Section 1199-HHH. 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 water project or projects or for any other corporate
  purposes,  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 of the authority as may be designated in the proceedings
  of the authority under which the bonds shall be authorized to be issued,
  subject to any agreements with the holders of outstanding bonds pledging
  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 nongovernmental  insurer
  or  financial  institution  any  insurance,  guaranty,  or  other credit
  enhancement arrangement, 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 or notes issued by the  authority  and
  to  enter  into  any  agreement  or  contract  with  respect to any such
  insurance, guaranty or credit enhancement  arrangement,  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 the bonds or notes of the authority.
    3.  Bonds  shall be authorized by resolution of the authority, and may
  be in such denominations and 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 renewals 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,  which  may vary from time to time, as may be necessary to effect
  the sale thereof and shall be 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 sale or at 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  the  comptroller,  where
  such  sale  is  not  to the 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  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,  securities,  contracts  or property of the authority, to secure
  the payment of the bonds, 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 of revenues;

    (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 water 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
  ninety-nine-iii 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 water facility 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 protection and enforcement of the rights and remedies  of  the
  bondholders;
    (o)  the obligations of the authority in relation to the construction,
  maintenance, operation, repairs and insurance  of  its  properties,  the
  safeguarding  and  application  of all moneys and as to the requirements
  for the supervision and approval of consulting engineers  in  connection
  with construction, reconstruction and operation;
    (p) 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
    (q)  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.
    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
  remarketing agreements or other similar agreements for  the  bonds,  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.
    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 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.
    8.  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.
    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 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; or
    (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.
    10.  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. Such notes shall be paid  from  any  moneys  of  the
  authority  available  therefor  and  not  otherwise  pledged or from the
  proceeds of sale of the bonds of the authority in anticipation of  which
  they  were issued. The notes shall be issued in the same manner as bonds
  and such notes and the resolution or resolutions  authorizing  the  same
  may contain any provisions, conditions or limitations which the bonds or
  bond  resolution of the authority may contain. Such notes may be sold at
  public sale or, upon the  approval  of  the  comptroller  of  the  terms
  thereof, at private sale. Such notes shall be as fully negotiable as the
  bonds of the authority.