Section 532. Bonds of the authority

1. The 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 for
  any  corporate  purpose  in the aggregate principal amount not to exceed
  one hundred fifty-three million two hundred fifty-five thousand dollars.
    2. In addition to the bonds authorized  in  subdivision  one  of  this
  section,  the  authority shall have power from time to time and whenever
  it deems refunding expedient, to issue bonds in such principal amount as
  the authority may determine for the  purpose  of  refunding  bonds  then
  outstanding  and  to  issue such additional bonds as may be necessary to
  pay the costs incurred in connection with said  refunding,  whether  the
  bonds  to  be refunded have or have not matured. The refunding bonds may
  be exchanged for the bonds to be refunded with such cash adjustments  as
  may  be agreed, or may be sold and the proceeds applied to the purchase,
  redemption or payment of the bonds to be  refunded,  provided,  however,
  that upon any such refunding or repayment the aggregate principal amount
  of outstanding bonds may be greater than one hundred fifty-three million
  two hundred fifty-five thousand dollars only if the present value of the
  aggregate  debt service of the refunding or repayment bonds to be issued
  shall not exceed the present value of the aggregate debt service of  the
  bonds  so  to  be  refunded  or repaid. For purposes hereof, the present
  values of the aggregate debt service of the refunding or repayment bonds
  and of the aggregate debt service of the bonds so  refunded  or  repaid,
  shall  be  calculated  by  utilizing  the effective interest rate of the
  refunding or repayment bonds, which shall be that  rate  arrived  at  by
  doubling   the  semi-annual  interest  rate  (compounded  semi-annually)
  necessary to discount the debt service  payments  on  the  refunding  or
  repayment  bonds  from the payment dates thereof to the date of issue of
  the refunding  or  repayment  bonds  and  to  the  price  bid  including
  estimated  accrued  interest  or  proceeds  received  by  the  authority
  including estimated accrued interest from the sale thereof.
    3. Bonds shall be authorized by resolution of the board and shall bear
  such date or dates, mature at such time or times,  not  exceeding  fifty
  years  from their respective dates, bear interest at such rate or rates,
  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 inconsistent
  with subdivision four of this section) as such resolution or resolutions
  may provide. Any bonds of the authority may be sold at public or private
  sale for such price or prices as the authority shall determine.
    4. Every issue of bonds  shall  be  subject  to  redemption  prior  to
  maturity  at the election of the authority on notice by publication in a
  newspaper published in the city of New York  of  not  more  than  ninety
  days, and if the state shall furnish the authority with sufficient money
  therefor,  the  authority  shall redeem the bonds in accordance with the
  terms of redemption then applicable.
    5. Except as otherwise may be  expressly  provided  by  the  authority
  every  issue of bonds and notes shall be general obligations payable out
  of any moneys  or  revenues  of  the  authority,  subject  only  to  any
  agreement  with  the  holders  of particular bonds or notes pledging any
  particular tolls or revenues.
    6. Any resolution or resolutions authorizing any bonds  or  notes  may
  contain  provisions,  which  shall  be  a  part of the contract with the
  holders of the bonds or notes, as to
    (a) Pledging the tolls and revenues of the bridges or any of  them  to
  secure the payment of the bonds or notes;

    (b)  The rates of the tolls to be charged, and the amount to be raised
  in each year by tolls, and the use and  disposition  of  the  tolls  and
  other revenues;
    (c) The setting aside of reserves or sinking funds, and the regulation
  and disposition thereof;
    (d) Limitations on the right of the authority to restrict and regulate
  the use of the bridges;
    (e)  Limitations  on the purposes to which the proceeds of sale of any
  issue of bonds or notes then or thereafter to be issued may  be  applied
  and  pledging  such proceeds to secure the payment of the bonds or notes
  or of any issue thereof;
    (f) Limitations on the issuance of additional bonds  or  notes  or  on
  other debt;
    (g)  The  procedure,  if  any, by which the terms of any contract with
  bondholders or noteholders may be amended or abrogated,  the  amount  of
  bonds or notes the holders of which must consent thereto, and the manner
  in which such consent may be given;
    (h)  Limitations  on  the  amount  of  moneys  derived from any of the
  bridges to be expended for operating, administrative or  other  expenses
  of the authority;
    (i) Vesting in a trustee or trustees such property, 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 five hundred thirty-seven hereof, and
  limiting or abrogating the right of the bondholders to appoint a trustee
  under said section or limiting the rights, duties  and  powers  of  such
  trustee;
    (j)  Any  other  matters, of like or different character, which in any
  way affect the security or protection of the bonds or notes.
    7. Neither the members of the board  nor  any  person  executing  such
  bonds  or  notes shall be liable personally on said bonds or notes or be
  subject to any personal liability or accountability  by  reason  of  the
  issuance thereof.
    8.  The authority shall have power out of any funds available therefor
  to purchase any bonds or notes issued by it.  The  authority  may  hold,
  cancel,  or resell such bonds or notes subject to and in accordance with
  agreements with bondholders or noteholders.
    9. It is the intention hereof  that  any  pledge  of  tolls  or  other
  revenues  or  other  moneys  made  by  the  authority shall be valid and
  binding from the time when the pledge is made; that the tolls  or  other
  revenues  or  other  moneys  so  pledged  and thereafter received by the
  authority shall immediately be  subject  to  the  lien  of  such  pledge
  without  any physical delivery thereof or further act, and that the lien
  of any such pledge shall be valid and binding  as  against  all  parties
  having  claims  of  any  kind in tort, contract or otherwise against the
  authority irrespective of whether  such  parties  have  notice  thereof.
  Neither  the  resolution  nor  any other instrument by which a pledge is
  created need be recorded.