New York Laws
Title 4 - Genesee Valley Regional Market Authority
881 - Bonds of the Authority.

(a) Pledging all or any part of the gross or net revenues of the
authority to secure the payment of the bonds, subject to such agreements
with bond holders as may then exist;
(b) The rentals, fees and other charges to be charged for the use of
market facilities, and the amounts to be raised in each year thereby,
and the use and disposition of revenues of the authority;
(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 market facilities;
(e) Limitations on the purpose to which the proceeds of the sale of
any issue of bonds then or thereafter to be issued may be applied;
(f) Limitations on the issuance of additional bonds, including the
terms upon which additional bonds may be issued and secured;
(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 give 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.
4. Any pledge of revenues or other moneys made by the authority shall
be valid and binding from the time when the pledge is made. The revenues
or other moneys so pledged and thereafter received by the authority
shall be immediately subject to the lien of such pledge without any
physical delivery thereof or further act. 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.
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 by reason of the issuance thereof, excepting solely
for things willfully done or willfully omitted to be done with an intent
to defraud.
6. The authority shall have power out of any funds available therefor
to purchase any of its outstanding bonds at a price not more than the
principal amount thereof and accrued interest. All bonds so purchased
shall be cancelled.