New York Laws
Title 32 - Albany County Airport Authority
2785 - Bonds of the Authority.

(a) pledging all or part of the revenues, other monies or property of
the authority to secure the payment of the bonds, or any costs of
issuance thereof, including but not limited to any contracts, earnings
or proceeds of any grant to the authority received from any private or
public source subject to such agreements with bond holders as may then
exist;
(b) the setting aside of reserves and the creation of sinking funds
and the regulation and disposition thereof;
(c) limitations on the purpose to which the proceeds from the sale of
bonds may be applied;
(d) the rates, rents, fees and other charges to be fixed and collected
by the authority and the amount to be raised in each year thereby and
the use and disposition of revenues;
(e) limitations on the right of the authority to restrict and regulate
the use of the project or part thereof in connection with which bonds
are issued;
(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
bond holders 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) the creation of special funds into which any revenues or monies
may be deposited;
(i) the terms and provisions of any trust, mortgage, deed or indenture
securing the bonds under which the bond 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 trustees appointed by the
bond holders to appoint a trustee pursuant to this title 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 bond
holders and providing for the rights and remedies of the bond holders in
the event of such default, including as a matter of right 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 any project or any part thereof;
(m) limitations on the amount of revenues and other monies to be
expended for operating, administrative or other expenses of the
authority;
(n) the payment of the proceeds of bonds, revenues and other monies to
a trustee or other depository, 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 in any way
affect the security or protection of the bonds or the rights and
remedies of bondholders.
6. 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 adopt resolutions and enter into such trust
indentures, agreements or other instruments as the authority may deem
necessary, convenient or desirable concerning the use or disposition of
its revenues or other monies or property, including the mortgaging of
any property and the entrusting, pledging or creation of any other
security interest in any such revenues, monies or property 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 resolutions, trust
indentures, agreements or other instruments. The authority shall have
power to enter into amendments of any such resolutions, trust
indentures, agreements or other instruments. The provisions of any such
resolutions, trust indentures, agreements or other instruments may be
made a part of the contract with the holders of bonds of the authority.
7. Any provision of the uniform commercial code to the contrary
notwithstanding, any pledge of or other security interest in revenues,
monies, 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. No
instrument by which such a pledge or security interest is created nor
any financing statement need be recorded or filed.
8. Whether or not the bonds 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 the purposes of the uniform commercial code, subject only to
the provisions of the bonds for registration.
9. Neither the members of the authority nor any person executing its
bonds shall be liable personally on its bonds or be subject to any
personal liability or accountability by reason of the issuance thereof.
10. Subject to such agreements with bondholders as may then exist, the
authority shall have power out of any funds available therefor to
purchase bonds of the authority, which shall thereupon be cancelled, at
a price not exceeding (a) if the bonds are then redeemable, the
redemption price then applicable plus accrued interest to the next
interest payment date, or (b) if the bonds are not then redeemable, the
redemption price applicable on the first date after such purchase upon
which the bonds become subject to redemption plus accrued interest to
the next interest payment date. Bonds so purchased shall thereupon be
cancelled.