Section 1621-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 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 aggregate
  principal amount of such bonds outstanding at any  one  time  shall  not
  exceed  twenty-five  percent  of the bonded indebtedness limitation from
  time to time imposed by section 104.00 of the  local  finance  law.  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; provided, however, that any private
  sale shall be subject to the approval of  the  state  comptroller  where
  such sale is not to the comptroller, or the director of the budget where
  such sale is to the comptroller.
    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, the rights, powers and duties  of  the  trustee  appointed  by  the
  bondholders  pursuant  to  section  sixteen hundred twenty-one-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   twenty-one-p  of  this  title  upon  a  trustee  appointed  by
  bondholders.