Section 706. 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 in
  such amount as may be necessary to  pay  the  cost  of  the  bridge  and
  approach  roads  herein  authorized  and the cost of all land, property,
  rights, easements and franchises deemed necessary for  the  construction
  thereof,  and  to  pay interest prior to and during construction and for
  one year after completion of construction, the  purchase  price  of  the
  ferry  or  ferries  authorized  to  be  acquired,  the  repayment of any
  advances or appropriations  made  by  the  state  of  New  York  to  the
  authority and such other expenses as may be deemed necessary or incident
  to  the  financing  and  to  the construction of the bridge and approach
  roads, and to placing the same in operation.
    2. 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 the purpose  of  refunding
  bonds  of  the authority theretofore issued, but the aggregate principal
  amount of such refunding bonds shall not exceed the aggregate  principal
  amount  of  the  bonds  to  be  refunded  and  the amount of the accrued
  interest and the premium required to be paid upon such bonds  by  reason
  of redemption before maturity.
    3.  The  bonds  shall  be  authorized by resolution of the board.  The
  bonds shall be dated, shall bear interest at  such  rate  or  rates  not
  exceeding  six  per centum per annum, shall mature at such time or times
  all as may be determined by the authority and  may  be  made  redeemable
  before maturity, at the option of the authority, at such price or prices
  and  under  such  terms  and conditions as may be fixed by the authority
  prior to the issuance of the bonds. The authority  shall  determine  the
  form  and  the  manner of execution of the bonds, including any interest
  coupons to be attached  thereto,  and  shall  fix  the  denomination  or
  denominations  of  the  bonds  and  the  place  or  places of payment of
  principal and interest, which may be at any bank or trust company within
  or without the state. In case any officer whose signature or a facsimile
  of whose signature shall appear on any bonds or coupons shall  cease  to
  be  such  officer  before  the delivery of such bonds, such signature or
  such facsimile shall  nevertheless  be  valid  and  sufficient  for  all
  purposes  the  same as if he had remained in office until such delivery,
  and any bond may bear the facsimile signature of, or may be  signed  by,
  such person as at the actual time of the execution of such bond shall be
  duly authorized to sign such bond although at the date of such bond such
  person may not have been such officer. The bonds may be issued in coupon
  form  or  in  registered form or both coupon form and registered form as
  the authority may determine, and provisions may be made by the authority
  for the registration of any coupon bond as to principal alone  and  also
  as  to  both  principal  and  interest, for the reconversion into coupon
  bonds of any bonds registered as to both principal and interest, and for
  the exchange of either coupon bonds or registered bonds without  coupons
  for  an  equal  aggregate  principal  amount  of  other  coupon bonds or
  registered  bonds  without  coupons  or  both  of  any  denomination  or
  denominations.    Notwithstanding  any other provisions of this title or
  any recitals in the bonds issued under the provisions of this title, all
  such bonds shall be deemed to be negotiable instruments under  the  laws
  of  the  state  of New York. The authority may sell such bonds at public
  sale, to the bidders who shall offer the lowest  interest  cost  to  the
  authority,  at  such  a  price,  not less than ninety-five per centum of
  their value, that the interest cost to maturity for the  money  received
  for  any  issue of such bonds shall not exceed six per centum per annum.
  Prior to the preparation of definitive bonds, the authority  may,  under

  like  restrictions,  issue  interim receipts or temporary bonds, with or
  without coupons, exchangeable for definitive bonds when such bonds shall
  have been executed and are available for  delivery.  The  authority  may
  also  provide  for  the  replacement  of  any  bonds  which shall become
  mutilated or shall be destroyed or lost. Bonds  may  be  issued  by  the
  authority   under  the  provisions  of  this  title  without  any  other
  proceedings or the happenings of any other  conditions  or  things  than
  those  proceedings, conditions or things which are specifically required
  by this title.
    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 thereby authorized, as to
    (a) pledging the tolls and revenues of the  authority  to  secure  the
  payment of the bonds;
    (b)  the  rates  of the tolls to be charged for use of the bridge, 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  rights  of  the  authority  to restrict and
  regulate the use of the bridge;
    (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; and
    (h)  any  other  matters, of like or different character, which in any
  way affect the security or protection of the bonds.
    5. In the discretion of the authority, the bonds may be secured  by  a
  trust  indenture  by  and between the authority and a corporate trustee,
  which may be any trust company or bank having  the  powers  of  a  trust
  company  in the state of New York. Such trust indenture may contain such
  provisions for protecting and enforcing the rights and remedies  of  the
  bondholders as may be reasonable and proper and not in violation of law,
  including  covenants  setting  forth  the  duties  of  the  authority in
  relation  to  the  construction,  maintenance,  operation,  repair   and
  insurance  of  the  bridge  and  the  ferry or ferries, and the custody,
  safeguarding and application of all moneys, and  may  provide  that  the
  bridge  and  approach  roads shall be constructed and paid for under the
  supervision and approval of consulting  engineers.  Notwithstanding  any
  other  provisions of this title, the authority may provide by such trust
  indenture for the payment of the proceeds of the bonds and the  revenues
  of  the  bridge and the ferry or ferries to the trustee under such trust
  indenture or other  depository,  and  for  the  method  of  disbursement
  thereof,  with such safeguards and restrictions as it may determine. All
  expenses incurred in carrying out such trust indenture may be treated as
  a part of the cost of maintenance, operation and repair of  the  bridge.
  If  the  bonds  shall  be  secured by a trust indenture, the bondholders
  shall have no authority to appoint a separate trustee to represent them,
  and the trustee under such trust indenture shall have  and  possess,  in
  addition  to  other  powers  granted by such trust indenture, all of the
  powers which are conferred by section seven hundred seven of this  title
  upon a trustee appointed by bondholders.
    6.  It  is  the  intention hereof that any pledge of 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.
    7. Neither the members of the authority nor any person  executing  any
  bonds  shall  be  liable  personally  on  the bonds 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  of  the outstanding bonds at a cost not exceeding the
  redemption price of the bonds purchased as fixed by  the  resolution  of
  the  authority  which  authorized their issuance. All bonds so purchased
  shall be cancelled.
    9. No bonds shall be issued by the authority, except with the approval
  and consent of the comptroller of the  state  of  New  York,  until  and
  unless  assurance, by appropriate legislation, agreements, or otherwise,
  shall have been obtained that Canada, the province of  Ontario  and  the
  municipality  or  municipalities  in  which the Canadian terminal of the
  bridge is to be located will exempt  the  property  and  income  of  the
  authority from taxation so long as such bonds are outstanding.