Section 1115-N. Bonds of the authority

1. The authority shall have the
  power and is hereby authorized from time  to  time  to  issue  bonds  in
  conformance with applicable provisions of the uniform commercial code in
  such  principal  amounts  as it may determine to be necessary to pay the
  cost of any project or projects, or for  any  other  corporate  purpose,
  including  incidental  expenses  in  connection therewith. The authority
  shall have power from time to time 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. Bonds issued by the authority shall 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  to  any
  agreements  entered  into  between  the  authority and the city, and the
  authority, the water board and the city, and subject to  any  agreements
  with  the  holders of outstanding bonds pledging any particular revenues
  or moneys.
    2. The authority is authorized to obtain from any department or agency
  of the United States of America or the  state  or  any  non-governmental
  insurer or financial institution any insurance, guaranty or other credit
  support  device, to the extent now or hereafter available, as to, or for
  the payment or repayment of interest or principal, or both, or any  part
  thereof,  on  any  bonds  issued  by the authority and to enter into any
  agreement or contract with respect to any such  insurance  or  guaranty,
  except  to the extent that the same would in any way impair or interfere
  with the ability of the authority to perform and fulfill  the  terms  of
  any  agreement  made with the holders of bonds or notes of the authority
  as may then exist.
    3. Bonds shall be authorized by resolution of  the  authority,  be  in
  such  denominations,  bear such date or dates and mature at such time or
  times as such resolution may provide, except that bonds and any renewals
  thereof shall mature within forty years of the date  of  their  original
  issuance  and  notes  and  any  renewal thereof shall mature within five
  years of the date of  their  original  issuance.  Such  bonds  shall  be
  subject to such terms of redemption, bear interest at such rate or rates
  payable  at  such  times,  be  in  such  form,  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. Bonds may be sold  at  public
  or  private  sale  for  such  price  or  prices  as  the authority shall
  determine provided that no issue of bonds may be sold by  the  authority
  at  private  sale  unless  such  sale  and  the  terms thereof have been
  approved in writing by (i) the comptroller, where such sale  is  not  to
  such  comptroller,  or  (ii)  by the state director of the budget, where
  such sale is to be to the comptroller.
    4. Any resolution or resolutions authorizing bonds  or  any  issue  of
  bonds  may  contain  provisions which may be a 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,  securities, contracts or property, to secure the payment of the
  bonds, subject to such agreements with holders of bonds or notes of  the
  authority as may then exist;
    (b)  the  setting  aside of reserves and the creation of sinking funds
  and the regulation and disposition thereof;
    (c) limitations on the purpose to which the proceeds from the sale  of
  bonds may be applied;

    (d) limitations on the right of the authority to restrict and regulate
  the  use  of  the project or part thereof in connection with which bonds
  are issued;
    (e)  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;
    (f)  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;
    (g) the creation of special funds into which any  revenues  or  moneys
  may be deposited;
    (h) the terms and provisions of any trust, deed, mortgage or indenture
  securing the bonds under which the bonds may be issued;
    (i)  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 fifteen-o of
  this title and limiting or abrogating the rights of the  bondholders  to
  appoint  a trustee under such section or limiting the rights, duties and
  powers of such trustee;
    (j) 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;
    (k)  limitations  on  the  amount  of  revenues and other moneys to be
  expended  for  operating,  administrative  or  other  expenses  of   the
  authority;
    (l) 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
    (m)  any other matters of like or different character which may in any
  way affect the security or protection of the bonds  or  the  rights  and
  remedies of bondholders.
    5.  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  enter into such agreements 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 properties
  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.
    6.  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.
    7.  Whether  or  not the bonds 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 the purposes of the uniform commercial code, subject only to
  the provisions of the bonds for registration.
    8. Neither the members 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.
    9.  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, which shall thereupon be cancelled at a
  price not exceeding (i) if the bonds are then redeemable, the redemption
  price then applicable plus accrued interest to the next interest payment
  date,  or  (ii)  if  the  bonds are not redeemable then redemption price
  applicable on the first date after such purchase upon  which  the  bonds
  become  subject to redemption, plus accrued interest to interest payment
  date.