White Plains CitizeNetReporter - Paper Chaser Sheds Light on Urban Renewal Agency Bonding Authority.

WPCNR MR. AND MRS. & MS. WHITE PLAINS VOICE. August 9, 2006: Don Hughes sends along a copy of the statute, he believes is the basis by which the city will be asking the Urban Renewal Agency tomorrow to finance The Pinnacle affordable housing component (see previous story).:

John,

The Urban Renewal Agency's bonding authroity is covered under Section 559 Article 15-A of
the New York State General Municiapl Law. Copy attached:

§ 559. Bonds of an agency.

1. (a) An agency shall have power and is hereby authorized from time to time to issue its
negotiable bonds and notes in conformity with applicable provisions of the uniform
commercial code in such principal amount as, in the opinion of the agency, shall be
necessary to provide sufficient funds for achieving its corporate purposes.

(More)

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(b) An agency shall have power, from time to time, to refund any bonds by the issuance of
new bonds, whether the bonds to be refunded have or have not matured, and to issue
bonds partly to refund bonds then outstanding and partly for any other purpose. The
refunding bonds shall be sold and the proceeds applied to the purchase, redemption or
payment of the bonds to be refunded.

2. Except as may otherwise be expressly provided by the agency, every issue of its
notes and bonds shall be general obligations of the agency payable out of any revenues or
moneys of the agency, subject only to any agreements with the holders of particular notes
or bonds pledging any particular receipts or revenues, provided, however, that the
payment of such bonds and notes, both as to principal and interest, may be further
secured by a pledge of any loan, grant, or contribution from the federal government or
other source, in aid of any urban renewal program or part thereof, or by a mortgage of
any such urban renewal program, or part thereof, title to which is in the agency, or
that payment of such bonds and notes, both as to principal and interest, or only as to
interest, may be guaranteed by the municipality.

3. Bonds and notes of an agency shall be authorized by its resolution, shall bear such
date or dates, mature at such time or times, in the case of any such note, or any
renewals thereof, not exceeding seven years from the date of issue of such original note,
and in the case of any such bond not exceeding fifty years from the date of
issue, as such resolution or resolutions shall provide. The notes and bonds shall bear
interest at such rate or rates, be in such denomination or denominations,
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 of redemption with or without premium, and be secured in
such manner, as such resolution or resolutions may provide. The bonds and notes may be
sold by the agency at public or private sale, at such price or prices as the agency may
determine


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