New York Laws
Title 2 - Port of Oswego Authority
1363 - Bonds of the Authority.

§ 1363. Bonds of the authority. 1. The authority shall have power and
is hereby authorized from time to time to issue negotiable bonds in
conformity with applicable provisions of the uniform commercial code for
any corporate purpose of the authority, including the paying, funding or
refunding of any notes theretofore issued by the authority under the
provisions of section one thousand eight hundred thirty-nine of this
act. The 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. Except as
may be otherwise expressly provided by contract between the authority
and the holders of its bonds, all bonds of the authority shall be
general obligations payable out of any moneys or revenues of the
authority, subject only to any agreements with the holders of particular
bonds the payment of which is secured by a pledge of particular moneys
or revenues.

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
thirty years from their respective dates, bear interest at such rate or
rates, payable annually or 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 lawful money of
the United States of America at such place or places, and be subject to
such terms of redemption prior to maturity, at par or a price, as such
resolution or resolutions may provide. Such bonds may be sold, with or
without advertisement, in such manner as the authority shall determine
by resolution. If advertisement is made, a notice of sale shall be
published at least once, not less than ten nor more than forty days
before the date of sale, in a newspaper published and circulated in the
city of Oswego and in a financial newspaper published and circulated in
the city of New York and designated by the board. The notice shall call
for the receipt of sealed bids and shall fix the date, time and place of
sale. Bonds shall be sold at such price or prices as will yield to the
purchasers income at a rate set forth in the resolution or resolutions
to the maturity dates of said bonds, computed in accordance with
standard tables of bond values.

3. Any resolutions authorizing the issuance of any bonds may contain
provisions, which shall be a part of the contract with the holders of
the bonds thereby authorized, as to:

a. Pledging all or any part of the gross or net revenues of the
authority to secure the payment of the bonds, subject to such agreements
with bondholders as may then exist;

b. The rentals, fees and other charges to be charged for the use of
projects of the authority, and the amounts to be raised in each year
thereby, and the use and disposition of revenues of the authority;

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

d. The appointment of a bank or banks or trust company or trust
companies as trustee or trustees for the custody and disposition of any
moneys of the authority, including the proceeds of any bonds or other
obligations and any revenues or income of the authority, and the
execution of any trust agreements or indentures with such trustee or
trustees with such provisions as may be deemed necessary or desirable in
connection with the custody and disposition of such moneys of the
authority and the rights and remedies of the holders of such bonds;

e. Limitations on the right of the authority to restrict and regulate
the use of projects of the authority;

f. Limitations on the purpose to which the proceeds of the sale of any
issue of bonds then or thereafter to be issued may be applied;

g. Limitations on the issuance of additional bonds, including the
terms upon which additional bonds may be issued and secured.

h. 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 give consent thereto, and the manner in which such consent
may be given; and

i. Any other matters, of like or different character, which in any way
affect the security or protection of the bonds.

4. Any pledge of revenues or other moneys made by the authority shall
be valid and binding from the time when the pledge is made. The revenues
or other moneys so pledged and thereafter received by the authority
shall be immediately subject to the lien of such pledge without any
physical delivery thereof or further act. The lien of any such pledge
shall be valid and binding as against all parties having claims of any
kind in tort, contract or otherwise against the authority irrespective
of whether such parties have notice thereof. Neither the resolution nor
any other instrument by which a pledge is created need be recorded.

5. Neither the members of the authority nor any person executing the
bonds shall be liable personally on the bonds or be subject to any
personal liability by reason of the issuance thereof, excepting solely
for things willfully done or willfully omitted to be done with an intent
to defraud.

6. The authority shall have power out of any funds available therefor
to purchase any of its outstanding bonds at a price not more than the
then redemption price of such bonds. All bonds so purchased shall be
cancelled.