Section 1174-O. Actions against the authority

1. No action or proceeding
  shall be prosecuted or maintained against  the  authority  for  personal
  injury  or  damage  to  real  or  personal property alleged to have been
  sustained by reason of the negligence or wrongful act of  the  authority
  or any member, officer, agent or employee thereof, unless:
    (a)  a  notice  of  claim  shall  have  been  made and served upon the
  authority within the time  limit  by  and  in  compliance  with  section
  fifty-e of the general municipal law,
    (b) it shall appear by and as an allegation in the complaint or moving
  papers  that at least thirty days have elapsed since the service of such
  notice and that adjustment or payment  thereof  has  been  neglected  or
  refused, and
    (c)  the action or proceeding shall be commenced within one year after
  the happening of the event upon which the claim is based.
    2. Wherever a notice of claim is served upon the authority,  it  shall
  have  the right to demand an examination of the claimant relative to the
  occurrence and extent of the injuries or  damages  for  which  claim  is
  made,  in  accordance  with  the  provisions  of  section fifty-h of the
  general municipal law.
    3. The authority may require any person presenting for  settlement  an
  account  or  claim  for  any  cause whatever against the authority to be
  sworn before a member, counsel, or  an  attorney,  officer  or  employee
  thereof  designated  for  such purpose, concerning such account or claim
  and when so sworn, to answer orally as to any  facts  relative  to  such
  account or claim. The authority shall have power to settle or adjust all
  claims in favor of or against the authority.
    4.  The rate of interest to be paid by the authority upon any judgment
  for which it is liable, other than a judgment against the  authority  on
  bonds,  shall  not exceed six per centum per annum. Interest on payments
  of principal or interest on any bonds in default  shall  accrue  at  the
  rate  borne  by such bonds from the date thereof until paid or otherwise
  satisfied.