New York Laws
Title 1-A* - Green Island Power Authority
1020-H*2 - Bonds and Notes of the Authority.

(a) pledging all or any part of the revenues of the authority,
together with any other moneys, securities, contracts or property of the
authority to secure the payment of the bonds or of any issue of the
bonds, subject to such agreements with bondholders as may then exist;
(b) the rates, rentals, fees and other charges to be fixed and
collected and the amounts to be raised in each year thereby, and the use
and disposition of the earnings and other revenues;
(c) the setting aside of reserves and the creation of sinking funds
and the regulation and disposition thereof;
(d) limitations on the right of the authority to restrict and regulate
the use of the properties in connection with which such bonds are
issued;
(e) limitations in the purposes to which the proceeds of sale of any
issue of bonds may be applied and pledging such proceeds to secure the
payment of the bonds or any issue of the bonds;
(f) limitations on the issuance of additional bonds, the terms upon
which additional bonds may be issued and secured and 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, including the proportion of
bondholders which must consent thereto and the manner in which such
consent may be given;
(h) the creation of special funds into which any revenues or other
moneys of the authority may be deposited;
(i) the terms and provisions of any mortgage or trust deed or
indenture securing the bonds or under which bonds may be issued;
(j) vesting in a trustee or trustees such properties, rights, powers
and duties in trust as the authority may determine, which may include
any or all of the rights, powers and duties of the trustee appointed by
the bondholders pursuant to section one thousand twenty-i of this title,
and limiting or abrogating the right of the bondholders to appoint a
trustee under such section or limiting the rights, duties and powers of
such trustee;
(k) defining the acts or omissions to act which may constitute a
default in the obligations and duties of the authority to the
bondholders and providing for the rights and remedies of the bondholders
in the event of such default, including as a matter of right the
appointment of a receiver, provided, however, that such rights and
remedies shall not be inconsistent with the general laws of the state
and other provisions of this title;
(l) limitations on the power of the authority to sell or otherwise
dispose of its properties or any part thereof;
(m) limitations on the amount of moneys or revenues to be expended for
operating, administrative or other expenses of the authority;
(n) the payment of the proceeds of bonds, revenues and other moneys to
a trustee or other depositary, and for the method of disbursement
thereof with such safeguards and restrictions as the authority may
determine; and
(o) any other matters, of like or different character, which may in
any way affect the security or protection of the bonds or the rights and
remedies of bondholders.
5. In addition to the powers herein conferred upon the authority to
secure its bonds, the authority shall have power in connection with the
issuance of bonds to enter into such agreements as the authority may
deem necessary, convenient or desirable concerning the use or
disposition of its revenues or other moneys or property, including the
mortgaging of any of its properties and the entrusting, pledging or
creation of any other security interest in any such revenues, moneys or
properties and the doing of any act, including refraining from doing any
act, which the authority would have the right to do in the absence of
such agreements. The authority shall have power to enter into amendments
of any such agreements within the powers granted to the authority by
this title and to perform such agreements. The provisions of any such
agreements may be made a part of the contract with the holders of bonds
of the authority.
6. Any provision of the uniform commercial code to the contrary
notwithstanding, any pledge of or other security interest in revenues,

moneys, accounts, contract rights, general intangibles or other personal
property made or created by the authority shall be valid, binding and
perfected from the time when such pledge is made or other security
interest attaches without any physical delivery of the collateral or
further act, and the lien of any such pledge or other security interest
shall be valid, binding and perfected against all parties having claims
of any kind in tort, contract or otherwise against the authority
irrespective of whether or not such parties have notice thereof. Neither
the resolution nor any other instrument by which such pledge or security
interest is created nor any financing statement relating thereto need be
recorded or filed.
7. Whether or not the bonds of the authority are of such form and
character as to be negotiable instruments under the terms of the uniform
commercial code, the bonds are hereby made negotiable instruments within
the meaning of and for all purposes of the uniform commercial code,
subject only to the provisions of the bonds for registration.
8. Neither the members nor officers 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.
9. The authority, subject to such agreements with bondholders as then
may exist, shall have power out of any funds available therefor to
purchase bonds of the authority, which shall thereupon be cancelled.
10. The authority shall have power and is hereby authorized to issue
negotiable bond anticipation notes in conformity with applicable
provisions of the uniform commercial code and may renew the same from
time to time but the maximum maturity of any such note, including
renewals thereof, shall not exceed five years from the date of issue of
such orginal note. Such notes shall be paid from any moneys of the
authority available therefor and not otherwise pledged or from the
proceeds of sale of the bonds of the authority in anticipation of which
they were issued. The notes shall be issued in the same manner as the
bonds and such notes and the resolution or resolutions authorizing the
same may contain any provisions, conditions or limitations which the
bonds or a bond resolution of the authority may contain. Such notes may
be sold at public or private sale for such price or prices as the
authority shall determine, provided that no issue of notes may be sold
at private sale unless the terms of such sale shall have been approved
in writing by (i) the comptroller, where such sale is not to such
comptroller, or (ii) the director of the budget, where such sale is to
such comptroller.
* NB There are 2 § 1020-h's