Section 1938. Bonds of the authority

1. The authority shall not have the
  power to issue bonds, unless approved in advance by a vote in excess  of
  seventy-five  percent of the members of the common council in office. If
  approved by the common council, the authority shall have the  power  and
  is  hereby  authorized  to issue its negotiable bonds in conformity with
  the applicable  provisions  of  the  uniform  commercial  code  for  its
  corporate  purposes  in  the aggregate principal amount of not exceeding
  one million dollars ($1,000,000). The bonds shall be general obligations
  of the authority payable out of any moneys or revenues of the authority.
    2. Neither the members of the authority nor any person  executing  the
  bonds  shall  be  subject to any personal liability or accountability by
  reason of the issuance thereof.
    3. The city shall remain liable for the payment of all  principal  and
  interest  on  bonds  issued by the city for the purpose of financing the
  Glens Falls civic center prior to the effective date of this article.