Section 1585-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 in conformity with applicable provisions of the uniform commercial
  code for any purpose mentioned in section fifteen hundred eighty-five-d,
  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  one  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.
    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  five  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 five
  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 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 of 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 fifteen hundred eighty-five-p 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 eighty-five-h, 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  eighty-five-p
  upon a trustee appointed by bondholders.