(a) The commission shall have power to issue bonds from time totime for any of its corporate purposes including the payment of principal andinterest upon any advances for surveys and plans for redevelopment projects.The commission shall also have power to issue refunding bonds for the purposeof paying or retiring or in exchange for bonds previously issued by it. Thecommission may issue such types of bonds as it may determine, including(without limiting the generality of the foregoing) bonds on which the principaland interest are payable:
(1) Exclusively from the income, proceeds, and revenues of theredevelopment project financed with the proceeds of such bonds; or
(2) Exclusively from the income, proceeds, and revenues of anyof its redevelopment projects whether or not they are financed in whole or inpart with the proceeds of such bonds; provided, that any such bonds may beadditionally secured by a pledge of any loan, grant or contributions, or partsthereof, from the federal government or other source, or a mortgage of anyredevelopment project or projects of the commission.
(b) Neither the commissioners of a commission nor any personexecuting the bonds shall be liable personally on the bonds by reason of theissuance of the bonds. The bonds and other obligations of the commission (andthe bonds and obligations shall so state on their face) shall not be a debt ofthe municipality, the county, or the State and neither the municipality, thecounty, nor the State shall be liable on the bonds, nor in any event shall thebonds or obligations be payable out of any funds or properties other than thoseof the commission acquired for the purpose of this Article. The bonds shall notconstitute an indebtedness of the municipality within the meaning of anyconstitutional or statutory debt limitation or restriction. Bonds of acommission are declared to be issued for an essential public and governmentalpurpose and to be public instrumentalities. The bonds are exempt from all State,county, and municipal taxation or assessment, direct or indirect, general orspecial, whether imposed for the purpose of general revenue or otherwise,excluding inheritance and gift taxes, income taxes on the gain from thetransfer of the bonds and notes, and franchise taxes. The interest on the bondsis not subject to taxation as income. Bonds may be issued by a commission underthis Article notwithstanding any debt or other limitation prescribed in anystatute. This Article without reference to other statutes of the State shallconstitute full and complete authority for the authorization and issuance ofbonds by the commission under this Article and this authorization and issuanceshall not be subject to any conditions, restrictions, or limitations imposed byany other statute whether general, special, or local, except as provided insubsection (d) of this section.
(c) Bonds of the commission shall be authorized by itsresolution and may be issued in one or more series and shall bear such date ordates, be payable upon demand or mature at such time or times, bear interest atsuch rate or rates, be in such denomination or denominations, be in such formeither coupon or registered, carry such conversion or registration privileges,have such rank or priority, be executed in such manner, be payable in suchmedium of payment, at such place or places, and be subject to such terms ofredemption (with or without premium) as such resolution, its trust indenture ormortgage may provide.
(d) Bonds shall be sold by the redevelopment commission ateither public or private sale upon such terms and in such manner, consistentwith the provisions hereof, as the redevelopment commission may determine.Prior to the public sale of bonds hereunder, the redevelopment commission shallfirst cause a notice of the sale of the bonds to be published at least once atleast 10 days before the date fixed for the receipt of bids for the bonds (i)in a newspaper having the largest or next largest circulation in theredevelopment commission's area of operation and (ii) in a publication thatcarries advertisements for the sale of State and municipal bonds published inthe City of New York in the State of New York; provided, however, that in itsdiscretion the redevelopment commission may cause any such notice of sale inthe New York publication to be published as part of a consolidated notice ofsale offering for sale the obligations of other public agencies in addition tothe redevelopment commission's bonds, and provided, further, that any bonds maybe sold by the redevelopment commission at private sale upon such terms andconditions as are mutually agreed upon between the commission and thepurchaser. No bonds issued pursuant to this Article shall be sold at less thanpar and accrued interest. The provisions of the Local Government Finance Actshall not be applicable with respect to bonds sold or issued under thisArticle.
(e) In case any of the commissioners or officers of thecommission whose signatures appear on any bonds or coupons shall cease to besuch commissioners or officers before the delivery of such bonds, suchsignatures shall, nevertheless, be valid and sufficient for all purposes, thesame as if such commissioners or officers had remained in office until suchdelivery. Any provisions of any law to the contrary notwithstanding, any bondsissued pursuant to this Article shall be fully negotiable.
(f) In any suit, action or proceedings involving the validityor enforceability of any bond of the commission or the security therefor, anysuch bond reciting in substance that it has been issued by the commission toaid in financing a redevelopment project, as herein defined, shall beconclusively deemed to have been issued for such purpose and such project shallbe conclusively deemed to have been planned, located and carried out inaccordance with the purposes and provisions of this Article.
(g) Bonds (including, without limitation, interim and long‑termnotes) may be issued or sold under this Article at private sale upon such termsand conditions as may be negotiated and mutually agreed upon by the commissionand the purchaser (who may be the government or other public or private lenderor purchaser). (1951, c. 1095, s.13; 1961, c. 837, s. 10; 1971, c. 87, s. 3; 1973, c. 426, s. 75; 1981, c. 907,ss. 3, 4; 1995, c. 46, s. 20.)
(a) The commission shall have power to issue bonds from time totime for any of its corporate purposes including the payment of principal andinterest upon any advances for surveys and plans for redevelopment projects.The commission shall also have power to issue refunding bonds for the purposeof paying or retiring or in exchange for bonds previously issued by it. Thecommission may issue such types of bonds as it may determine, including(without limiting the generality of the foregoing) bonds on which the principaland interest are payable:
(1) Exclusively from the income, proceeds, and revenues of theredevelopment project financed with the proceeds of such bonds; or
(2) Exclusively from the income, proceeds, and revenues of anyof its redevelopment projects whether or not they are financed in whole or inpart with the proceeds of such bonds; provided, that any such bonds may beadditionally secured by a pledge of any loan, grant or contributions, or partsthereof, from the federal government or other source, or a mortgage of anyredevelopment project or projects of the commission.
(b) Neither the commissioners of a commission nor any personexecuting the bonds shall be liable personally on the bonds by reason of theissuance of the bonds. The bonds and other obligations of the commission (andthe bonds and obligations shall so state on their face) shall not be a debt ofthe municipality, the county, or the State and neither the municipality, thecounty, nor the State shall be liable on the bonds, nor in any event shall thebonds or obligations be payable out of any funds or properties other than thoseof the commission acquired for the purpose of this Article. The bonds shall notconstitute an indebtedness of the municipality within the meaning of anyconstitutional or statutory debt limitation or restriction. Bonds of acommission are declared to be issued for an essential public and governmentalpurpose and to be public instrumentalities. The bonds are exempt from all State,county, and municipal taxation or assessment, direct or indirect, general orspecial, whether imposed for the purpose of general revenue or otherwise,excluding inheritance and gift taxes, income taxes on the gain from thetransfer of the bonds and notes, and franchise taxes. The interest on the bondsis not subject to taxation as income. Bonds may be issued by a commission underthis Article notwithstanding any debt or other limitation prescribed in anystatute. This Article without reference to other statutes of the State shallconstitute full and complete authority for the authorization and issuance ofbonds by the commission under this Article and this authorization and issuanceshall not be subject to any conditions, restrictions, or limitations imposed byany other statute whether general, special, or local, except as provided insubsection (d) of this section.
(c) Bonds of the commission shall be authorized by itsresolution and may be issued in one or more series and shall bear such date ordates, be payable upon demand or mature at such time or times, bear interest atsuch rate or rates, be in such denomination or denominations, be in such formeither coupon or registered, carry such conversion or registration privileges,have such rank or priority, be executed in such manner, be payable in suchmedium of payment, at such place or places, and be subject to such terms ofredemption (with or without premium) as such resolution, its trust indenture ormortgage may provide.
(d) Bonds shall be sold by the redevelopment commission ateither public or private sale upon such terms and in such manner, consistentwith the provisions hereof, as the redevelopment commission may determine.Prior to the public sale of bonds hereunder, the redevelopment commission shallfirst cause a notice of the sale of the bonds to be published at least once atleast 10 days before the date fixed for the receipt of bids for the bonds (i)in a newspaper having the largest or next largest circulation in theredevelopment commission's area of operation and (ii) in a publication thatcarries advertisements for the sale of State and municipal bonds published inthe City of New York in the State of New York; provided, however, that in itsdiscretion the redevelopment commission may cause any such notice of sale inthe New York publication to be published as part of a consolidated notice ofsale offering for sale the obligations of other public agencies in addition tothe redevelopment commission's bonds, and provided, further, that any bonds maybe sold by the redevelopment commission at private sale upon such terms andconditions as are mutually agreed upon between the commission and thepurchaser. No bonds issued pursuant to this Article shall be sold at less thanpar and accrued interest. The provisions of the Local Government Finance Actshall not be applicable with respect to bonds sold or issued under thisArticle.
(e) In case any of the commissioners or officers of thecommission whose signatures appear on any bonds or coupons shall cease to besuch commissioners or officers before the delivery of such bonds, suchsignatures shall, nevertheless, be valid and sufficient for all purposes, thesame as if such commissioners or officers had remained in office until suchdelivery. Any provisions of any law to the contrary notwithstanding, any bondsissued pursuant to this Article shall be fully negotiable.
(f) In any suit, action or proceedings involving the validityor enforceability of any bond of the commission or the security therefor, anysuch bond reciting in substance that it has been issued by the commission toaid in financing a redevelopment project, as herein defined, shall beconclusively deemed to have been issued for such purpose and such project shallbe conclusively deemed to have been planned, located and carried out inaccordance with the purposes and provisions of this Article.
(g) Bonds (including, without limitation, interim and long‑termnotes) may be issued or sold under this Article at private sale upon such termsand conditions as may be negotiated and mutually agreed upon by the commissionand the purchaser (who may be the government or other public or private lenderor purchaser). (1951, c. 1095, s.13; 1961, c. 837, s. 10; 1971, c. 87, s. 3; 1973, c. 426, s. 75; 1981, c. 907,ss. 3, 4; 1995, c. 46, s. 20.)
(a) The commission shall have power to issue bonds from time totime for any of its corporate purposes including the payment of principal andinterest upon any advances for surveys and plans for redevelopment projects.The commission shall also have power to issue refunding bonds for the purposeof paying or retiring or in exchange for bonds previously issued by it. Thecommission may issue such types of bonds as it may determine, including(without limiting the generality of the foregoing) bonds on which the principaland interest are payable:
(1) Exclusively from the income, proceeds, and revenues of theredevelopment project financed with the proceeds of such bonds; or
(2) Exclusively from the income, proceeds, and revenues of anyof its redevelopment projects whether or not they are financed in whole or inpart with the proceeds of such bonds; provided, that any such bonds may beadditionally secured by a pledge of any loan, grant or contributions, or partsthereof, from the federal government or other source, or a mortgage of anyredevelopment project or projects of the commission.
(b) Neither the commissioners of a commission nor any personexecuting the bonds shall be liable personally on the bonds by reason of theissuance of the bonds. The bonds and other obligations of the commission (andthe bonds and obligations shall so state on their face) shall not be a debt ofthe municipality, the county, or the State and neither the municipality, thecounty, nor the State shall be liable on the bonds, nor in any event shall thebonds or obligations be payable out of any funds or properties other than thoseof the commission acquired for the purpose of this Article. The bonds shall notconstitute an indebtedness of the municipality within the meaning of anyconstitutional or statutory debt limitation or restriction. Bonds of acommission are declared to be issued for an essential public and governmentalpurpose and to be public instrumentalities. The bonds are exempt from all State,county, and municipal taxation or assessment, direct or indirect, general orspecial, whether imposed for the purpose of general revenue or otherwise,excluding inheritance and gift taxes, income taxes on the gain from thetransfer of the bonds and notes, and franchise taxes. The interest on the bondsis not subject to taxation as income. Bonds may be issued by a commission underthis Article notwithstanding any debt or other limitation prescribed in anystatute. This Article without reference to other statutes of the State shallconstitute full and complete authority for the authorization and issuance ofbonds by the commission under this Article and this authorization and issuanceshall not be subject to any conditions, restrictions, or limitations imposed byany other statute whether general, special, or local, except as provided insubsection (d) of this section.
(c) Bonds of the commission shall be authorized by itsresolution and may be issued in one or more series and shall bear such date ordates, be payable upon demand or mature at such time or times, bear interest atsuch rate or rates, be in such denomination or denominations, be in such formeither coupon or registered, carry such conversion or registration privileges,have such rank or priority, be executed in such manner, be payable in suchmedium of payment, at such place or places, and be subject to such terms ofredemption (with or without premium) as such resolution, its trust indenture ormortgage may provide.
(d) Bonds shall be sold by the redevelopment commission ateither public or private sale upon such terms and in such manner, consistentwith the provisions hereof, as the redevelopment commission may determine.Prior to the public sale of bonds hereunder, the redevelopment commission shallfirst cause a notice of the sale of the bonds to be published at least once atleast 10 days before the date fixed for the receipt of bids for the bonds (i)in a newspaper having the largest or next largest circulation in theredevelopment commission's area of operation and (ii) in a publication thatcarries advertisements for the sale of State and municipal bonds published inthe City of New York in the State of New York; provided, however, that in itsdiscretion the redevelopment commission may cause any such notice of sale inthe New York publication to be published as part of a consolidated notice ofsale offering for sale the obligations of other public agencies in addition tothe redevelopment commission's bonds, and provided, further, that any bonds maybe sold by the redevelopment commission at private sale upon such terms andconditions as are mutually agreed upon between the commission and thepurchaser. No bonds issued pursuant to this Article shall be sold at less thanpar and accrued interest. The provisions of the Local Government Finance Actshall not be applicable with respect to bonds sold or issued under thisArticle.
(e) In case any of the commissioners or officers of thecommission whose signatures appear on any bonds or coupons shall cease to besuch commissioners or officers before the delivery of such bonds, suchsignatures shall, nevertheless, be valid and sufficient for all purposes, thesame as if such commissioners or officers had remained in office until suchdelivery. Any provisions of any law to the contrary notwithstanding, any bondsissued pursuant to this Article shall be fully negotiable.
(f) In any suit, action or proceedings involving the validityor enforceability of any bond of the commission or the security therefor, anysuch bond reciting in substance that it has been issued by the commission toaid in financing a redevelopment project, as herein defined, shall beconclusively deemed to have been issued for such purpose and such project shallbe conclusively deemed to have been planned, located and carried out inaccordance with the purposes and provisions of this Article.
(g) Bonds (including, without limitation, interim and long‑termnotes) may be issued or sold under this Article at private sale upon such termsand conditions as may be negotiated and mutually agreed upon by the commissionand the purchaser (who may be the government or other public or private lenderor purchaser). (1951, c. 1095, s.13; 1961, c. 837, s. 10; 1971, c. 87, s. 3; 1973, c. 426, s. 75; 1981, c. 907,ss. 3, 4; 1995, c. 46, s. 20.)
