Section 3962. Bonds, notes or other obligations of the authority

1. The
  authority shall have the power and is hereby  authorized  from  time  to
  time  to  issue  bonds,  notes  or  other  obligations in such principal
  amounts as  it  may  determine  to  be  necessary  pursuant  to  section
  thirty-nine hundred sixty-one of this title to pay any financeable costs
  and  to  fund reserves to secure such bonds, notes or other obligations,
  including  incidental  expenses  in  connection   therewith;   provided,
  however,  the  aggregate principal amounts of such bonds, notes or other
  obligations outstanding at any one time shall not exceed  seven  hundred
  million  dollars,  and such bonds shall be exempt as provided in section
  thirty-nine hundred sixty-nine of this  title.  Bonds,  notes  or  other
  obligations  issued  by  the  authority  (a)  to pay reasonable costs of
  issuance, as determined by the authority, (b) to establish debt  service
  reserve  funds, (c) to refund or advance refund any outstanding bonds or
  notes of the county or the authority, or (d)  as  cash  flow  borrowings
  shall  not  count against the above limit on outstanding bonds, notes or
  other obligations of the authority, nor shall any accretion of principal
  of bonds that would constitute interest under the Internal Revenue  Code
  of  1986,  as  amended, count against such limit; provided further, that
  the aggregate principal amount of cash flow  borrowings  outstanding  at
  any time shall not exceed two hundred fifty million dollars.
    2. The authority may issue bonds, notes or other obligations to refund
  bonds,  notes  or  other  obligations previously issued, but in no event
  shall the final maturity of any bonds, notes or other obligations of the
  authority be later than December thirty-first, two thousand thirty-nine.
  No bond of the authority shall mature more than thirty  years  from  the
  date  of  its  issue,  or  after  December  thirty-first,  two  thousand
  thirty-nine, whichever date is earlier.
    3. Bonds, notes or other obligations of the authority may  be  issued,
  amortized, redeemed and refunded without regard to the provisions of the
  local finance law.
    4.  The directors may delegate to the chairperson or other director or
  officer of the authority the power to set the financial terms of  bonds,
  notes or other obligations.
    5.  The  authority  in  its  sole  discretion shall determine that the
  issuance of its bonds, notes or other obligations is appropriate. Bonds,
  notes or other obligations shall be  authorized  by  resolution  of  the
  authority. Bonds shall bear interest at such fixed or variable rates and
  shall  be  in  such  denominations,  be  in  such form, either coupon or
  registered, be sold at such public or private sale, be executed in  such
  manner,  be  denominated  in  United States currency, be payable in such
  medium of payment, at such  place  and  be  subject  to  such  terms  of
  redemption  as  the  authority may provide in such resolution. No bonds,
  notes or other obligations of the authority may be sold at private  sale
  unless such sale and the terms thereof have been approved in writing by:
  (a)  the  state  comptroller  where  such  sale  is  not  to  the  state
  comptroller; or (b) the director of the budget, where such  sale  is  to
  the state comptroller.
    6.  Any  resolution  or  resolutions authorizing bonds, notes or other
  obligations or any issue  of  bonds,  notes  or  other  obligations  may
  contain  provisions which may be a part of the contract with the holders
  of the bonds, notes or other obligations thereby authorized as  to:  (a)
  pledging  all  or  part  of  the authority's revenues, together with any
  other moneys, securities or contracts, to  secure  the  payment  of  the
  bonds,  notes  or  other  obligations,  subject  to such agreements with
  bondholders as may then exist; (b) the setting aside of reserves and the
  creation of sinking funds and the regulation  and  disposition  thereof;
  (c)  limitations  on the purposes to which the proceeds from the sale of

  bonds, notes or other obligations may be applied; (d) limitations on the
  issuance of additional bonds, notes or other obligations, the terms upon
  which additional bonds, notes or other obligations  may  be  issued  and
  secured  and the refunding of bonds, notes or other obligations; (e) the
  procedure, if any, by which the terms of any contract  with  bondholders
  may  be  amended  or  abrogated, including the proportion of bondholders
  which must consent thereto and the manner in which such consent  may  be
  given;  (f)  vesting  in  a trustee or trustees such properties, rights,
  powers and duties in trust as the authority  may  determine,  which  may
  include  any  or  all  of  the  rights, powers and duties of the trustee
  appointed by the bondholders pursuant  to  section  thirty-nine  hundred
  sixty-three  of  this title and limiting or abrogating the rights of the
  bondholders to appoint a trustee under  such  section  or  limiting  the
  rights,  duties and powers of such trustee; and (g) defining the acts or
  omissions of the authority to act which may constitute a default in  the
  obligations and duties of the authority to the bondholders and providing
  for  the  rights  and  remedies  of the bondholders in the event of such
  default, including as a matter of right the appointment of  a  receiver;
  provided,  however,  that such acts or omissions of the authority to act
  which may constitute a default and such rights and remedies shall not be
  inconsistent with the general laws of the state and other provisions  of
  this title.
    7.  In  addition  to  the  powers conferred upon the authority in this
  section to secure its bonds, notes or other obligations,  the  authority
  shall  have  power  in  connection  with the issuance of bonds, notes or
  other obligations to enter into such agreements for the benefit  of  the
  bondholders as the authority may deem necessary, convenient or desirable
  concerning  the  use  or  disposition  of  its revenues or other moneys,
  including the entrusting, pledging or creation  of  any  other  security
  interest  in  any  such  revenues,  moneys  and  the  doing  of any act,
  including refraining from doing any act, which the authority would  have
  the  right  to do in the absence of such agreements. The authority shall
  have power to enter into amendments of any such  agreements  within  the
  powers  granted  to  the  authority  by  this  title and to perform such
  agreements. The provisions of any such agreements may be made a part  of
  the  contract  with  the holders of bonds, notes or other obligations of
  the authority.
    8. Notwithstanding any provision of the uniform commercial code to the
  contrary, any pledge of or other security interest in revenues,  moneys,
  accounts,   contract  rights,  general  intangibles  or  other  personal
  property made or created by the authority shall be  valid,  binding  and
  perfected  from  the  time  when  such  pledge is made or other security
  interest attaches without any physical delivery  of  the  collateral  or
  further  act, and the lien of any such pledge or other security interest
  shall be valid, binding and perfected against all parties having  claims
  of  any  kind  in  tort,  contract  or  otherwise  against the authority
  irrespective of whether such parties have notice thereof. No  instrument
  by which such a pledge or security interest is created nor any financing
  statement need be recorded or filed to be valid and binding.
    9.  Whether  or  not  the  bonds,  notes  or  other obligations of the
  authority are of such form and character as to be negotiable instruments
  under the terms of the uniform commercial code,  such  bonds,  notes  or
  other  obligations  are  hereby  made  negotiable instruments within the
  meaning of and for all the purposes  of  the  uniform  commercial  code,
  subject only to the provisions of the bonds for registration.
    10.  Neither  the  directors of the authority nor any person executing
  bonds, notes or other obligations shall be liable personally thereon  or
  be  subject to any personal liability or accountability solely by reason

  of the issuance thereof. The bonds, notes or other  obligations  of  the
  authority  shall  not  be  a debt of either the state or the county, and
  neither the state nor the county shall be liable thereon, nor shall they
  be  payable out of any funds other than those of the authority; and such
  bonds, notes or other obligations shall contain on the  face  thereof  a
  statement to such effect.
    11. The authority, subject to such agreements with bondholders as then
  may   exist,  shall  have  power  to  purchase  bonds,  notes  or  other
  obligations of the authority out of any moneys available therefor, which
  shall thereupon be canceled.