Section 661. Bonds of the authority

1. The authority shall have the 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 of not
  exceeding an amount fixed by the county legislature from time to time by
  ordinance. The authority shall have power from time to time and whenever
  it deems refunding expedient, 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. 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  or  payment  of
  the  bonds to be refunded. In computing the total amount of bonds of the
  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.  Except  as  may
  otherwise  be  expressly  provided  by the authority, every issue of the
  bonds shall be general obligations payable out of any moneys or revenues
  of the authority, subject only to any agreements  with  the  holders  of
  particular bonds pledging any particular tolls or revenues.
    2.  The bonds shall be authorized by resolution of the board and shall
  bear such date or dates, mature at such time  or  times,  not  exceeding
  forty  years  from their respective dates, bear interest at such rate or
  rates, as the board shall determine and shall be 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, as such resolution  or  resolutions
  may  provide.  The  bonds may be sold at public or private sale for such
  price or prices as the authority shall determine.
    3. The bonds may be issued for any corporate purpose of the authority.
    4. Any resolution or resolutions authorizing any bonds or any issue of
  bonds may contain provisions, which shall be a part of the contract with
  the holders of the bonds thereby authorized, as to
    (a) Pledging all or any part of the tolls and revenues of the  project
  to  secure  the  payment  of  the  bonds subject to such agreements with
  bondholders as may then exist;
    (b) the rates of the tolls to be charged, and the amounts 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 project in connection with which such bonds are issued;
    (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  and
  pledging  such  proceeds  to  secure  the payment of the bonds or of any
  issue of the bonds;
    (f) limitations on the issuance of additional bonds;  the  terms  upon
  which  additional  bonds  may  be  issued  and secured; the refunding of
  outstanding or other 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;
    (h) limitations on the amount of moneys derived from any project 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  six  hundred  sixty-six  hereof, and
  limiting or abrogating the right of the bondholders to appoint a trustee
  under  said  section hereof 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.
    5.  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.
    6.  Neither  the members of the authority nor any person executing the
  bonds shall be liable personally on the  bonds  or  be  subject  to  any
  personal liability or accountability by reason of the issuance thereof.
    7.  The authority shall have power out of any funds available therefor
  to purchase bonds. The authority may hold, cancel or resell such  bonds,
  subject to and in accordance with agreements with bondholders.