Section 1910. 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  its  corporate  purposes  in  an  aggregate  principal  amount  not
  exceeding five million dollars. 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. 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 six  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  prior
  to maturity, at par or a price not exceeding one hundred five per centum
  of  the  face  value, as such resolution or resolutions may provide. The
  bonds of the authority may be sold at public or private sale. The  bonds
  shall  be  sold for a price not less than ninety-seven per centum of the
  par value thereof, plus  accrued  interest,  provided  always  that  the
  interest cost on such bonds shall not exceed six 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 the project 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 the 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 the 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  one  thousand nine hundred seventeen
  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 any of its outstanding bonds and to cancel such bonds.