Section 59.13. Bonds of the Planetarium Authority

1.  Subject to the
  consent of the American  Museum  of  Natural  History,  the  Planetarium
  Authority shall have power and is hereby authorized from time to time to
  issue  its  negotiable bonds in conformity with applicable provisions of
  the uniform commercial code in the aggregate  principal  amount  of  not
  exceeding  one  million  dollars.  The  Planetarium Authority 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
  may issue bonds partly to refund bonds then outstanding and  partly  for
  any  other  corporate purpose. In computing the total amount of bonds of
  the Planetarium Authority which may  at  any  time  be  outstanding  the
  amount  of the outstanding bonds to be refunded from the proceeds of the
  sale of new bonds or by exchange for new bonds shall be excluded.
    2. Such bonds shall be authorized by resolution of the board and shall
  bear such date or dates, mature at such  time  or  times  not  exceeding
  twenty-five  years  from  their  respective dates, bear interest at such
  rate  or  rates  as  approved  by   the   state   comptroller,   payable
  semi-annually,  be in such 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 not exceeding par and accrued
  interest as such resolution or resolutions may provide. Such  bonds  may
  be  sold  at  public  or  private  sale  for such price or prices as the
  authority shall determine.
    3. Such bonds  may  be  issued  for  any  corporate  purposes  of  the
  Planetarium Authority.
    4.  Any  resolution  or  resolutions authorizing any bonds may contain
  provisions which shall be a part of the contract with the holders of the
  bonds, as to
    (a) Pledging the revenues of the planetarium to secure the payment  of
  the bonds;
    (b)  The  admission  fees  to  be  charged  for  the exhibition of the
  planetarium and the amount to be raised in each year by  admission  fees
  and the use and disposition of such fees and other revenues;
    (c)  The setting aside of reserves or sinking funds and the regulation
  or disposition thereof;
    (d) The use and exhibition of the planetarium;
    (e) Limitations on the purpose to which the proceeds of  sale  of  any
  issue of bonds then or thereafter to be issued may be applied;
    (f) Limitations on the issuance of additional 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.
    5.  Neither  the  members  of  the board nor any person executing such
  bonds shall be liable personally on the  bonds  or  be  subject  to  any
  personal liability or accountability by reason of the issuance thereof.
    6.  The  Planetarium  Authority  shall  have  power  out  of any funds
  available therefor to purchase any bonds issued by it at  a  premium  of
  not  more  than  four  percentum  and  accrued  interest.  All  bonds so
  purchased shall be cancelled.