Section 1599-IIII. Bonds of the authority

1. The authority shall have the
  power and is hereby authorized from time to time to issue its negotiable
  bonds  for  any   purpose   mentioned   in   section   fifteen   hundred
  ninety-nine-dddd   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
  purpose, 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  fifteen  million  dollars  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 expressly 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.  Notwithstanding the fact that the bonds may be payable from a
  special fund, if they are otherwise of such form and character as to  be
  negotiable  instruments  under  article  eight of the uniform commercial
  code the bonds shall be  and  are  hereby  made  negotiable  instruments
  within  the  meaning of and for all the purposes of article eight of the
  uniform commercial code, subject only to the provisions of the bonds for
  registration.
    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
  thirty years from their respective dates, bear interest at such rate  or
  rates,  not  exceeding  six  and  one-half  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, 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 six and one-half per centum per annum.
    3. 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:
    (a) 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;
    (b) 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;
    (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 a project;

    (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  and
  pledging  such  proceeds  to  secure  the payment of the bonds or of any
  issue of the bonds;
    (f)  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;
    (g)  the  procedure,  if  any, by which the terms of any contract with
  bondholders may be amended or abrogated, the amount  of  the  bonds  the
  holders  of  which  must  consent  thereto, and the manner in which such
  consent may be given;
    (h) limitations on the amount of moneys derived from a project  to  be
  expended   for  operating,  administrative  or  other  expenses  of  the
  authority;
    (i) 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-pppp 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;
    (j) any other matters, of like or different character,  which  in  any
  way affect the security or protection of the bonds.
    4.  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.
    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 or accountability by reason of the issuance thereof.
    6.  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.
    7.  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-hhhh 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-pppp upon a trustee appointed by bondholders.