New York Laws
Title 21 - Middletown Parking Authority
1621-I - Bonds of the Authority.

(a) pledging all or any part of the revenues of a project or projects
and revenues and income 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
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, the rights, powers and duties of the trustee appointed by the
bondholders pursuant to section sixteen hundred twenty-one-p of this
title, 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. Notwithstanding any other provision of law, 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 or filed in order to protect the security
interest granted.
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 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.
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, bank or national banking association
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. 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 or
other revenues of the authority 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 sixteen
hundred twenty-one-p of this title upon a trustee appointed by
bondholders.