Section 1425-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  for  any  purposes  mentioned   in   section   fourteen   hundred
  twenty-five-d  of  this  title, 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  three  million  dollars  outstanding  at  any  one  time. 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, 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 the terms of 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  seven  per  centum per annum payable annually or
  semi-annually, be in such denominations, be in such forms, 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
  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 or  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 bond 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 fourteen hundred twenty-five-p of this
  title 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
  fourteen hundred twenty-five-h 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 fourteen
  hundred  twenty-five-o  of  this  title  upon  a  trustee  appointed  by
  bondholders.