Section 1187. Bonds of the authority

1. The authority shall have power and
  is hereby authorized from time to time to issue its negotiable bonds  in
  conformity with applicable provisions of the uniform commercial code for
  any  of  its  corporate  purposes.  The total amount of bonds issued and
  outstanding at any one time shall not exceed in the aggregate the sum of
  one hundred twenty-five million dollars, excluding bonds  or  notes  for
  the  payment or redemption of which there has been set aside and held in
  trust  either  moneys,  or  direct  and  general  obligations   of,   or
  obligations  guaranteed by, the United States of America, or obligations
  secured by such obligations, or any combination thereof,  which  are  or
  will  be  sufficient  to  pay  when  due  the  principal  or  applicable
  redemption price and all accrued interest thereon and, if such bonds  or
  notes  are to be redeemed, for which notice of redemption has been given
  or satisfactory provision has been made for the giving of  such  notice.
  The  authority  shall  have  power  from time to time, whenever it deems
  refunding expedient, to refund any bonds by the issuance of  new  bonds,
  whether  the  bonds  to be refunded have or have not matured or are then
  subject to redemption, and may issue bonds partly to refund  bonds  then
  outstanding and partly for any of its corporate purposes.
    2.  The bonds shall be authorized by resolution of the board and shall
  bear such date or dates, mature at such  time  or  times  not  exceeding
  forty  years  from their respective dates, bear interest at such rate or
  rates per annum payable at such time or times, be in such denominations,
  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  of
  redemption,  with  or without premium, as such resolution or resolutions
  may provide. The bonds may be sold at public or private  sale  for  such
  price  or  prices as the authority shall determine, provided that bonds,
  exclusive of notes, shall not be sold at private sale unless  the  board
  of the authority makes a written determination, setting forth the reason
  therefore,  that a private sale is in the best interest of the authority
  and such determination, private sale and the  terms  thereof  have  been
  approved in writing by (a) the state comptroller, where such sale is not
  to the state comptroller, or (b) the state director of the budget, where
  such sale is to the state comptroller. The foregoing provisions shall be
  applicable   to  bonds  issued  by  the  authority  notwithstanding  the
  provisions of any other general, special or local law to the contrary.
    3. Any resolution or resolutions authorizing  any  bonds  may  contain
  provisions,  which  shall  be a part of the contract with the holders of
  the bonds, as to
    (a) pledging all or any part of the  gross  or  net  revenues  of  the
  authority to secure the payment of the bonds;
    (b) the rates, rentals and other charges to be imposed and the amounts
  to be raised in each year by such rates, rentals and charges and the use
  and disposition thereof and of any other revenues;
    (c) the setting aside of reserves or sinking funds, and the regulation
  and disposition thereof;
    (d) limitations on the right of the authority to restrict and regulate
  the use of its facilities;
    (e)  limitations  on  the purpose to which the proceeds of sale of any
  issue of bonds then or thereafter to be issued may be applied;
    (f) limitations on the issuance of additional bonds;
    (g) the time when the project shall be deemed to be completed, or  the
  method  of  determining  such  time,  and  the time when the certificate
  provided for in section fourteen hundred four of this chapter  shall  be
  filed;

    (h)  the  procedure,  if  any, by which the terms of any contract with
  bondholders may be amended or abrogated, the amount of bonds the holders
  of which must consent thereto and the manner in which such  consent  may
  be given.
    (i) the refunding of outstanding or other bonds;
    (j)  the creation of special funds into which any earnings or revenues
  of the authority may be deposited;
    (k) 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-two  hereof,  and
  limiting or abrogating the right of the bondholders to appoint a trustee
  under  such  section  or  limiting the rights, duties and powers of such
  trustee;
    (l) the  payment  of  the  proceeds  of  bonds  and  revenues  of  the
  properties  to  a  trustee  or  other  depositary, and for the method of
  disbursement thereof  with  such  safeguards  and  restrictions  as  the
  authority may determine;
    4. Neither the members of the board nor any person executing the bonds
  shall  be  liable  personally  on  the  bonds  by reason of the issuance
  thereof.
    5. The authority shall have power out of any funds available  therefor
  to  purchase  any  bonds  issued  by  it  at  a  price not more than the
  principal  amount  thereof  and  the  accrued  interest.  All  bonds  so
  purchased shall be cancelled.
    6. It is the intention of the legislature that any pledge of earnings,
  revenues  or  other  moneys  made  by  the  authority shall be valid and
  binding from the time when  the  pledge  is  made;  that  the  earnings,
  revenues  or  other  moneys  so  pledged  and thereafter received by the
  authority shall immediately be  subject  to  the  lien  of  such  pledge
  without  any physical delivery thereof or further act, and that the lien
  of any such pledge shall be valid and binding  as  against  all  parties
  having  claims  of  any  kind in tort, contract or otherwise against the
  authority irrespective of whether  such  parties  have  notice  thereof.
  Neither  the  resolution  nor  any other instrument by which a pledge is
  created need be recorded.