Section 703-A. Financing ferries

1. In addition to other powers granted to
  the authority under the provisions of this  title  the  authority  shall
  have  power  to issue its negotiable notes in conformity with applicable
  provisions of the uniform commercial code  in  such  amount  as  may  be
  necessary  to  pay  the  cost  of  the ferries purchased by it under the
  provisions of this title, the costs of any improvements thereof and such
  expenses as may be deemed necessary or incident to such financing.
    2. The issuance of  such  notes,  the  maturities  and  other  details
  thereof,  the  rights of the holders thereof, and the rights, duties and
  obligations of the authority in respect of the same, shall  be  governed
  by  the  provisions of this title which relate to bonds in so far as the
  same may be applicable.
    3. Neither the authority nor the state of  New  York  or  any  agency,
  department   or   instrumentality   thereof   shall   proceed  with  the
  construction of any bridge across the Saint Lawrence river  at  or  near
  the  city  of  Ogdensburg,  in  the  county of Saint Lawrence, New York,
  unless all such notes shall have theretofore  been  paid  and  cancelled
  either  from  the  proceeds of bonds issued under the provisions of this
  title or from any other moneys which may be available for such  purpose.
  In case the authority shall issue its bonds under the provisions of this
  title,  the  amount  required for making such payment shall be deemed to
  constitute the purchase price of the ferries.