Section 1600-I. Bonds of the authority

1. The authority shall have the
  power and is hereby authorized from time to time to issue its negotiable
  bonds, without limitation  as  to  amount,  for  any  of  its  corporate
  purposes  and  to pay such expenses, costs and payments as may be deemed
  by the board necessary  or  desirable  to  or  in  connection  with  the
  acquisition,  construction,  reconstruction,  improving,  equipping  and
  furnishing of any project and the financing thereof, including  surveys,
  planning,   provisions  for  capitalized  interest,  reserve  funds  and
  appropriate feasibility studies, and for the placing of the  project  or
  projects  in operation. 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,  payment  or redemption of the bonds to be refunded. 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. Whether or not the bonds are 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 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, 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.
    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
  and  revenues  and  income 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, 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 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 of the rights, powers and duties of the  trustee  appointed  by  the
  bondholders  pursuant  to  section  sixteen hundred-p of this title, 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. Notwithstanding any other provision of law,  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  or  filed  in order to protect the security
  interest granted.
    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  upon such terms and conditions as the authority may
  determine. 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, bank or national banking association
  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.   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  or
  other  revenues  of  the  authority  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 sixteen
  hundred-p of this title upon a trustee appointed by bondholders.
    * NB Ceased to exist December 31, 1999

    * NB There are 2 § 1600-i's