New York Public Authorities Law Title 25 - NEW YORK CITY SPORTS AUTHORITY

• 2500 - Short Title.
  * This title may be cited as the "New York city sports authority act". * NB (Discontinued-Board of Directors never appointed)
• 2501 - Definitions.
  * As used or referred to in this title, unless a different meaning clearly appears from the context, the following terms shall mean and include:...
• 2502 - Legislative Findings and Statement of Purposes.
  * It is hereby found, determined and declared that the city has acquired certain large sports facilities located in the city, including Yankee stadium, Shea...
• 2503 - New York City Sports Authority.
  * 1. There is hereby created the New York city sports authority which shall be a corporate governmental agency, constituting a public benefit corporation. Upon...
• 2504 - General Powers of the Authority.
  * In the exercise of the powers conferred and the performance of duties imposed upon the authority and subject to limitations contained elsewhere in this...
• 2505 - Acquisition of Real Property for the Authority and Contracts With the City.
  * 1. The city may, by resolution of the board of estimate, or by deed authorized by such a resolution, convey for so long as...
• 2506 - Moneys of the Authority.
  * 1. Subject to the provisions of this title, the members of the authority shall receive, accept, invest, administer, expend and disburse for its corporate...
• 2507 - Employees of the Authority.
  * 1. Notwithstanding any inconsistent provision of this title, the appointment and promotion of all employees of and for the authority shall be made in...
• 2508 - Contracts of the Authority.
  * 1. All contracts for the construction, reconstruction, rehabilitation or improvement of buildings or structures shall be let in the manner provided by law for...
• 2508-a - Certain Property Acquired by Authority.
  * In the event that the New York state sports authority upon full amortization of any outstanding bonds issued for the acquisition, construction or rehabilitation...
• 2508-b - Payments to the City.
  * Notwithstanding any provision of law, the authority may with respect to any sports facility provide in any lease or sublease that rental payments to...
• 2509 - 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...
• 2510 - Bonds and Notes of the Authority.
  * 1. All bonds and notes issued by the authority may be secured by the full faith and credit of the authority subject only to...
• 2511 - Security for Bonds or Notes.
  * 1. The principal of and interest on any bonds or notes issued by the authority may be secured by a pledge of any revenues...
• 2512 - Reserve Fund.
  * The authority may create and establish one or more reserve funds to be known as debt service reserve funds and may pay into such...
• 2513 - Remedies of Bondholders and Noteholders.
  * 1. In the event that the authority shall default in the payment of principal or of interest on any issue of bonds or notes...
• 2514 - State and City Not Liable on Bonds and Notes.
  * The bonds, notes and other obligations of the authority shall not be a debt of the state of New York or of the city...
• 2515 - Agreement of the State.
  * The state of New York does hereby pledge to and agree with the holders of any bonds or notes issued under this title that...
• 2516 - Property and Income.
  * The property of the authority and its income and operations shall be exempt from taxation, assessments or service charges of every kind and nature,...
• 2517 - Exemption From Taxation of Bonds and Notes.
  * It is hereby determined that the creation of the authority is in all respects for the benefit of the people of the state, for...
• 2518 - Bonds and Notes As Legal Investments.
  * The bonds and notes of the authority are hereby made securities in which all public officers and bodies of this state and all municipalities...
• 2519 - Legal Officer of the Authority.
  * The Corporation Counsel shall be attorney and counsel of the authority and shall approve all legal documents as to form. * NB (Discontinued-Board of...
• 2520 - Actions Against Authority.
  * 1. Except in an action for wrongful death, an action against the authority for personal injury, real or personal property damage or destruction or...
• 2521 - Applicability.
  * The authority shall not acquire, construct or operate any sports or other facility in the Borough of Brooklyn. * NB (Discontinued-Board of Directors never

Last modified: February 3, 2019