New York Laws
Title 11 - City of Yonkers Parking Authority
1596-I - Bonds of the Authority.

(a) pledging all or any part of the revenues of a project or projects
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, and the amounts
to be raised in each year thereby, and the use and disposition of the
revenues;
(c) the setting aside of reserves or sinking funds, and the regulation
and disposition thereof;
(d) limitations on the right of the authority to restrict and regulate
the use of a project;
(e) limitations on the purpose to which the proceeds of sale of any
issue of bonds then or thereafter to be issued may be applied and

pledging such proceeds to secure the payment of the bonds or of any
issue of the bonds;
(f) limitations on the issuance of additional bonds; the terms upon
which additional bonds may be issued and secured; 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, the amount of bonds the holders
of which must consent thereto, and the manner in which such consent may
be given;
(h) limitations on the amount of moneys derived from a project to be
expended for operating, administrative or other expenses of the
authority;
(i) vesting in a trustee or trustees such property, 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 fifteen hundred ninety-six-o of this
title hereof, and limiting or abrogating the right of the bondholders to
appoint a trustee under said section or limiting the rights, duties and
powers of such trustee;
(j) any other matters, of like or different character, which in any
way affect the security or protection of the bonds.
4. It is the intention hereof that any pledge of revenues or other
moneys made by the authority shall be valid and binding from the time
when the pledge is made; that the revenues or other moneys so pledged
and thereafter received by the authority shall immediately be subject to
the lien of such pledge without any physical delivery thereof or further
act; and that 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 or accountability by reason of the issuance thereof.
6. The authority shall have power out of any funds available therefor
to purchase bonds. The authority may hold, cancel or resell such bonds,
subject to and in accordance with agreements with bondholders.
7. In the discretion of the authority, the bonds may be secured by a
trust indenture by and between the authority and a corporate trustee,
which may be any trust company or bank having the powers of a trust
company in the state of New York. Such trust indenture may contain such
provisions for protecting and enforcing the rights and remedies of the
bondholders as may be reasonable and proper and not in violation of law,
including covenants setting forth the duties of the authority in
relation to the construction, maintenance, operation, repair and
insurance of the project or projects, and the custody, safeguarding and
application of all moneys, and may provide that the project or projects
shall be constructed and paid for under the supervision and approval of
consulting engineers. Notwithstanding the provisions of section fifteen
hundred ninety-six-h of this title, the authority may provide by such
trust indenture for the payment of the proceeds of the bonds and the
revenues of the project or projects to the trustee under such trust
indenture or other depository, and for the method of disbursement
thereof, with such safeguards and restrictions as it may determine. All
expenses incurred in carrying out such trust indenture may be treated as
a part of the cost of maintenance, operation, and repairs of the project
or projects. If the bonds shall be secured by a trust indenture, the
bondholders shall have no authority to appoint a separate trustee to

represent them, and the trustee under such trust indenture shall have
and possess all of the powers which are conferred by section fifteen
hundred ninety-six-o of this title upon a trustee appointed by
bondholders.