Section 1199-II. 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  the  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  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  only  to  any
  agreements with the holders of outstanding bonds pledging any particular
  revenues, earnings or moneys.
    2. The authority is authorized to obtain from any 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, guaranty  or  other  credit
  support  device,  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 outstanding
  bonds of the authority.
    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
  per  annum,  which  may  vary  from time to time, as may be necessary to
  effect the sale thereof and shall be payable at such time,  be  in  such
  form,  carry  such  registration privileges, be executed in such manner,
  shall be subject to tender to the authority, with or without  extinction
  or  cancellation,  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  of the authority, other than obligations designated as notes, may
  be sold by the authority at private sale unless such sale and the  terms
  thereof  have  been  approved  in writing by the comptroller, where such
  sale is not to be to such comptroller, or 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 as then
  may 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) the rates, fees and other charges to be fixed and collected by the
  authority  and the amount to be raised in each year thereby, and the use
  and disposition of revenues;
    (e) limitations on the right of the authority to restrict and regulate
  the use of the project or part hereof 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  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 eleven hundred ninety-nine-jj 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;
    (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;
    (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 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  of  its  properties 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  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 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.
    * NB There are 2 § 1199-ii's