Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
Bonds and notes of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 25
* § 2510. Bonds and notes of the authority. 1. All bonds and notes
issued by the authority may be secured by the full faith and credit of
the authority subject only to any agreements with the holders of
particular bonds pledging any particular revenues or moneys of the
authority, all as may be provided in the proceedings of the authority
pursuant to which the bonds or notes shall be authorized to be issued.

2. Bonds and notes issued by the authority shall bear such date or
dates and shall mature at such time or times as shall be provided by any
such resolution of the authority, except that no note or any renewal
thereof shall mature more than five years from the date of the original
note and no bond shall mature more than forty years from the date of its

3. Bonds may be issued in one or more series as serial bonds payable
in annual installments or as term bonds or as a combination thereof.
Bonds and notes shall bear interest at such rate or rates, be in such
denominations, be in such form either payable to bearer with coupons or
registered, carry such registration privileges, be executed in such
manner, be payable in such medium of payment, at such place or places
within or without the state, and be subject to such terms of redemption,
with or without premium, as may be provided by any such resolution of
the authority. Any signature, manual or facsimile, of an officer of the
authority appearing on bonds or notes or coupons shall be valid and
sufficient for all purposes whether or not such officer shall then be in
office. The authority may also provide for the authentication of the
bonds or notes by a trustee or fiscal agent.

4. The resolution authorizing the issuance of any bonds or notes may
provide that such bonds and notes may be payable at such place or
places, within or without the state, may bear interest at such rate or
rates, may be payable at such time or times, may be in such form and
evidenced in such manner, and may contain such other provisions not
inconsistent herewith, including provisions as to reserve or sinking
funds, security for the payment of bonds or notes, redemption or
refunding of bonds or notes, events of default, remedies of bondholders
or noteholders, appointment of trustees or fiscal agents, custody,
collection, securing, investment and payment of any money of the
authority and amendment or abrogation of such provisions, all as the
authority shall determine.

5. Any bonds or notes of the authority may be sold at such price or
prices, at public or private sale, in such manner and from time to time
as may be determined by the authority, and the authority may pay all
expenses, premiums and commissions which it may deem necessary or
advantageous in connection with the issuance and sale thereof. No bonds
or notes of the authority may be sold at private sale, however, unless
such sale and the terms thereof have been approved in writing by (i) the
comptroller where such sale is not to such comptroller, or (ii) the
mayor where such sale is to such comptroller.

6. Neither the members, directors, officers or employees of the
authority nor any person executing the bonds or notes of the authority
shall be liable personally on the bonds or notes or be subject to any
personal liability or accountability by reason of the issuance thereof.

7. Issuance by the authority of one or more series of bonds or notes
for one or more purposes shall not preclude it from issuing other bonds
or notes in connection with the same sports facility or any other sports
facility, but the proceedings whereunder any subsequent bonds or notes
may be issued shall recognize and protect any prior pledge or lease,
made for any prior issue of bonds or notes unless in the proceedings
authorizing such prior issue the right is reserved to issue subsequent
bonds or notes on a parity with such prior issue.

8. All bonds or notes authorized under this section and the interest
coupons applicable thereto are hereby made and shall be construed to be
negotiable instruments.

9. The authority shall have power out of any funds available therefor
to purchase (as distinguished from the power of redemption herein
provided) any bonds or notes of the authority, and all bonds so
purchased shall be cancelled.

* NB (Discontinued-Board of Directors never appointed)