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This entry was published on 2017-01-13
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SECTION 1005-C
Additional powers of the authority to finance certain projects in connection with the New York state canal system
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 1
§ 1005-c. Additional powers of the authority to finance certain
projects in connection with the New York state canal system. 1. (a) The
authority is hereby authorized, as an additional corporate purpose
thereof, to issue its bonds, notes and other evidences of indebtedness
in conformity with applicable provisions of the uniform commercial code
for purposes of financing the construction, reconstruction, development
and improvement of the New York state canal system.

(b) The authority shall issue any such bonds, notes, or evidences of
indebtedness pursuant to paragraph (a) of this subdivision on a basis
subordinate in lien and priority of payment to the authority's senior
lien indebtedness as the authority shall provide by resolution.

2. All of the provisions of this title relating to bonds, notes and
other evidence of indebtedness, which are not inconsistent with this
section, shall apply to obligations authorized by this section,
including but not limited to the power to issue renewal notes or
refunding bonds thereof.

3. Subject to agreements with noteholders or bondholders, the
authority shall have the authority to fix and collect such fees, rentals
and charges for the use of the canal system or any part thereof
necessary or convenient, with an adequate margin of safety, to produce
sufficient revenue to meet the expense of maintenance and operation and
to fulfill the terms of any agreements made with the holders of its
notes or bonds, and to establish the rights and privileges granted upon
payment thereof; provided, however, that tolls may only be imposed for
the passage through locks and lift bridges by vessels which are
propelled in whole or in part by mechanical power.