New York Laws
Title 34 - Syracuse Regional Airport Authority
2799-JJJ - Bonds of the Authority.

(b) Bonds shall be subject to such terms of redemption, bear interest
at such rate or rates, be payable at such times, be in such form, either
coupon or registered, carry such registration privileges, be executed in
such manner, be payable in such medium of payment at such place or
places, and be subject to such terms and conditions as such resolution
may provide.
(c) Notwithstanding any other provision of law, the bonds of the
authority issued pursuant to this section shall be sold to the bidder
offering the lowest true interest cost, taking into consideration any
premium or discount not less than four nor more than fifteen days,
Sundays excepted, after a notice of such sale has been published at
least once in a newspaper of general circulation in the area served by
the authority and on the authority website, which shall state the terms
of the sale. The terms of the sale may not change unless notice of such
change is published in such newspaper and on the authority website at
least one day prior to the date of the sale as set forth in the original
notice of sale. Advertisements shall contain a provision to the effect
that the authority, in its discretion, may reject any or all bids made
in pursuance of such advertisements, and in the event of such rejection,
the authority is authorized to negotiate a private or public sale or
re-advertise for bids in the form and manner above described as many
times as, in its judgment, may be necessary to effect a satisfactory
sale.
(d) Notwithstanding the provisions of the preceding paragraph,
whenever in the judgment of the authority the interests of the authority
will be served thereby, the members of the authority, on the written
recommendation of the chairperson, may authorize the sale of such bonds
at private or public sale on a negotiated basis or on either a
competitive or negotiated basis. The authority shall set guidelines
governing the terms and conditions of any such private or public sales.
(e) The private or public bond sale guidelines set by the authority
shall include, but not be limited to a requirement that where the
interests of the authority will be served by a private or public sale of
bonds, the authority shall select underwriters for private or public
bond sales conducted pursuant to a request for proposal process
undertaken at least once annually and consideration of proposals from
qualified underwriters taking into account, among other things,
qualifications of underwriters as to experience, their ability to
structure and sell authority bond issues, anticipated costs to the
authority, the prior experience of the authority with the firm, if any,
the capitalization of such firms, participation of qualified minority
and women-owned business enterprise firms in such private or public
sales of bonds of the authority and the experience and ability of firms
under consideration to work with minority and women-owned business
enterprises so as to promote and assist participation by such
enterprises.
(f) The authority shall have the power from time to time to amend such
private bond sale guidelines in accordance with the provisions of this
subdivision.
(g) No private or public bond sale on a negotiated basis shall be
conducted by the authority without prior approval of the state
comptroller and the city comptroller.
(h) The authority shall annually prepare and approve a bond sale
report which shall include the private or public bond sale guidelines as
specified in this subdivision, amendments to such guidelines since the
last private or public bond sale report, an explanation of the bond sale
guidelines and amendments, and the results of any sale of bonds
conducted during the fiscal year. Such bond sale report may be a part of
any other annual report that the authority is required to make.
(i) The authority shall annually submit its bond sale report to the
state comptroller and copies thereof to the senate finance committee,
the assembly ways and means committee and the authority budget office.
(j) The authority shall make available to the public copies of its
bond sale report upon reasonable request therefore.
(k) Nothing contained in this subdivision shall be deemed to alter,
affect the validity of, modify the terms of or impair any contract or
agreement made or entered into in violation of, or without compliance
with, the provisions of this subdivision.
5. Any resolution or resolutions authorizing bonds or any issue of
bonds may contain provisions which may be a part of the contract with
the holders of the bonds thereby authorized as to:
(a) pledging all or any part of the revenues, other moneys 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 bondholders 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
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) the creation of special funds into which any revenues or moneys
may be deposited;
(i) the terms and provisions of any trust, mortgage, deed or indenture
securing the bonds under which the bonds 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
bondholders pursuant to this title and limiting or abrogating the rights
of the bondholders to appoint a trustee under such section 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
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;
(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 moneys to be
expended for operating, administrative or other expenses of the
authority;
(n) the payment of the proceeds of bonds, revenues and other moneys 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 moneys or property, including the mortgaging of
any property and the entrusting, pledging or creation of any other
security interest in any such revenues, moneys 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,
moneys, 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.