Section 1599-III. Bonds of the authority

(a) The authority shall have the
  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   purpose   mentioned   in   section   fifteen  hundred
  ninety-nine-ddd  hereof,  including   the   acquisition,   construction,
  reconstruction  and  repair  of  personal and real property of all kinds
  deemed by the board to be necessary  or  desirable  to  carry  out  such
  purposes,  as well as to pay such expenses as may be deemed by the board
  necessary or desirable to the financing thereof and placing the  project
  or  projects  in  operation  in  the  aggregate  principal amount of not
  exceeding twenty-five per cent of  the  bonded  indebtedness  limitation
  from  time  to  time  imposed by section 104.00 of the local finance law
  upon bonded indebtedness of the village outstanding at any one time. The
  authority shall have power from time  to  time  and  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, and may issue
  bonds partly to refund bonds then outstanding and partly for  any  other
  purpose  hereinabove described. The refunding bonds may be exchanged for
  the bonds to be refunded, with such cash adjustments as may  be  agreed,
  or  may  be  sold and the proceeds applied to the purchase or payment of
  the bonds to be refunded. In computing the total amount of bonds of  the
  authority  which  may  at  any  time  be  outstanding  the amount of the
  outstanding bonds to be refunded from the proceeds of the  sale  of  new
  bonds  or  by  exchange  for  new bonds shall be excluded. Except as may
  otherwise be provided by the authority, the bonds of every  issue  shall
  be  general  obligations  of  the authority payable out of any moneys or
  revenues of the authority, subject  only  to  any  agreements  with  the
  holders of particular bonds pledging any particular moneys or revenues.
    (b) 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
  thirty years from their respective dates, bear interest at such rate  or
  rates,  not  exceeding  six  per  centum  per  annum payable annually or
  semiannually, 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, 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,  but which shall not at the time of sale yield more than five
  per centum per annum.
    (c) Any resolution or resolutions authorizing any bonds or  any  issue
  of  bonds  may contain provisions, which shall be a part of the contract
  with the holders of the bonds thereby authorized, as to
    (1) pledging all or any part of the revenues of a project or  projects
  to  secure  the  payment  of  the bonds, subject to such agreements with
  bondholders as may then exist;
    (2) the rentals, fees and other charges to be charged, and the amounts
  to be raised in each year thereby, and the use and  disposition  of  the
  revenues;
    (3) the setting aside of reserves or sinking funds, and the regulation
  and disposition thereof;
    (4) limitations on the right of the authority to restrict and regulate
  the use of a project;
    (5)  limitations  on  the purpose to which the proceeds of sale of any
  issue of bonds then or thereafter  to  be  issued  may  be  applied  and
  pledging  such  proceeds  to  secure  the payment of the bonds or of any
  issue of the bonds;

    (6) limitations on the issuance of additional bonds;  the  terms  upon
  which  additional  bonds  may  be  issued  and secured; the refunding of
  outstanding or other bonds;
    (7)  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;
    (8)  limitations  on the amount of moneys derived from a project to be
  expended  for  operating,  administrative  or  other  expenses  of   the
  authority;
    (9) vesting in a trustee or trustees such property, rights, powers and
  duties  in trust as the authority may determine which may include any or
  all the rights, powers and duties  of  the  trustees  appointed  by  the
  bondholders  pursuant to section fifteen hundred ninety-nine-ppp hereof,
  and limiting or abrogating the right of the  bondholders  to  appoint  a
  trustee  under said section or limiting the rights, duties and powers of
  such trustee;
    (10) any other matters, of like or different character, which  in  any
  way affect the security or protection of the bonds.
    (d)  It  is  the intention hereof that any pledge of revenues or other
  moneys made by the authority shall be valid and binding  from  the  time
  when  the  pledge  is made; that the 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.
    (e) 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 or accountability by reason of the issuance thereof.
    (f) The authority shall have power out of any funds available therefor
  to purchase bonds. The authority may hold, cancel or resell such  bonds,
  subject to and in accordance with agreements with bondholders.
    (g)  In the discretion of the authority, the bonds may be secured by a
  trust indenture by and between the authority and  a  corporate  trustee,
  which  may  be  any  trust  company or bank having the powers of a trust
  company in the state of New York. Such trust indenture may contain  such
  provisions  for  protecting and enforcing the rights and remedies of the
  bondholders as may be reasonable and proper and not in violation of law,
  including covenants  setting  forth  the  duties  of  the  authority  in
  relation   to  the  construction,  maintenance,  operation,  repair  and
  insurance of the project or projects and the custody,  safeguarding  and
  application  of all moneys, and may provide that the project or projects
  shall be constructed and paid for under the supervision and approval  of
  consulting  engineers. Notwithstanding the provisions of section fifteen
  hundred ninety-nine-hhh of this title the authority may provide by  such
  trust  indenture  for  the  payment of the proceeds of the bonds and the
  revenues of the project or projects to  the  trustee  under  such  trust
  indenture  or  other  depository,  and  for  the  method of disbursement
  thereof, with such safeguards and restrictions as it may determine.  All
  expenses incurred in carrying out such trust indenture may be treated as
  a part of the cost of maintenance, operation, and repairs of the project
  or  projects.  If  the  bonds shall be secured by a trust indenture, the
  bondholders shall have no authority to appoint  a  separate  trustee  to
  represent  them,  and  the trustee under such trust indenture shall have

  and possess all of the powers which are  conferred  by  section  fifteen
  hundred ninety-nine-ppp upon a trustee appointed by bondholders.
    * NB Authority ceased to exist 06/01/1976
    * NB There are 2 § 1599-iii's