New York Laws
Title 8 - Ogdensburg Bridge Authority
706 - Bonds of the Authority.

(a) pledging the tolls and revenues of the authority to secure the
payment of the bonds;
(b) the rates of the tolls to be charged for use of the bridge, the
amounts to be raised in each year by tolls, and the use and disposition
of the tolls and other revenues;
(c) the setting aside of reserves or sinking funds, and the regulation
and disposition thereof;
(d) limitations on the rights of the authority to restrict and
regulate the use of the bridge;
(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;
(f) limitations on the issuance of additional 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; and
(h) any other matters, of like or different character, which in any
way affect the security or protection of the bonds.
5. 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 bridge and the ferry or ferries, and the custody,
safeguarding and application of all moneys, and may provide that the
bridge and approach roads shall be constructed and paid for under the
supervision and approval of consulting engineers. Notwithstanding any
other provisions 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 bridge and the ferry or ferries 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 repair of the bridge.
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, in
addition to other powers granted by such trust indenture, all of the
powers which are conferred by section seven hundred seven of this title
upon a trustee appointed by bondholders.

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 tolls or other 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 any
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 any of the outstanding bonds at a cost not exceeding the
redemption price of the bonds purchased as fixed by the resolution of
the authority which authorized their issuance. All bonds so purchased
shall be cancelled.
9. No bonds shall be issued by the authority, except with the approval
and consent of the comptroller of the state of New York, until and
unless assurance, by appropriate legislation, agreements, or otherwise,
shall have been obtained that Canada, the province of Ontario and the
municipality or municipalities in which the Canadian terminal of the
bridge is to be located will exempt the property and income of the
authority from taxation so long as such bonds are outstanding.