Section 1388. Bonds of the authority

1. The authority shall have power and
  is hereby authorized from time to time  to  issue  negotiable  bonds  in
  conformity with applicable provisions of the uniform commercial code for
  any corporate purpose of the authority, including the paying, funding or
  refunding  of  any  notes  theretofore issued by the authority under the
  provisions of section thirteen hundred  eighty-nine  of  this  act.  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.  Except  as  may  be  otherwise
  expressly  provided by contract between the authority and the holders of
  its bonds, all bonds of  the  authority  shall  be  general  obligations
  payable  out of any moneys or revenues of the authority, subject only to
  any agreements with the holders of particular bonds the payment of which
  is secured by a pledge of particular moneys or revenues.
    2. Such 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, not exceeding five per  centum  per  annum  payable  annually  or
  semi-annually,  be in such denominations, be in such form, either coupon
  or registered, carry such registration privileges, be executed  in  such
  manner,  be  payable  in lawful money of the United States of America at
  such place or places, and be subject to such terms of  redemption  prior
  to maturity, at par or a price not exceeding one hundred five per centum
  of  the  face value, as such resolution or resolutions may provide. Such
  bonds may be sold, with or without advertisement, in such manner as  the
  authority  shall  determine  by  resolution. If advertisement is made, a
  notice of sale shall be published at least once, not less than  ten  nor
  more  than  forty days before the date of sale, in a newspaper published
  and circulated in the city of Ogdensburg and in  a  financial  newspaper
  published  and  circulated in the city of New York and designated by the
  board. The notice shall call for the receipt of sealed  bids  and  shall
  fix  the date, time and place of sale. Bonds shall be sold at such price
  or prices as will yield to the purchasers income at a rate not exceeding
  five per centum per annum to the maturity dates of said bonds,  computed
  in accordance with standard tables of bond values.
    3.  Any  resolutions authorizing the issuance of any bonds may contain
  provisions, which shall be a part of the contract with  the  holders  of
  the bonds thereby authorized, as to:
    a.  Pledging  all  or  any  part  of  the gross or net revenues of the
  authority to secure the payment of the bonds, subject to such agreements
  with bondholders as may then exist;
    b. The rentals, fees and other charges to be charged for  the  use  of
  projects  of  the  authority,  and the amounts to be raised in each year
  thereby, and the use and disposition of revenues of the authority;
    c. The setting aside of reserves or sinking funds and  the  regulation
  and disposition thereof;
    d.  The  appointment  of  a  bank  or  banks or trust company or trust
  companies as trustee or trustees for the custody and disposition of  any
  moneys  of  the  authority, including the proceeds of any bonds or other
  obligations and any  revenues  or  income  of  the  authority,  and  the
  execution  of  any  trust  agreements or indentures with such trustee or
  trustees with such provisions as may be deemed necessary or desirable in
  connection with the custody  and  disposition  of  such  moneys  of  the
  authority and the rights and remedies of the holders of such bonds;
    e.  Limitations on the right of the authority to restrict and regulate
  the use of projects of the authority;

    f. Limitations of the purpose to which the proceeds of the sale of any
  issue of bonds then or thereafter to be issued may be applied;
    g.  Limitations  on  the  issuance  of additional bonds, including the
  terms upon which additional bonds may be issued and secured;
    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 give consent thereto, and the manner in which such consent
  may be given; and
    i. Any other matters, of like or different character, which in any way
  affect the security or protection of the bonds.
    4.  Any pledge of revenues or other moneys made by the authority shall
  be valid and binding from the time when the pledge is made. The revenues
  or other moneys so pledged and  thereafter  received  by  the  authority
  shall  be  immediately  subject  to  the lien of such pledge without any
  physical delivery thereof or further act. 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.
    5.  Neither  the members of the authority nor any person executing the
  bonds shall be liable personally on the  bonds  or  be  subject  to  any
  personal  liability  by reason of the issuance thereof, excepting solely
  for things willfully done or willfully omitted to be done with an intent
  to defraud.
    6. The authority shall have power out of any funds available  therefor
  to  purchase  any  of its outstanding bonds at a price not more than the
  then redemption price of such bonds. All bonds  so  purchased  shall  be
  cancelled.
    7. Issuance by the authority of one or more series of bonds for one or
  more  purposes  in  connection  with  any  industrial  project shall not
  preclude it from  issuing  other  bonds  in  connection  with  the  same
  industrial  project or any other industrial project, but the proceedings
  whereunder any subsequent  bonds  may  be  issued  shall  recognize  and
  protect  any  prior pledge or mortgage made for any prior issue of bonds
  unless in the proceedings authorizing such  prior  issue  the  right  is
  reserved to issue subsequent bonds on a parity with such prior issue.