New York Laws
Title 14*** - City of Schenectady Parking Authority
1599-I*4 - Bonds of the Authority.

(a) pledging all or any part of the revenues of a project or projects,
together with any other moneys, securities, contracts or property 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, and the amounts
to be raised in each year thereby, and the use and disposition of the
earnings and the 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 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) the creation of special funds into which any revenues or other
moneys of the authority may be deposited;
(j) the terms and provisions of any mortgage or trust deed or
indenture securing the bonds or under which bonds may be issued;
(k) 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 the rights, powers and duties of the trustees appointed by the
bondholders pursuant to section fifteen hundred ninety-nine-p 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;
(l) 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;
(m) limitations on the power of the authority to sell or otherwise
dispose of its properties or any part thereof;
(n) limitations on the amount of moneys or revenues to be expended for
operating, administrative or other expenses of the authority;
(o) 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
(p) any other matters, of like or different character, which in any
way affect the security or protection of the bonds.
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. 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.
7. 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.
8. The authority shall have power out of any funds available therefor
to purchase bonds upon such terms and conditions as the authority may
determine. The authority may hold, cancel or resell such bonds, subject
to and in accordance with agreements with bondholders.
9. 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-nine-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-nine-p upon a trustee appointed by bondholders.
* NB Authority ceased to exist 08/05/2002
* NB There are 4 § 1599-i's