Section 1299-I. Notes and bonds of the authority

1. (a) The authority shall
  have  power  and  is  hereby  authorized  from time to time to issue its
  negotiable bonds and notes in conformity with applicable  provisions  of
  the  uniform commercial code in such principal amount as, in the opinion
  of the authority, shall be necessary to  provide  sufficient  funds  for
  achieving   its  purposes,  including  the  acquisition,  establishment,
  construction,   effectuation,   operation,   maintenance,    renovation,
  improvement,  extension  or  repair  of any transportation facility, the
  payment of interest on bonds and notes of the  authority,  establishment
  of  reserves  to  secure  such bonds and notes, the provision of working
  capital and all other expenditures of the authority and  its  subsidiary
  corporations  incident to and necessary or convenient to carry out their
  purposes and powers;
    (b) The authority shall have  power,  from  time  to  time,  to  issue
  renewal  notes,  to  issue  bonds  to  pay  notes  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 to issue
  bonds partly to refund bonds then outstanding and partly for  any  other
  purpose.  The  refunding bonds shall be sold and the proceeds applied to
  the purchase, redemption or payment of the bonds to be refunded;
    (c) Except as may otherwise be expressly provided  by  the  authority,
  every  issue  of  its notes or bonds shall be general obligations of the
  authority payable out of  any  revenues  or  moneys  of  the  authority,
  subject  only  to any agreements with the holders of particular notes or
  bonds pledging any particular receipts or revenues;
    2. The notes and bonds shall be authorized by resolution  approved  by
  not less than a majority of the whole number of members of the authority
  then  in office, shall bear such date or dates, and shall mature at such
  time or times, in the case of any such note or any renewals thereof  not
  exceeding  five  years from the date of issue of such original note, and
  in the case of any such bond not exceeding fifty years from the date  of
  issue,  as  such  resolution  or  resolutions may provide. The notes and
  bonds  shall  bear  interest  at  such  rate  or  rates,  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  notes
  and  bonds  of  the authority may be sold by the authority, at public or
  private sale, at such price or prices as the authority shall  determine.
  No  notes  or  bonds  of  the  authority may be sold by the authority at
  private sale, however, unless such sale and the terms thereof have  been
  approved  in  writing  by (a) the comptroller, where such sale is not to
  the comptroller, or (b) the director of the budget, where such  sale  is
  to the comptroller.
    3. Any resolution or resolutions authorizing any notes or bonds or any
  issue  thereof  may  contain  provisions,  which  shall be a part of the
  contract with the holders thereof, as to:
    (a) pledging all or any part of  the  fares,  tolls,  rentals,  rates,
  charges  and  other fees made or received by the authority or any of its
  subsidiary corporations, and other moneys received or to be received, to
  secure the payment of the notes  or  bonds  or  of  any  issue  thereof,
  subject  to  such agreements with bondholders or noteholders as may then
  exist;
    (b) pledging all or any part of the assets of the authority or of  any
  of  its  subsidiary  corporations  to secure the payment of the notes or
  bonds or of any issue of notes or bonds, subject to such agreements with
  noteholders or bondholders as may then exist;

    (c) the use, and disposition of fares, tolls, rentals, rates,  charges
  and  other  fees  made  or  received  by  the  authority  or  any of its
  subsidiary corporations;
    (d)  the setting aside of reserves or sinking funds and the regulation
  and disposition thereof;
    (e) limitations on the purpose to which the proceeds of sale of  notes
  or bonds may be applied and pledging such proceeds to secure the payment
  of the notes or bonds or of any issue thereof;
    (f)  limitations  on  the  issuance  of additional notes or bonds; the
  terms upon which additional notes or bonds may be  issued  and  secured;
  the refunding of outstanding or other notes or bonds;
    (g)  the  procedure,  if  any, by which the terms of any contract with
  noteholders or bondholders may be amended or abrogated,  the  amount  of
  notes or 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  to  be  expended by the
  authority  or  any  of  its  subsidiary  corporations   for   operating,
  administrative  or  other  expenses  of  the  authority  or  any  of its
  subsidiary corporations;
    (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 this title, and limiting or abrogating the right
  of  the  bondholders to appoint a trustee under this article or limiting
  the rights, powers and duties of such trustee;
    (j) any other matters, of like or different character,  which  in  any
  way affect the security or protection of the notes or bonds.
    4.  In  addition  to the powers herein conferred upon the authority to
  secure its notes and bonds, the authority shall have power in connection
  with the issuance of notes and bonds to enter into  such  agreements  as
  the authority may deem necessary, convenient or desirable concerning the
  use  or  disposition of its monies or property or the monies or property
  of any of its subsidiary corporations, including the mortgaging  of  any
  such  property  and  the  entrusting,  pledging or creation of any other
  security interest in any such monies or property 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 the notes and bonds of the authority.
    5. It is the intention hereof that any pledge,  mortgage  or  security
  instrument  made  by  the  authority shall be valid and binding from the
  time when the pledge, mortgage or security instrument is made; that  the
  monies  or  property  so pledged, mortgaged and entrusted and thereafter
  received by the authority shall immediately be subject to  the  lien  of
  such  pledge,  mortgage  or  security  instrument  without  any physical
  delivery thereof or further act; and that the lien of any  such  pledge,
  mortgage  or  security  instrument 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 mortgage, security instrument or
  other instrument by which a pledge, mortgage lien or other  security  is
  created  need  be  recorded  or  filed  and  the  authority shall not be
  required to comply with any of the provisions of the uniform  commercial
  code.
    6.  Neither  the members of the authority nor any person executing the
  notes or bonds shall be liable personally on the notes or  bonds  or  be

  subject  to  any  personal  liability or accountability by reason of the
  issuance thereof.
    7.  The  authority,  subject  to  such  agreements with noteholders or
  bondholders as may then  exist,  shall  have  power  out  of  any  funds
  available  therefor  to  purchase notes or bonds of the authority, which
  shall thereupon be cancelled, at a price not exceeding (a) if the  notes
  or  bonds are then redeemable, the redemption price then applicable plus
  accrued interest to the next interest payment date thereon,  or  (b)  if
  the  notes  or  bonds  are  not  then  redeemable,  the redemption price
  applicable on the first date after such purchase upon which the notes or
  bonds become subject to redemption plus accrued interest to such date.
    8. The state shall not be liable on notes or bonds  of  the  authority
  and  such  notes  and  bonds  shall not be a debt of the state, and such
  notes and bonds shall contain on the face thereof a  statement  to  such
  effect.