Section 1147-K. Bonds of the authority

1. The authority shall have the
  power and is hereby authorized from time to time to issue  bonds,  notes
  or  other  obligations  to  pay the cost of any project or for any other
  corporate purpose, including the establishment of reserves to secure the
  bonds, the payment of principal of, premium, if any, and interest on the
  bonds and the payment of incidental expenses  in  connection  therewith.
  The aggregate principal amount of such bonds, notes or other obligations
  shall  not exceed twenty million dollars ($20,000,000), excluding bonds,
  notes or other obligations issued to refund or  otherwise  repay  bonds,
  notes   or  other  obligations  theretofore  issued  for  such  purposes
  provided, however, that upon any such refunding or repayment  the  total
  aggregate   principal  amount  of  outstanding  bonds,  notes  or  other
  obligations may be greater than  twenty  million  dollars  ($20,000,000)
  only if the present value of the aggregate debt service of the refunding
  or  repayment  bonds,  notes or other obligations to be issued shall not
  exceed the present value of the aggregate debt  service  of  the  bonds,
  notes  or  other  obligations  so to be refunded or repaid. For purposes
  hereof, the  present  values  of  the  aggregate  debt  service  of  the
  refunding  or  repayment  bonds,  notes  or other obligations and of the
  aggregate debt service of the  bonds,  notes  or  other  obligations  so
  refunded  or  repaid,  shall  be  calculated  by utilizing the effective
  interest rate of the  refunding  or  repayment  bonds,  notes  or  other
  obligations,  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,
  notes or other obligations from the payment dates thereof to the date of
  issue of the refunding or repayment bonds, notes  or  other  obligations
  and  to  the  price bid including estimated accrued interest or proceeds
  received by the authority including estimated accrued interest from  the
  sale  thereof.  The  authority  shall  have  the  power  and  is  hereby
  authorized to enter into such agreements and perform such acts as may be
  required under any applicable federal legislation to  secure  a  federal
  guarantee of any bonds.
    2.  The authority shall have power from time to time to renew bonds or
  to issue renewal bonds for such purpose, to issue bonds  to  pay  bonds,
  and,  whenever  it  deems refunding expedient, to refund any bond 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 of the  authority.  Bonds  (other
  than  notes  or  other  evidence  of  indebtedness) issued for refunding
  purposes, which have a final maturity date longer than the  maturity  of
  the  bonds  being  refunded,  shall  be  approved by the chief executive
  officers of the municipalities served by the authority. Bonds issued for
  refunding purposes shall  be  sold  and  the  proceeds  applied  to  the
  purchase, redemption or payment of the bonds or notes to be refunded.
    3. Bonds issued by the authority may be general obligations secured by
  the  faith  and  credit  of  the authority or may be special obligations
  payable solely out of particular revenues or  other  moneys  as  may  be
  designated  in  the  proceedings  of the authority under which the bonds
  shall be authorized to be issued, subject as to  priority  only  to  any
  agreements with the holders of outstanding bonds pledging any particular
  property,  revenues  or  moneys.  The authority may also enter into loan
  agreements, lines of credit and other security agreements and obtain for
  or on its behalf letters  of  credit,  insurance,  guarantees  or  other
  credit  enhancements  to  the extent not or hereafter available, in each
  case for securing its bonds or to provide direct payment  of  any  costs
  which the authority is authorized to pay.

    4.  Bonds  shall  be  authorized by resolution of the authority, be in
  such denominations and bear such date or dates and mature at  such  time
  or  times,  as  such  resolution  may  provide,  provided that bonds and
  renewals thereof shall mature  within  forty  years  from  the  date  of
  original issuance of any such bonds.
    Bonds  shall  be subject to such terms of redemption, bear interest at
  such rate or rates, be payable at such times, 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 and conditions as  such  resolution
  may  provide.  Notwithstanding  any other provision of law, the bonds of
  the authority issued pursuant to this  section  shall  be  sold  to  the
  bidder offering the lowest true interest cost, taking into consideration
  any  premium  or discount not less than four nor more than fifteen days,
  Sundays excepted, after a notice of such  sale  has  been  published  at
  least  once  in a newspaper of general circulation in the area served by
  the authority, which shall state the terms of the sale. The terms of the
  sale may not change unless notice of such change is  published  in  such
  newspaper at least one day prior to the date of the sale as set forth in
  the original notice of sale. Advertisements shall contain a provision to
  the  effect that the authority, in its discretion, may reject any or all
  bids made in pursuance of such advertisements, and in the event of  such
  rejection,  the authority is authorized to negotiate a private or public
  sale or readvertise for bids in the form and manner above  described  as
  many  times as, in its judgment, may be necessary to effect satisfactory
  sale.
    Notwithstanding the provisions of the preceding paragraph, whenever in
  the judgment of the authority the interests of  the  authority  will  be
  served   thereby,   the   members  of  the  authority,  on  the  written
  recommendation of the chairperson, may authorize the sale of such  bonds
  at  private  or  public  sale  on  a  negotiated  basis  or  on either a
  competitive or negotiated basis.  The  authority  shall  set  guidelines
  governing  the terms and conditions of any such private or public sales.
  The private or public bond sale guidelines set by  the  authority  shall
  include, but not be limited to a requirement that where the interests of
  the  authority  will be served by a private or public sale of bonds, the
  authority shall select underwriters for each private or public bond sale
  conducted pursuant to a request for proposal process  and  consideration
  of  proposals  from  qualified  underwriters  taking into account, among
  other things, qualifications of underwriters  as  to  experience,  their
  ability  to  structure and sell authority bond issues, anticipated costs
  to the authority, the prior experience of the authority with  the  firm,
  if  any,  the  capitalization  of such firms, participation of qualified
  minority and women-owned business enterprise firms in  such  private  or
  public sales of bonds of the authority and the experience and ability of
  firms under consideration to work with minority and women-owned business
  enterprises   so   as  to  promote  and  assist  participation  by  such
  enterprises.
    The authority shall have the power from time to  time  to  amend  such
  private  bond  sale guidelines in accordance with the provisions of this
  subdivision.
    No private or  public  bond  sale  on  a  negotiated  basis  shall  be
  conducted   by  the  authority  without  prior  approval  of  the  state
  comptroller. The authority shall annually prepare  and  approve  a  bond
  sale  report  which  shall  include  the  private  or  public  bond sale
  guidelines  as  specified  in  this  subdivision,  amendments  to   such
  guidelines  since  the  last  private  or  public  bond  sale report, an
  explanation of the bond sale guidelines and amendments, and the  results

  of  any  sale  of bonds conducted during the fiscal year. Such bond sale
  report may be a part of any other annual report that  the  authority  is
  required to make.
    The  authority shall annually submit its bond sale report to the state
  comptroller and copies thereof to the senate finance committee  and  the
  assembly ways and means committee.
    The  authority  shall  make available to the public copies of its bond
  sale report upon reasonable request thereof.
    Nothing contained in this subdivision shall be deemed to alter, affect
  the validity of, modify the terms of or impair any contract or agreement
  made or entered into in violation of, or without  compliance  with,  the
  provisions of this subdivision.
    5.  Any  resolution  or  resolutions authorizing bonds or any issue of
  bonds by the authority may contain provisions which may be part  of  the
  contract with the holders of the bonds thereby authorized as to:
    (a)  pledging  all  or  part  of its revenues, together with any other
  moneys, or property of the authority, to secure the payment of the bonds
  or any costs of issuance thereof,  including  but  not  limited  to  any
  contracts,  earnings  or proceeds of any grant to the authority received
  from any private or public  source,  subject  to  such  agreements  with
  bondholders as may then exist;
    (b)  the  rates,  rentals,  fees  and  other  charges  to be fixed and
  collected by the authority and the amounts to be  raised  in  each  year
  thereby, and the use and disposition of revenues;
    (c)  the  setting  aside of reserves and the creation of sinking funds
  and the regulation and disposition thereof;
    (d) limitations on the purpose to which the proceeds from the sale  of
  bonds may be applied;
    (e) limitations on the right of the authority to restrict and regulate
  the  use  of  any project or part thereof in connection with which bonds
  are issued;
    (f) limitations on the issuance of additional bonds,  the  terms  upon
  which  additional  bonds  may be issued and secured and 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, including the proportion of
  bondholders which must consent thereto, and the  manner  in  which  such
  consent may be given;
    (h)  the  creation  of  special funds into which any revenues or other
  moneys may be deposited;
    (i) the terms and provisions of any trust, deed, mortgage or indenture
  securing the bonds under which the bonds may be issued;
    (j) vesting in a trustee or trustees such properties,  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  one  thousand  one  hundred
  forty-seven-l of this title or limiting the rights, duties and powers of
  such trustee;
    (k) defining the acts or omissions  to  act  which  may  constitute  a
  default   in  the  obligations  and  duties  of  the  authority  to  the
  bondholders and providing for the rights and remedies of the bondholders
  in the event of such  default,  including  as  a  matter  of  right  the
  appointment  of  a  receiver,  provided,  however,  that such rights and
  remedies shall not be inconsistent with the general laws  of  the  state
  and other provisions of this title;
    (l)  limitations  on  the  power of the authority to sell or otherwise
  dispose of any project or any part thereof or other property;

    (m) limitations on the amount of  revenues  and  other  moneys  to  be
  expended   for  operating,  administrative  or  other  expenses  of  the
  authority;
    (n) the payment of the proceeds of bonds, revenues and other moneys to
  a  trustee  or  other  depository,  and  for  the method of disbursement
  thereof with such safeguards  and  restrictions  as  the  authority  may
  determine; and
    (o)  any other matters of like or different character which in any way
  affect the security or  protection  of  the  bonds  or  the  rights  and
  remedies of bondholders.
    6.  In  addition  to the powers herein conferred upon the authority to
  secure its bonds, the authority shall have power in connection with  the
  issuance  of  bonds  to  adopt  resolutions  and  to  enter  into  trust
  indentures, agreements and other instruments as the authority  may  deem
  necessary,  convenient or desirable concerning the use or disposition of
  its revenues or other moneys or property, including  the  mortgaging  of
  any  property  and  the  entrusting,  pledging  or creation of any other
  security interest in any such revenues,  moneys,  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 bonds of the authority.
    7.  Any  provision  of  the  uniform  commercial  code to the contrary
  notwithstanding, any pledge of or other security interest  in  revenues,
  moneys, accounts, contract rights, general intangibles or other personal
  property  made  or  created by the authority shall be valid, binding and
  perfected from the time when such  pledge  is  made  or  other  security
  interest  attaches  without  any  physical delivery of the collateral or
  further act, and the lien of any such pledge or other security  interest
  shall  be valid, binding and perfected against all parties having claims
  of any kind  in  tort,  contract  or  otherwise  against  the  authority
  irrespective  of  whether  or  not  such parties have notice thereof. No
  instrument by which such a pledge or security interest  is  created  nor
  any financing statement need be recorded or filed.
    8.  Whether  or  not  the  bonds of the authority are of such form and
  character as to be negotiable instruments under the terms of the uniform
  commercial code, the bonds are hereby made negotiable instruments within
  the meaning of and for all purposes  of  the  uniform  commercial  code,
  subject only to the provisions of the bonds for registration.
    9.  Neither  the  members  nor  the  officers of the authority nor any
  person executing bonds shall be liable personally thereon or be  subject
  to  any  personal  liability or accountability by reason of the issuance
  thereof.
    10. The authority, subject to such agreements with bondholders as then
  may exist, shall have power out of  any  moneys  available  therefor  to
  purchase  bonds  of  the authority in lieu of redemption, at a price not
  exceeding:
    (a) if the bonds  are  then  redeemable,  the  redemption  price  then
  applicable, plus accrued interest to the next interest payment date;
    (b)  if  the  bonds are not then redeemable, the redemption price then
  applicable on the first date after such purchase upon  which  the  bonds
  become  subject to redemption plus accrued interest to the next interest
  payment date. Bonds so purchased shall thereupon be cancelled.
    11. The authority shall have power and is hereby authorized  to  issue
  negotiable   bond  anticipation  notes  in  conformity  with  applicable
  provisions of the uniform commercial code and may renew  the  same  from

  time  to  time  but  the  maximum  maturity  of any such note, including
  renewals thereof, shall not exceed five years from the date of issue  of
  such original note.