Section 20.17. Bonds and notes of a trust

1. A trust shall have the power
  and is hereby authorized to issue from time to time its bonds and  notes
  in  such  principal amounts as the trust shall determine to be necessary
  for achieving any of its corporate purposes, including: (a) the  payment
  of  all or any part of the cost of developing cultural facilities or the
  institutional  portion  of  combined-use  facilities;   (b)   developing
  facilities  for not-for-profit cultural organizations; (c) the making of
  loans pursuant to this article to not-for-profit cultural  organizations
  and  to participating cultural institutions; (d) the payment of interest
  on bonds and notes of the trust; (e) the establishment  of  reserves  to
  secure  such  bonds  and notes of the trust; (f) the payment of expenses
  incurred in connection with the issuance of the bonds and notes  of  the
  trust;  and  (g)  during  the  period  of  development of a combined-use
  facility or a cultural facility or other  facility  authorized  by  this
  article,  the  payment  of  other  expenses but, except in the case of a
  trust created prior to the effective date of this section, such expenses
  shall not include  operating  expenses  of  the  participating  cultural
  institution.  All  bonds  or  notes  and the interest coupons applicable
  thereto whether or not in negotiable form are hereby made and  shall  be
  construed  to  be negotiable instruments and investment securities under
  article eight of the uniform commercial code.
    2. A trust shall have the power to issue from time to time  (a)  notes
  to  renew  notes, (b) bonds to pay notes, including the interest thereon
  and redemption premium, if any, (c) bonds to refund  any  bonds  of  the
  trust  then outstanding, 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. 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, and pending such purchase, redemption or payment,  such  proceeds
  may  be  invested  and reinvested in obligations of or guaranteed by the
  United States, the state, or any political subdivision of the state,  or
  any  agency or instrumentality of any of them, secured in such manner as
  the trust shall determine, maturing at such time or times  as  shall  be
  appropriate  to assure the prompt payment, as to the principal, interest
  and redemption premium, if any, on the outstanding bonds to be refunded.
  A trust shall have power out of any funds available therefor to purchase
  (as distinguished from the power  of  redemption  herein  provided)  any
  bonds  or  notes  of  the  trust,  and  all  bonds so purchased shall be
  cancelled.
    3. With respect to notes or bonds issued or renewed on and  after  the
  effective  date  of  this title, no note or renewal thereof shall mature
  more than five years from and after the date of the  original  issue  of
  such  note,  and no bond or bond issued to refund such bond shall mature
  more than thirty years from and after the date of the original issue  of
  such  bond,  provided,  however,  no  bond issued to refund bonds issued
  prior to the effective date of this section shall mature more than fifty
  years from and after the date of the original issue of  any  such  bond.
  Notwithstanding  the  foregoing, notes issued by a trust for the purpose
  of repaying advances from a  participating  cultural  institution  which
  uses  or  occupies  the institutional portion of a combined-use facility
  the cost of development of which was paid with the proceeds of bonds  of
  the  trust  which were issued prior to September first, nineteen hundred
  ninety-one, shall mature no later than seven years from  and  after  the
  date  of  original  issue  of such note, and bonds issued by a trust for
  such purpose, including bonds issued to refund such notes, shall  mature
  no  later  than fifty years from and after the date of original issue of
  such bonds.

    4. The issuance of bonds and notes by a trust shall be  authorized  by
  resolution of the trust without further authorization or approval, which
  resolution shall be a part of the contract with the holders of the bonds
  or notes thereby authorized. Such resolution may provide that such bonds
  and  notes may be registered or registrable as to principal and interest
  or as to interest alone and that such bonds and notes may be payable  at
  such  place or places, within or without the state, may bear interest at
  such rate or rates, may be payable and mature at such time or times, may
  be  in  such  form  and  evidenced  in  such  manner,  may  be  in  such
  denominations,  and  may  contain such other provisions not inconsistent
  with this article, including provisions as to reserve or sinking  funds,
  payment,  redemption  or refunding of bonds or notes, security therefor,
  events of default, remedies of bondholders or  noteholders,  appointment
  of trustees, as distinguished from members of the board of trustees of a
  trust  for  cultural  resources,  or fiscal agents, custody, collection,
  securing,  investment  and  payment  of  any  money  and  amendment   or
  abrogation  of such provisions, all as the trust may determine; provided
  that such resolution may provide for the manner of  determining  any  or
  all  of  the  foregoing  provisions  for such bonds and notes in lieu of
  determining such provisions.
    5. Bonds may be issued in one or more series as serial  bonds,  or  as
  term  bonds,  or  as  a  combination  thereof.  Any signature, manual or
  facsimile, of an officer of the trust appearing on  bonds  or  notes  or
  coupons  shall  be  valid and sufficient for all purposes whether or not
  such officer shall then be in office. The trust may also provide for the
  authentication of the bonds or notes by a trustee (as distinguished from
  a member of the board of trustees of a trust for cultural resources)  or
  fiscal agent.
    6.  The  bonds  or  notes  of  a trust may be sold at such prices at a
  public or private sale, in such manner and from time to time, as may  be
  determined  by  the  trust, and the trust may pay all expenses, premiums
  and  commissions  which  it  may  deem  necessary  or  advantageous   in
  connection  with  the  issuance and sale thereof. No bonds or notes of a
  trust may be sold at a private sale  unless  such  sale  and  the  terms
  thereof  have  been  approved in writing by the comptroller of the state
  and the chief fiscal officer of the municipality or county in which  the
  combined-use facility or cultural facility for which such bonds or notes
  are issued is located.
    7.  Neither  the  trustees,  officers or employees of a trust, nor any
  participating cultural institution or the members, directors,  trustees,
  officers  or  employees of such institution, nor any person executing or
  authenticating the bonds or notes of the trust shall be  liable  on  the
  bonds  or  notes  or  be  subject  to any personal or other liability or
  accountability by reason of the issuance thereof.