1. The Laws of New York
  2. Unconsolidated Laws
  3. Port of Albany 192/25

Section 10-A No title

Port of Albany 192/25 (POA)

Subject to the provisions of section three of article eight of the constitution and section six-a of the general municipal law, notwithstanding the provisions of any other general, special or local laws: (a) With the approval of and on terms and conditions prescribed by the state comptroller, the commission may refund the principal of and issue bonds of the district to pay the interest on any bonded indebtedness or portion thereof contracted before the first day of January, nineteen hundred thirty-nine. The consent of the state comptroller shall be executed under his hand and seal in duplicate. One of such duplicates shall be filed in the office of the department of audit and control and the other in the office of the chief fiscal officer of the commission. Both of such duplicates shall be public records. All such bonds shall contain a recital that they are issued pursuant to this section, which recital shall be conclusive evidence of their validity and of the regularity of the issue. The validity of the bonds hereby authorized shall in no wise be affected by the invalidity of, or any irregularity in any proceeding authorizing the issuance of, the obligations the principal of or interest on which is to be paid with the proceeds thereof except that bonds shall not be issued to pay the principal of or interest on bonds of the district adjudged invalid by the final judgment of a court of competent jurisdiction. No bonds issued pursuant to this section shall be refunded. Such bonds may be authorized at any general or special meeting of the commission by the vote of a majority of the commission. Such bonds shall show upon their face that the payment thereof is secured by general tax in the several municipalities in the Albany Port District under the provisions of this act, reciting the title and chapter number hereof, and that the proceeds of such tax are hereby pledged for the payment of such bonds. Such bonds shall not be construed in any event as bonds or indebtedness of the state, and the state shall not be obligated to pay the principal or interest, or either, nor shall such bonds be considered obligations of cities and subject to the provisions of section four of article eight of the constitution of the state of New York. Such bonds shall bear interest at a rate of not exceeding six per centum per annum, payable semi-annually. Such bonds, as issued from time to time, shall be paid in annual installments, the first of which shall be payable not more than five years and the last of which shall be payable not later than the year nineteen hundred and sixty-one. None of such installments shall be more than twice the amount of any prior installment. Such bonds shall be exempt from taxation except for transfer and inheritance taxes. They shall be signed by the chairman of the commission, attested by its secretary and have the seal of the district affixed thereto. The coupons shall bear the facsimile signature of the treasurer of the commission. They shall be sold at not less than par. The commission shall sell such bonds to the highest bidder after advertisement for a period of five consecutive days, Sundays and holidays excepted, in at least two daily newspapers published in the city of Albany. Advertisements shall contain a provision to the effect that the commission, in its discretion, may reject any or all bids made in pursuance of such advertisement and in the event of such rejection, the commission is authorized to readvertise for bids in the form and manner above described as many times as in its judgment may be necessary to effect a sale. In the event that at any time prior to April first, nineteen hundred forty-three no bids are received on the date named in such advertisement, the commission may, within sixty days thereafter at a regular or special meeting at which not less than four members are present and acting by the affirmative vote of not less than three members, sell such bonds or any part thereof at private sale, with or without competition on any bid which it could have legally accepted had it been received on the date named in such advertisement. Such bonds shall be lawful investments for trustees and savings banks of the state, and may be accepted as investments for any of the sinking funds or other funds or moneys of the state or of any of the agencies, municipalities or political subdivisions of the state.

  (b) The amount of any bonds issued hereunder for any purpose, except to pay the principal on maturing bonds, shall be included in ascertaining the power of each of the cities within the district to contract indebtedness; the portion of the total to be included in computing the debt of each city to be determined in accordance with general law.

  (c) Any provisions of this chapter inconsistent with the provisions of this section ten-A shall not apply to the bonds hereby authorized to be issued.