2467 - Bond and note authorization.

* § 2467. Bond and note authorization. 1. The authority shall have the  power and is hereby authorized to issue from time to time its negotiable  bonds  and notes in conformity with applicable provisions of the uniform  commercial code  in  such  principal  amounts  as  the  authority  shall  determine  to be necessary to provide sufficient funds for achieving any  of its corporate purposes, including the payment of all or any  part  of  the   cost  of  acquiring,  constructing,  reconstructing,  constructing  additions to, improving, maintaining  and  operating  sport  facilities,  including  but  not  limited to buildings, structures, parking and other  facilities ancillary or  appurtenant  to  such  sports  facilities,  the  payment   of   interest  on  bonds  and  notes  of  the  authority,  the  establishment of  reserves  to  secure  such  bonds  and  notes  of  the  authority and the payment of all other expenditures, including operating  expenses,  of  the  authority  incident to or necessary or convenient to  carry out its corporate purposes and powers.    2. The authority shall have the power to issue from time to  time  (i)  notes to renew notes and (ii) bonds to pay notes, including the interest  thereon and redemption premium, if any, and, whenever it deems refunding  expedient,  to  refund  any  bonds  of  the  authority then outstanding,  whether the bonds to be refunded have or have not matured, including the  payment of any redemption premium thereon and any interest accrued or to  accrue to the earliest or subsequent date  of  redemption,  purchase  or  maturity  of  such  bonds,  by the issuance of new bonds, and, if deemed  advisable by the authority, to issue bonds partly to refund  bonds  then  outstanding  and partly for any of its corporate purposes. The refunding  bonds may be exchanged for the bonds to be  refunded  or  sold  and  the  proceeds  applied  to the purchase, redemption or payment of such bonds.  Pending such purchase, redemption  or  payment,  such  proceeds  may  be  invested  and  reinvested  in obligations of or guaranteed by the United  States of America, or in obligations of agencies of the United States of  America, secured in  such  manner  as  the  authority  shall  determine,  maturing  at  such  time  or times as shall be appropriate to assure the  prompt payment, as to principal, interest  and  redemption  premium,  if  any,  on  the  outstanding bonds to be refunded. The interest and earned  increment, if any, resulting from  any  such  investment,  may  also  be  applied  to the purchase, redemption or payment of the outstanding bonds  to be so refunded and any  balance  remaining  upon  completion  of  the  purchase,  redemption  or payment of all such outstanding bonds shall be  returned to the authority for use by it in any lawful manner.    3. No bonds or notes of the authority shall be  issued  if  upon  such  issuance  the  aggregate  principal  amount  of  bonds  and notes of the  authority then outstanding exceeds three hundred fifty million  dollars,  provided  that  such  statutory  maximum  principal  amount shall not be  construed as constituting a  contract  between  the  authority  and  the  holders  of its bonds or notes that additional bonds or notes may not be  issued subsequently by the authority in the event  that  such  statutory  maximum  shall  be  increased  subsequently  by law and provided further  that, in determining such aggregate  principal  amount  there  shall  be  deducted  (i)  all  sums then available for the payment of such bonds or  notes either at maturity or through the operation  of  a  sinking  fund;  (ii)  the  aggregate principal amount of outstanding bonds issued (a) to  refund notes and  (b)  to  refund  bonds  theretofore  issued  and  then  outstanding;  and  (iii)  the  aggregate principal amount of outstanding  notes issued to renew notes theretofore issued and then outstanding.    4. The  issuance  of  bonds  and  notes  by  the  authority  shall  be  authorized by resolution or resolutions of the authority without further  authorization  or  approval,  which resolution or resolutions shall be apart of the contract with the holders of  the  bonds  or  notes  thereby  authorized and may contain provisions as to:    (a)  pledging  all  or  any  part  of the moneys, earnings, income and  revenues derived from the project to secure the payment of the bonds  or  of  any  issue of the bonds, subject to such agreements with bondholders  as may then exist;    (b) the payments, fees or other charges to be fixed,  established  and  collected and the amounts to be raised in each year thereby, and the use  and disposition of the moneys, earnings, income and other revenues;    (c)  the  setting  aside of reserves and the creation of sinking funds  and the regulation and disposition thereof;    (d) limitations on the right of the authority to restrict and regulate  the use of a sports facility or sports facilities;    (e) limitations on the purposes to which and the manner in  which  the  proceeds of sale of any bonds or any issue of bonds may be applied;    (f)  limitations  on  the issuance of additional bonds, the terms upon  which additional bonds may be issued and secured; and the  refunding  of  outstanding bonds 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 earnings or revenues  of the authority may be deposited;    (i) the terms  and  provisions  of  any  mortgage  or  trust  deed  or  indenture securing the bonds or 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 trustee appointed by  the  bondholders pursuant to section twenty-four hundred seventy-five of this  title,  and  limiting  or  abrogating  the  right  of the bondholders to  appoint a trustee under such section or limiting the rights, powers  and  duties of such trustee;    (k)  defining  the  acts  or omissions to act which shall constitute a  default  in  the  obligations  and  duties  of  the  authority  to   the  bondholders  and providing 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  this  state  and other provisions of this title;    (l)  limitations  on  the  power of the authority to sell or otherwise  dispose of its properties;    (m) limitations on the amount of moneys derived from a sports facility  or sports facilities to be expended for  operating,  administrative  and  other expenses of the authority;    (n)  the  protection and enforcement of the rights and remedies of the  bondholders;    (o) the obligations of the authority in relation to the  construction,  maintenance,  operation,  repairs  and insurance of a sports facility or  sports facilities and the safeguarding and application of all moneys;    (p) the payment of the proceeds of bonds  and  revenues  of  a  sports  facility  or sports facilities to a trustee or other depositary, and for  the method of disbursement thereof and such safeguards and  restrictions  as the authority may determine;    (q) any other matters, of like or different character which may in any  way affect the security or protection of the bonds.    * NB (Disbanded March, 1980)