. DEFINITIONS. AS USED OR REFERRED TO IN THIS TITLE, UNLESS A
DIFFERENT MEANING CLEARLY APPEARS FROM THE CONTEXT:
1. THE TERM "AUTHORITY" SHALL MEAN THE CORPORATION CREATED BY SECTION
FIFTEEN HUNDRED-C OF THIS TITLE;
2. THE TERM "CITY" SHALL MEAN THE CITY OF BUFFALO;
3. THE TERM "BONDS" SHALL MEAN THE BONDS AUTHORIZED IN THIS TITLE;
4. THE TERM "BOARD" SHALL MEAN THE MEMBERS OF THE AUTHORITY;
5. 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 INTEREST, SUCH AS EASEMENTS, RIGHTS OF WAY, USES, LEASES,
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 CITY;
6. 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 OR ANY AREA OR PLACE WHICH USE IS SUPPORTED BY THE AUTHORITY'S
PARKING OR STORING OF SUCH VEHICLES AND SHALL, WITHOUT LIMITING THE
FOREGOING, INCLUDE ALL REAL AND PERSONAL PROPERTY, DRIVEWAYS, ROADS,
APPROACHES, STRUCTURES, TERMINALS OF ALL KINDS, GARAGES, METERS, MECHAN-
ICAL EQUIPMENT, AND ALL APPURTENANCES AND FACILITIES PROXIMATE TO, ON,
ABOVE OR UNDER THE GROUND WHICH ARE USED OR USABLE IN CONNECTION WITH
SUCH PARKING OR STORING OF SUCH VEHICLES IN THE AREA OF THE CITY OR
WHICH FACILITATES INCREASED SUPPLY OR DEMAND FOR PARKING;
7. THE TERM "PROJECTS" SHALL MEAN MORE THAN ONE PROJECT OR PUBLIC
PARKING STRUCTURE.
§ 1500-C. CITY OF BUFFALO PARKING AUTHORITY. A BOARD TO BE KNOWN AS
THE "CITY OF BUFFALO PARKING AUTHORITY" IS HEREBY CREATED. SUCH BOARD
SHALL BE A BODY CORPORATE AND POLITIC, CONSTITUTING A PUBLIC BENEFIT
CORPORATION, AND ITS EXISTENCE SHALL COMMENCE UPON THE APPOINTMENT OF
THE MEMBERS AS HEREIN PROVIDED. IT SHALL CONSIST OF A CHAIR AND FOUR
OTHER MEMBERS, WHO SHALL BE APPOINTED BY THE MAYOR OF THE CITY OF
BUFFALO, WITH THE ADVICE AND CONSENT OF THE CITY OF BUFFALO COMMON COUN-
CIL. THE MEMBERS SHALL SERVE AT THE PLEASURE OF THE MAYOR. 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 A SUCCESSOR. 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-CHAIR. THE MEMBERS OF THE BOARD SHALL BE COMPENSATED AT
THE RATE OF TWENTY-FIVE HUNDRED DOLLARS PER ANNUM EACH FOR A FULL YEAR'S
SERVICE, AND THE CHAIR OF THE BOARD SHALL BE COMPENSATED AT THE RATE OF
THIRTY-FIVE HUNDRED DOLLARS PER ANNUM FOR A FULL YEAR'S SERVICE. IN
ADDITION THERETO, MEMBERS SHALL BE ENTITLED TO REIMBURSEMENT FOR ANY
ACTUAL AND NECESSARY EXPENSES INCURRED IN THE PERFORMANCE OF SUCH
A. 7281 3
MEMBER'S OFFICIAL DUTIES. THE POWERS OF THE AUTHORITY SHALL BE VESTED
IN AND EXERCISED BY A MAJORITY OF THE MEMBERS OF THE BOARD. 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.
§ 1500-D. PURPOSE AND POWERS OF THE AUTHORITY. THE PURPOSE OF THE
AUTHORITY SHALL BE TO CONSTRUCT, OPERATE AND MAINTAIN ONE OR MORE CITY
PUBLIC PARKING PROJECTS IN THE CITY. TO CARRY OUT SAID PURPOSE, THE
AUTHORITY SHALL HAVE POWER:
1. TO SUE AND BE SUED;
2. TO HAVE A SEAL AND ALTER THE SAME AT PLEASURE;
3. TO ACQUIRE, HOLD AND DISPOSE OF PERSONAL PROPERTY FOR ITS CORPORATE
PURPOSES, INCLUDING THE POWER TO PURCHASE PROSPECTIVE OR TENTATIVE
AWARDS IN CONNECTION WITH THE CONDEMNATION OF REAL PROPERTY;
4. TO ACQUIRE IN THE NAME OF THE CITY BY PURCHASE OR CONDEMNATION AND
USE NECESSARY REAL PROPERTY. ALL REAL PROPERTY ACQUIRED BY THE AUTHORITY
BY CONDEMNATION SHALL BE ACQUIRED IN THE MANNER PROVIDED IN THE EMINENT
DOMAIN PROCEDURE LAW OR IN THE MANNER PROVIDED BY LAW FOR THE CONDEMNA-
TION OF LAND BY THE CITY;
5. TO MAKE BY-LAWS FOR THE MANAGEMENT AND REGULATION OF ITS AFFAIRS,
AND, SUBJECT TO AGREEMENTS WITH BONDHOLDERS, FOR THE REGULATION OF THE
PROJECT;
6. WITH THE CONSENT OF THE CITY, TO USE AGENTS, EMPLOYEES AND FACILI-
TIES OF THE CITY, PAYING TO THE CITY ITS AGREED PROPORTION OF THE
COMPENSATION OR COSTS;
7. TO APPOINT OFFICERS, AGENTS AND EMPLOYEES, TO PRESCRIBE THEIR QUAL-
IFICATIONS AND TO FIX THEIR COMPENSATION; SUBJECT, HOWEVER, TO THE
PROVISIONS OF THE CIVIL SERVICE LAW, AS HEREINAFTER PROVIDED;
8. TO APPOINT AN ATTORNEY, WHO MAY BE THE CORPORATION COUNSEL OF THE
CITY, AND TO FIX SUCH ATTORNEY'S COMPENSATION;
9. TO MAKE CONTRACTS AND LEASES, AND TO EXECUTE ALL INSTRUMENTS NECES-
SARY OR CONVENIENT;
10. TO CONSTRUCT SUCH BUILDINGS, STRUCTURES AND FACILITIES AS MAY BE
NECESSARY;
11. TO RECONSTRUCT, IMPROVE, MAINTAIN AND OPERATE THE PROJECTS;
12. 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 CITY, OR AN INDIVIDUAL, BY BEQUEST OR OTHERWISE, AND TO
EXPEND THE PROCEEDS FOR ANY PURPOSES OF THE AUTHORITY;
13. 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;
14. 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 CITY OR ANY AGENCY OF THE AUTHORITY OR
CITY, 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, AND PROVIDED FURTHER THAT THE LOCATION OF SITES OF THE
PROJECTS SHALL BE SUBJECT TO THE PRIOR APPROVAL OF THE PLANNING BOARD
AND COMMON COUNCIL OF THE CITY.
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15. TO DO ALL THINGS NECESSARY, CONVENIENT OR DESIRABLE, INCLUDING
ANCILLARY AND INCIDENTAL ACTIVITIES, TO CARRY OUT ITS PURPOSES AND FOR
THE EXERCISE OF THE POWERS GRANTED IN THIS TITLE.
§ 1500-E. CONVEYANCE OF PROPERTY BY THE CITY TO THE AUTHORITY; ACQUI-
SITION OF PROPERTY BY THE CITY OR BY THE AUTHORITY. 1. THE CITY MAY, BY
RESOLUTION OR RESOLUTIONS OF THE COMMON COUNCIL OR BY INSTRUMENTS
AUTHORIZED BY SUCH RESOLUTIONS, CONVEY, WITH OR WITHOUT CONSIDERATION,
AND UPON APPROPRIATE CONDITIONS AS TO OUTSTANDING CITY BONDS APPERTAIN-
ING THERETO, TO THE AUTHORITY REAL AND PERSONAL PROPERTY OWNED BY THE
CITY FOR USE BY THE AUTHORITY AS A PROJECT OR PROJECTS OR A PART THERE-
OF. IN CASE OF REAL PROPERTY SO CONVEYED, THE TITLE THERETO SHALL REMAIN
IN THE CITY 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.
2. THE CITY MAY ACQUIRE IN THE NAME OF THE CITY BY PURCHASE OR CONDEM-
NATION REAL PROPERTY IN THE CITY 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 CITY
PURPOSES, BY PURCHASE OR CONDEMNATION IN THE MANNER PROVIDED BY LAW FOR
THE ACQUISITION OF REAL PROPERTY BY THE CITY. FOR LIKE PURPOSES, THE
CITY MAY CLOSE SUCH STREETS, ROADS, AVENUES, OR HIGHWAYS AS MAY BE
NECESSARY OR CONVENIENT, EXCEPT AS TO STATE HIGHWAYS AND ARTERIAL WAYS
WHICH MAY NOT BE CLOSED WITHOUT THE CONSENT OF THE NEW YORK STATE
COMMISSIONER OF TRANSPORTATION.
3. CONTRACTS MAY BE ENTERED INTO BETWEEN THE CITY AND THE AUTHORITY
PROVIDING FOR THE PROPERTY TO BE CONVEYED BY THE CITY TO THE AUTHORITY,
THE ADDITIONAL PROPERTY TO BE ACQUIRED BY THE CITY AND SO CONVEYED, THE
STREETS, ROADS, AVENUES, AND HIGHWAYS TO BE CLOSED BY THE CITY AND THE
AMOUNTS, TERMS AND CONDITIONS OF PAYMENT TO BE MADE BY THE AUTHORITY.
SUCH CONTRACTS MAY ALSO CONTAIN COVENANTS BY THE CITY AS TO THE ROAD,
STREET, AVENUE AND HIGHWAY IMPROVEMENTS TO BE MADE BY THE CITY. ANY SUCH
CONTRACTS BETWEEN THE CITY AND THE AUTHORITY MAY BE PLEDGED BY THE
AUTHORITY TO SECURE ITS BONDS AND MAY NOT BE MODIFIED THEREAFTER EXCEPT
AS PROVIDED BY THE TERMS OF THE PLEDGE. THE COMMON COUNCIL MAY AUTHORIZE
SUCH CONTRACTS BETWEEN THE CITY AND THE AUTHORITY AND NO OTHER AUTHORI-
ZATION ON THE PART OF THE CITY FOR SUCH CONTRACTS SHALL BE NECESSARY.
ANY SUCH CONTRACTS MAY BE SO AUTHORIZED AND ENTERED INTO BY THE CITY AND
IN SUCH MANNER AS THE COMMON COUNCIL MAY DETERMINE, AND THE PAYMENTS
REQUIRED TO BE MADE BY THE CITY MAY BE MADE AND FINANCED NOTWITHSTANDING
THAT NO PROVISIONS THEREFOR SHALL HAVE FIRST BEEN MADE IN THE ANNUAL
APPROPRIATIONS OF THE CITY. ALL CONTRACTUAL OR OTHER OBLIGATIONS OF THE
CITY INCURRED IN CARRYING OUT THE PROVISIONS OF THIS TITLE SHALL BE
INCLUDED IN AND PROVIDED FOR BY EACH ANNUAL APPROPRIATION OF THE CITY
THEREAFTER MADE, IF AND TO THE EXTENT THAT THEY MAY APPROPRIATELY BE
INCLUDED THEREIN.
4. THE AUTHORITY MAY, SUBJECT TO THE APPROVAL OF THE COMMON COUNCIL OF
THE CITY, ITSELF ACQUIRE REAL PROPERTY FOR A PROJECT IN THE NAME OF THE
CITY AT THE COST AND EXPENSE OF THE AUTHORITY BY GIFT, PURCHASE, OR
CONDEMNATION PURSUANT TO THE EMINENT DOMAIN PROCEDURE LAW OR PURSUANT TO
THE LAWS RELATING TO THE CONDEMNATION OF LAND BY THE CITY. THE AUTHORI-
TY SHALL HAVE THE USE AND OCCUPANCY OF SUCH REAL PROPERTY SO LONG AS ITS
CORPORATE EXISTENCE SHALL CONTINUE.
5. 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 PROPERTY WAS ACQUIRED AT THE COST AND EXPENSE OF THE CITY,
A. 7281 5
THE AUTHORITY SHALL HAVE THE POWER TO SURRENDER ITS USE AND OCCUPANCY
THEREOF TO THE CITY, OR, IF SUCH REAL PROPERTY WAS ACQUIRED AT THE COST
AND EXPENSE OF THE AUTHORITY, THEN THE AUTHORITY SHALL HAVE THE 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.
§ 1500-F. CONSTRUCTION AND PURCHASE 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 CITY. 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. CONTRACTS FOR THE PURCHASE OF SUPPLIES, MATERIAL AND EQUIP-
MENT SHALL BE LET IN THE SAME MANNER AS IS PROVIDED BY LAW FOR CONTRACTS
OF THE CITY.
§ 1500-G. CONTRACT FOR EMPLOYEES. 1. THE AUTHORITY IS HEREBY AUTHOR-
IZED TO ENTER INTO CONTRACTS UNDER WHICH SUCH CONTRACTOR WOULD PROVIDE
EMPLOYEES TO THE AUTHORITY FOR THE PURPOSE OF OPERATION AND MAINTENANCE
OF THE PROJECTS OF THE AUTHORITY. THE AUTHORITY SHALL NOT BEGIN OPERA-
TION OF ANY PROJECT UNTIL SUCH A CONTRACT SHALL BE IN FORCE. SUCH
CONTRACT SHALL PROVIDE THAT ALL EMPLOYEES ENGAGED IN THE OPERATION AND
MAINTENANCE OF ANY AUTHORITY PROJECT SHALL BE EMPLOYEES OF THE CONTRAC-
TOR AND NOT EMPLOYEES OF THE AUTHORITY. SUCH EMPLOYEES SHALL RECEIVE
THEIR TOTAL COMPENSATION AND ANY EMPLOYEE BENEFITS DIRECTLY FROM THE
CONTRACTOR FOR WHOM THEY ARE EMPLOYED. EXCEPT FOR ROLES CONSIDERED TO BE
MANAGEMENT OR CONFIDENTIAL PURSUANT TO ARTICLE FOURTEEN OF THE CIVIL
SERVICE LAW, INCLUDING THE BOARD OF THE AUTHORITY, ESTABLISHED BY
SECTION FIFTEEN HUNDRED-C OF THIS TITLE, THE AUTHORITY SHALL HAVE NO
EMPLOYEES OTHER THAN THE EMPLOYEES OF THE CONTRACTOR PURSUANT TO ANY
CONTRACT AUTHORIZED BY THIS SECTION.
2. EVERY CONTRACT ENTERED INTO UNDER SUBDIVISION ONE OF THIS SECTION
SHALL REQUIRE THAT THE WAGES TO BE PAID TO ANY EMPLOYEES ENGAGED IN THE
OPERATION AND MAINTENANCE OF ANY AUTHORITY PROJECT SHALL BE NOT LESS
THAN WAGES THAT ARE COMPARABLE TO THOSE PAID TO EMPLOYEES DOING SIMILAR
WORK IN THE CITY OF BUFFALO.
§ 1500-H. MONEYS OF THE AUTHORITY. ALL MONEYS OF THE AUTHORITY SHALL
BE PAID TO THE TREASURER OF THE CITY 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 MONEY IN SUCH
ACCOUNTS SHALL BE PAID OUT BY THE TREASURER ON REQUISITION OF THE CHAIR
OF THE AUTHORITY OR OF SUCH PERSON OR PERSONS AS THE AUTHORITY MAY
AUTHORIZE TO MAKE SUCH REQUISITIONS AFTER AUDIT BY AND UPON THE WARRANT
OF THE CITY COMPTROLLER. ALL DEPOSITS OF SUCH MONEYS SHALL, IF REQUIRED
BY THE TREASURER OR THE AUTHORITY, BE SECURED BY OBLIGATIONS OF THE
UNITED STATES OR THE STATE OF NEW YORK AT 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 A LEGALLY AUTHORIZED REPRESENTATIVE OF THE TREASURER ARE AUTHORIZED
AND EMPOWERED FROM TIME TO TIME TO 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 AUTHORITY 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
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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 AUTHOR-
IZED TO GIVE SUCH SECURITY FOR SUCH DEPOSITS. THE ACCOUNT OF THE AUTHOR-
ITY SHALL BE SUBJECT TO THE SUPERVISION OF THE NEW YORK STATE COMP-
TROLLER, AND SUCH COMPTROLLER OR LEGALLY AUTHORIZED REPRESENTATIVES OF
THE COMPTROLLER 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. WITHIN
NINETY DAYS AFTER THE END OF EACH FISCAL YEAR, AN ANNUAL FINANCIAL AND
MANAGEMENT AUDIT OF THE AUTHORITY'S PERFORMANCE AND OPERATIONS SHALL BE
PREPARED BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANCY FIRM. SUCH FIRM
SHALL BE CHOSEN FROM AN APPROVED LIST OF AUDITORS PRESCRIBED BY THE CITY
COMPTROLLER, THE EXPENSE OF WHICH SHALL BE TREATED AS AN EXPENSE OF THE
AUTHORITY.
§ 1500-I. BONDS OF THE AUTHORITY. 1. THE AUTHORITY SHALL HAVE THE
POWER AND IS HEREBY AUTHORIZED FROM TIME TO TIME TO ISSUE ITS NEGOTIABLE
BONDS FOR ANY PURPOSE MENTIONED IN SECTION FIFTEEN HUNDRED-D 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 PURPOSE, 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 SEVENTY-FIVE MILLION
DOLLARS 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 EXPRESSLY 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 HOLDERS OF PARTICULAR BONDS
PLEDGING ANY PARTICULAR MONEYS OR REVENUES. NOTWITHSTANDING THE FACT
THAT THE BONDS MAY BE PAYABLE FROM A SPECIAL FUND, IF THEY ARE OTHERWISE
OF SUCH FORM AND CHARACTER AS TO BE NEGOTIABLE INSTRUMENTS UNDER ARTICLE
EIGHT OF THE UNIFORM COMMERCIAL CODE THE BONDS SHALL BE AND ARE HEREBY
MADE NEGOTIABLE INSTRUMENTS WITHIN THE MEANING OF AND FOR ALL THE
PURPOSES OF ARTICLE EIGHT OF THE UNIFORM COMMERCIAL CODE, SUBJECT ONLY
TO THE PROVISIONS OF THE BONDS FOR REGISTRATION.
2. 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 AS SUCH RESOLUTION MAY PROVIDE, BE IN SUCH DENOMINATIONS, BE IN
SUCH FORM, EITHER COUPON OR REGISTERED, CARRY SUCH REGISTRATION PRIVI-
LEGES, BE EXECUTED IN SUCH MANNER, BE PAYABLE IN LAWFUL MONEY OF THE
UNITED STATES OF AMERICA AT SUCH PLACE OR PLACES AND BE SUBJECT TO SUCH
A. 7281 7
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 DETERMINE PROVIDED, HOWEVER, THAT ANY PRIVATE SALE
SHALL BE SUBJECT TO THE APPROVAL OF THE STATE COMPTROLLER, WHERE SUCH
SALE IS NOT TO THE COMPTROLLER, OR THE NEW YORK STATE DIRECTOR OF THE
BUDGET, WHERE SUCH SALE IS TO THE COMPTROLLER.
3. 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:
(A) 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;
(B) 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;
(C) THE SETTING ASIDE OF RESERVES OR SINKING FUNDS, AND THE REGULATION
AND DISPOSITION THEREOF;
(D) LIMITATIONS ON THE RIGHT OF THE AUTHORITY TO RESTRICT AND REGULATE
THE USE OF A PROJECT;
(E) 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;
(F) 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;
(G) 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 THEREOF, AND THE MANNER IN WHICH SUCH CONSENT MAY
BE GIVEN;
(H) LIMITATIONS ON THE AMOUNT OF MONEYS DERIVED FROM A PROJECT TO BE
EXPENDED FOR OPERATING, ADMINISTRATIVE OR OTHER EXPENSES OF THE AUTHORI-
TY;
(I) 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-P OF THIS TITLE, AND LIMIT-
ING OR ABROGATING THE RIGHT OF THE BONDHOLDERS TO APPOINT A TRUSTEE
UNDER SUCH SECTION OR LIMITING THE RIGHTS, DUTIES AND POWERS OF SUCH
TRUSTEE;
(J) ANY OTHER MATTERS OF LIKE OR DIFFERENT CHARACTER, WHICH IN ANY WAY
AFFECT THE SECURITY OR PROTECTION OF THE BONDS.
4. 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.
5. 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. 7281 8
6. 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.
7. 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-H OF THIS TITLE, THE AUTHORITY MAY PROVIDE BY SUCH TRUST INDEN-
TURE 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 THEREOF, 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-P OF THIS
TITLE UPON A TRUSTEE APPOINTED BY BONDHOLDERS.
§ 1500-J. NOTES OF THE AUTHORITY. THE AUTHORITY SHALL HAVE POWER FROM
TIME TO TIME TO ISSUE NOTES 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 FIVE MILLION DOLLARS, OVER AND ABOVE THE AMOUNT OF BONDS AUTHORIZED
BY SUBDIVISION ONE OF SECTION FIFTEEN HUNDRED-I OF THIS TITLE, FOR ANY
PURPOSE OR PURPOSES FOR WHICH BONDS MAY BE ISSUED, WHENEVER THE AUTHORI-
TY 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 CONSIDERATION 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.
§ 1500-K. AGREEMENTS OF NEW YORK STATE. 1. THE STATE OF NEW YORK DOES
PLEDGE TO AND AGREE WITH THE HOLDERS OF THE BONDS THAT THE STATE WILL
NOT LIMIT OR ALTER THE RIGHTS HEREBY VESTED IN THE 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
A. 7281 9
WAY IMPAIR THE RIGHTS AND REMEDIES OF THE BONDHOLDERS, 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 BONDHOLDERS, ARE FULLY MET AND
DISCHARGED.
2. THE AUTHORITY IS HEREBY AUTHORIZED, IN ITS DISCRETION, FOR AND ON
BEHALF OF ITSELF AND THE CITY 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 CITY BY
THE CITY, OR BY ANY PUBLIC BENEFIT OR OTHER CORPORATION THE MEMBERS OR
SOME OF WHICH ARE ELECTED OR ARE APPOINTED BY CITY OFFICIALS, UNTIL
EITHER (A) 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 (B) PRINCIPAL OR INTEREST OF ANY OF THE
BONDS SHALL BE OVERDUE AND UNPAID FOR A PERIOD OF THREE YEARS OR MORE,
PROVIDED THAT NOTHING HEREIN CONTAINED SHALL BE DEEMED TO IMPAIR THE
RIGHT OF THE CITY TO INSTALL AND OPERATE PARKING METERS ON THE PUBLIC
STREETS OF THE CITY.
§ 1500-L. STATE AND CITY 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 CITY, AND NEITHER THE STATE NOR THE CITY SHALL BE LIABLE
THEREON, NOR SHALL THEY BE PAYABLE OUT OF ANY FUNDS OTHER THAN THOSE OF
THE AUTHORITY.
§ 1500-M. 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 ALL MUNICIPALITIES AND MUNICIPAL SUBDIVI-
SIONS FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR OTHER OBLI-
GATIONS OF THIS STATE IS NOW OR MAY HEREAFTER BE AUTHORIZED.
§ 1500-N. TAX EXEMPTIONS. 1. IT IS HEREBY DETERMINED THAT THE CREATION
OF THE AUTHORITY AND THE CARRYING OUT OF ITS CORPORATE PURPOSES IS IN
ALL RESPECTS FOR THE BENEFIT OF THE PEOPLE OF THE CITY AND ITS ENVIRONS,
AND IS A PUBLIC PURPOSE, AND THE AUTHORITY SHALL BE REGARDED AS PERFORM-
ING A GOVERNMENTAL FUNCTION IN THE EXERCISE OF THE POWERS CONFERRED UPON
IT BY THIS TITLE AND SHALL BE REQUIRED TO PAY NO TAXES OR ASSESSMENTS
UPON ANY OF THE PROPERTY ACQUIRED BY IT OR UNDER ITS JURISDICTION OR
CONTROL OR SUPERVISION OR UPON ITS ACTIVITIES.
2. ANY BONDS OR NOTES ISSUED PURSUANT TO THIS TITLE, TOGETHER WITH THE
INCOME THEREFROM, AS WELL AS THE PROPERTY OF THE AUTHORITY, SHALL BE
A. 7281 10
EXEMPT FROM TAXATION, EXCEPT FOR ESTATE OR GIFT TAXES AND TAXES ON
TRANSFERS.
§ 1500-O. 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
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 OR GIFT TAXES AND TAXES ON TRANS-
FERS.
§ 1500-P. REMEDIES OF BONDHOLDERS. 1. IN THE EVENT THAT THE AUTHORITY
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 PERIOD 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 AGREE-
MENT MADE WITH THE HOLDERS OF ANY ISSUE OF THE BONDS, THE HOLDERS 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 ERIE 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.
2. 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 SUCH TRUSTEE'S OWN NAME:
(A) BY ACTION OR SPECIAL PROCEEDING ENFORCE ALL RIGHTS OF THE BOND-
HOLDERS, INCLUDING THE RIGHT TO REQUIRE THE AUTHORITY TO COLLECT REVEN-
UES 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;
(B) BRING SUIT UPON SUCH BONDS;
(C) BY ACTION OR SPECIAL PROCEEDING, REQUIRE THE AUTHORITY TO ACCOUNT
AS IF IT WERE THE TRUSTEE OF AN EXPRESS TRUST FOR THE HOLDERS OF SUCH
BONDS;
(D) BY ACTION OR SPECIAL PROCEEDING, ENJOIN ANY ACTS OR THINGS WHICH
MAY BE UNLAWFUL OR IN VIOLATION OF THE RIGHTS OF THE HOLDERS OF SUCH
BONDS;
(E) 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.
3. 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 ERIE.
4. BEFORE DECLARING THE PRINCIPAL OF ALL SUCH BONDS DUE AND PAYABLE,
THE TRUSTEE SHALL FIRST GIVE THIRTY DAYS' NOTICE IN WRITING TO THE
AUTHORITY.
5. 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
A. 7281 11
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
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.
6. 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.
§ 1500-Q. ACTIONS AGAINST THE AUTHORITY. 1. 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.
2. 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 AND NINETY DAYS
AFTER THE CAUSE OF ACTION THEREFOR SHALL HAVE ACCRUED, NOR UNLESS A
NOTICE OF CLAIM SHALL HAVE BEEN SERVED ON THE AUTHORITY WITHIN THE TIME
LIMIT ESTABLISHED BY, AND IN COMPLIANCE WITH ALL REQUIREMENTS OF SECTION
FIFTY-E OF THE GENERAL MUNICIPAL LAW. AN ACTION AGAINST THE AUTHORITY
FOR WRONGFUL DEATH SHALL BE COMMENCED IN ACCORDANCE WITH THE NOTICE OF
CLAIM AND TIME LIMITATION PROVISIONS OF TITLE ELEVEN OF ARTICLE NINE OF
THIS CHAPTER.
§ 1500-R. DEFENSE AND INDEMNIFICATION. THE AUTHORITY SHALL NOT EXECUTE
ANY OF ITS POWERS, EXCEPT AS NECESSARY TO COMMENCE ITS CORPORATE EXIST-
ENCE, UNTIL THE AUTHORITY CONFERS UPON ITS MEMBERS THE PROVISIONS OF
SECTION EIGHTEEN OF THE PUBLIC OFFICERS LAW, PURSUANT TO SUBDIVISION TWO
OF SUCH SECTION; PROVIDED, HOWEVER, THAT NOTHING CONTAINED WITHIN THIS
SECTION SHALL BE DEEMED TO PERMIT THE AUTHORITY TO EXTEND THE PROVISIONS
OF SECTION EIGHTEEN OF THE PUBLIC OFFICERS LAW UPON ANY INDEPENDENT
CONTRACTOR.
§ 1500-S. CODE OF ETHICS. 1. AS USED IN THIS SECTION, THE TERM
"AUTHORITY EMPLOYEE" SHALL MEAN ANY MEMBER, OFFICER OR EMPLOYEE OF THE
AUTHORITY.
2. NO AUTHORITY EMPLOYEE SHALL HAVE ANY INTEREST, FINANCIAL OR OTHER-
WISE, DIRECT OR INDIRECT, OR ENGAGE IN ANY BUSINESS OR TRANSACTION OR
PROFESSIONAL ACTIVITY OR INCUR ANY OBLIGATION OF ANY NATURE, WHICH IS IN
SUBSTANTIAL CONFLICT WITH THE PROPER DISCHARGE OF SUCH AUTHORITY EMPLOY-
EE'S DUTIES IN THE PUBLIC INTEREST.
A. 7281 12
3. (A) NO AUTHORITY EMPLOYEE SHALL ACCEPT OTHER EMPLOYMENT, WHICH WILL
IMPAIR SUCH AUTHORITY EMPLOYEE'S INDEPENDENCE OF JUDGMENT IN THE EXER-
CISE OF SUCH EMPLOYEE'S OFFICIAL DUTIES.
(B) NO AUTHORITY EMPLOYEE SHALL ACCEPT EMPLOYMENT OR ENGAGE IN ANY
BUSINESS OR PROFESSIONAL ACTIVITY WHICH WILL REQUIRE THE EMPLOYEE TO
DISCLOSE CONFIDENTIAL INFORMATION WHICH SUCH EMPLOYEE HAS GAINED BY
REASON OF THEIR OFFICIAL POSITION OR AUTHORITY.
(C) NO AUTHORITY EMPLOYEE SHALL DISCLOSE CONFIDENTIAL INFORMATION
ACQUIRED BY THE EMPLOYEE IN THE COURSE OF SUCH EMPLOYEE'S OFFICIAL
DUTIES NOR USE SUCH INFORMATION TO FURTHER ANY PERSONAL INTERESTS.
(D) NO AUTHORITY EMPLOYEE SHALL USE OR ATTEMPT TO USE SUCH EMPLOYEE'S
OFFICIAL POSITION TO SECURE UNWARRANTED PRIVILEGES OR EXEMPTIONS FOR
PERSONAL GAIN OR THE PERSONAL GAIN OF OTHERS.
(E) NO AUTHORITY EMPLOYEE SHALL ENGAGE IN ANY TRANSACTION AS REPRESEN-
TATIVE OR AGENT OF THE AUTHORITY WITH ANY BUSINESS ENTITY IN WHICH SUCH
EMPLOYEE HAS A DIRECT OR INDIRECT FINANCIAL INTEREST THAT MIGHT REASON-
ABLY TEND TO CONFLICT WITH THE PROPER DISCHARGE OF SUCH EMPLOYEE'S OFFI-
CIAL DUTIES.
(F) AN AUTHORITY EMPLOYEE SHALL NOT BY SUCH EMPLOYEE'S CONDUCT GIVE
REASONABLE BASIS FOR THE IMPRESSION THAT ANY PERSON CAN IMPROPERLY
INFLUENCE SUCH EMPLOYEE OR UNDULY ENJOY SUCH EMPLOYEE'S FAVOR IN THE
PERFORMANCE OF THEIR OFFICIAL DUTIES, OR THAT SUCH EMPLOYEE IS AFFECTED
BY THE KINSHIP, RANK, POSITION OR INFLUENCE OF ANY PARTY OR PERSON.
(G) AN AUTHORITY EMPLOYEE SHALL ABSTAIN FROM MAKING PERSONAL INVEST-
MENTS IN ENTERPRISES WHICH SUCH AUTHORITY EMPLOYEE HAS REASON TO BELIEVE
MAY BE DIRECTLY INVOLVED IN DECISIONS TO BE MADE BY THE EMPLOYEE OR
WHICH WILL OTHERWISE CREATE SUBSTANTIAL CONFLICT BETWEEN SUCH EMPLOYEE'S
DUTY IN THE PUBLIC INTEREST AND THEIR PRIVATE INTEREST.
(H) AN AUTHORITY EMPLOYEE SHALL ENDEAVOR TO PURSUE A COURSE OF CONDUCT
WHICH WILL NOT RAISE SUSPICION AMONG THE PUBLIC THAT SUCH EMPLOYEE IS
LIKELY TO BE ENGAGED IN ACTS THAT ARE IN VIOLATION OF PUBLIC TRUST.
(I) NO AUTHORITY EMPLOYEE WHO IS EMPLOYED ON A FULL-TIME BASIS BY ANY
FIRM, COMPANY, OR ASSOCIATION, IS A MEMBER OF SUCH FIRM, COMPANY OR,
ASSOCIATION, OR OWNS OR CONTROLS, DIRECTLY OR INDIRECTLY, A LARGE
PORTION OF STOCK OF SUCH FIRM, COMPANY, OR ASSOCIATION WHICH SELLS GOODS
OR SERVICES SHALL SELL SUCH GOODS OR SERVICES TO ANY PERSON, FIRM,
CORPORATION OR ASSOCIATION WHICH IS LICENSED OR WHOSE RATES ARE FIXED BY
THE AUTHORITY IN WHICH SUCH EMPLOYEE SERVES OR IS EMPLOYED.
(J) IF ANY AUTHORITY EMPLOYEE SHALL HAVE ANY FINANCIAL INTEREST,
DIRECT OR INDIRECT, HAVING A VALUE OF TEN THOUSAND DOLLARS OR MORE IN
ANY ACTIVITY WHICH IS SUBJECT TO THE JURISDICTION OF A REGULATORY AGEN-
CY, SUCH AUTHORITY EMPLOYEE SHALL FILE WITH THE SECRETARY OF STATE A
WRITTEN STATEMENT THAT SUCH EMPLOYEE HAS SUCH A FINANCIAL INTEREST IN
SUCH ACTIVITY. SUCH STATEMENT SHALL BE OPEN TO PUBLIC INSPECTION.
4. IN ADDITION TO OTHER APPLICABLE LAW, ANY AUTHORITY EMPLOYEE WHO
SHALL KNOWINGLY AND INTENTIONALLY VIOLATE ANY OF THE PROVISIONS OF THIS
SECTION MAY BE FINED, SUSPENDED, OR REMOVED FROM OFFICE OR EMPLOYMENT.
§ 1500-T. CONTRACTING FOR MUNICIPAL SERVICES. IN ADDITION TO ANY OTHER
GENERAL OR SPECIAL POWERS VESTED IN PUBLIC BENEFIT CORPORATIONS FOR THE
PERFORMANCE OF THEIR RESPECTIVE FUNCTIONS, POWERS OR DUTIES ON AN INDI-
VIDUAL, COOPERATIVE, JOINT, OR CONTRACT BASIS, THE AUTHORITY SHALL HAVE
POWER TO ENTER INTO, AMEND, CANCEL, AND TERMINATE AGREEMENTS WITH THE
CITY OF BUFFALO FOR THE PROVISION AND REIMBURSEMENT OF SERVICES. ANY
AGREEMENT ENTERED INTO HEREUNDER SHALL BE SUBJECT TO PRIOR APPROVAL OF
THE COMMON COUNCIL OF THE CITY OF BUFFALO AND THE AUTHORITY BY A MAJORI-
TY VOTE OF THE VOTING STRENGTH OF ITS GOVERNING BODY.
A. 7281 13
§ 1500-U. TERMINATION OF AUTHORITY. WHENEVER ALL BONDS OR NOTES ISSUED
BY THE AUTHORITY SHALL HAVE BEEN REDEEMED OR CANCELLED, AND ALL TRANS-
ACTIONS, DEBT, AND SUCH OTHER OBLIGATIONS HAVE BEEN SATISFIED OR OTHER-
WISE TERMINATED, THE AGENCY SHALL CEASE TO EXIST AND ALL RIGHTS, TITLES,
INTEREST, AND ASSETS THEREOF VESTED IN OR POSSESSED BY THE AUTHORITY
SHALL THEREUPON VEST IN AND BE POSSESSED BY THE CITY OF BUFFALO.
§ 1500-V. 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.
§ 1500-W. 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 CITY, THE
PROVISIONS OF THIS TITLE SHALL BE CONTROLLING.
§ 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law. Effective immediately, the addition, amend-
ment and/or repeal of any rule or regulation necessary for the implemen-
tation of this act on its effective date are authorized to be made and
completed on or before such effective date.
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