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This entry was published on 2014-09-22
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Bonds of the Planetarium Authority
Arts and Cultural Affairs (ACA) CHAPTER 11-C, TITLE V, ARTICLE 59
§ 59.13. Bonds of the Planetarium Authority. 1. Subject to the
consent of the American Museum of Natural History, the Planetarium
Authority shall have power and is hereby authorized from time to time to
issue its negotiable bonds in conformity with applicable provisions of
the uniform commercial code in the aggregate principal amount of not
exceeding one million dollars. The Planetarium Authority shall have
power from time to time 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 corporate purpose. In computing the total amount of bonds of
the Planetarium 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.

2. Such bonds shall be authorized by resolution of the board and shall
bear such date or dates, mature at such time or times not exceeding
twenty-five years from their respective dates, bear interest at such
rate or rates as approved by the state comptroller, payable
semi-annually, be in such denominations, be in such form, either coupon
or registered, carry such registration privileges, be executed in such
manner, be payable in such medium of payment at such place or places,
and be subject to such terms of redemption not exceeding par and accrued
interest as such resolution or resolutions may provide. Such bonds may
be sold at public or private sale for such price or prices as the
authority shall determine.

3. Such bonds may be issued for any corporate purposes of the
Planetarium Authority.

4. Any resolution or resolutions authorizing any bonds may contain
provisions which shall be a part of the contract with the holders of the
bonds, as to

(a) Pledging the revenues of the planetarium to secure the payment of
the bonds;

(b) The admission fees to be charged for the exhibition of the
planetarium and the amount to be raised in each year by admission fees
and the use and disposition of such fees and other revenues;

(c) The setting aside of reserves or sinking funds and the regulation
or disposition thereof;

(d) The use and exhibition of the planetarium;

(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;

(f) Limitations on the issuance of additional 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 thereto and the manner in which such consent may
be given.

5. Neither the members of the board nor any person executing such
bonds shall be liable personally on the bonds or be subject to any
personal liability or accountability by reason of the issuance thereof.

6. The Planetarium Authority shall have power out of any funds
available therefor to purchase any bonds issued by it at a premium of
not more than four percentum and accrued interest. All bonds so
purchased shall be cancelled.