Section 2047-H. Bonds of the agency

1. The agency shall have the power
  and is hereby authorized from time to time to issue bonds, in conformity
  with applicable provisions of  the  uniform  commercial  code,  in  such
  principal amounts as it may determine to be necessary to pay the cost of
  any  project  or  for  any other corporate purpose, including incidental
  expenses in connection therewith. The agency shall  have  power  and  is
  hereby authorized to enter into such agreements and perform such acts as
  may  be  required  under  any applicable federal legislation to secure a
  federal guarantee of any bonds. The agency shall have power from time to
  time 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  corporate
  purpose.  Bonds  issued by the agency may be general obligations secured
  by the faith and credit of the agency  or  may  be  special  obligations
  payable  solely  out  of  particular  revenues or other moneys as may be
  designated in the proceedings of the agency under which the bonds  shall
  be  authorized  to  be  issued  and  subject  to any agreements with the
  holders of outstanding bonds pledging any particular revenues or moneys.
    2. Bonds shall be authorized by resolution of the agency, be  in  such
  denominations  and  bear  such  date or dates and mature at such time or
  times, as such  resolution  may  provide,  except  that  notes  and  any
  renewals  thereof  shall  mature  within five years from the date of the
  original issuance and bonds shall mature within thirty  years  from  the
  date  of original issuance of any such bond or note. The bonds and notes
  shall be subject to such terms of redemption, bear interest at such rate
  or rates payable at such times,  be  in  such  form,  either  coupon  or
  registered,  carry  such  registration  privileges,  be executed in such
  manner, be payable in such medium of payment at such  place  or  places,
  and  be  subject  to  such  terms  and conditions as such resolution may
  provide. Bonds may be sold at public or private sale for such  price  or
  prices  as  the agency shall determine. Bonds of the agency shall not be
  sold by the agency at private  sale  unless  such  sale  and  the  terms
  thereof  have  been  approved in writing by the state comptroller, where
  such sale is not to the comptroller, or by the  state  director  of  the
  budget, where such sale is to the comptroller.
    3.  Any  resolution  or  resolutions authorizing bonds or any issue of
  bonds may contain provisions which may 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, other moneys or property
  of  the  agency  to  secure  the payment of the bonds, including but not
  limited to any contracts, earnings or  proceeds  of  any  grant  to  the
  agency received from any private or public source;
    (b)  The  setting  aside of reserves and the creation of sinking funds
  and the regulations and disposition thereof;
    (c) Limitations on the purpose to which the proceeds from the sale  of
  bonds may be applied;
    (d) The rates, rents, fees and other charges to be fixed and collected
  by  the  agency and the amount to be raised in each year thereby and the
  use and disposition of revenues;
    (e) Limitations on the right of the agency to  restrict  and  regulate
  the  use  of  the project or part thereof in connection with which bonds
  are issued;
    (f) Limitations on the issuance of additional bonds,  the  terms  upon
  which  additional  bonds  may be issued and secured and 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)  The  creation  of special funds into which any revenues or moneys
  may be deposited;
    (i) The terms and provisions of any trust deed or  indenture  securing
  the bonds under which the bonds may be issued;
    (j)  Vesting  in a trustee or trustees such properties, rights, powers
  and duties in trust as the agency may determine which may include any or
  all of the rights, powers and duties of the  trustee  appointed  by  the
  bondholders  pursuant  to section two thousand forty-six-i of this title
  and limiting or abrogating the rights of the bondholders  to  appoint  a
  trustee  under such section or limiting the rights, duties and powers of
  such trustee;
    (k) Defining the acts or omissions  to  act  which  may  constitute  a
  default  in  the obligations and duties of the agency to the bondholders
  and providing for the rights and remedies  of  the  bondholders  in  the
  event of such default, including as a matter of right the appointment of
  a  receiver,  provided, however, that such rights and remedies shall not
  be inconsistent with the general laws of the state and other  provisions
  of this title;
    (l)  Limitations  on  the  power  of  the  agency to sell or otherwise
  dispose of any project or any part thereof;
    (m) Limitations on the amount of  revenues  and  other  moneys  to  be
  expended for operating, administrative or other expenses of the agency;
    (n) The payment of the proceeds of bonds, revenues and other moneys to
  a  trustee  or  other  depository,  and  for  the method of disbursement
  thereof  with  such  safeguards  and  restrictions  as  the  agency  may
  determine; and
    (o)  Any other matters of like or different character which in any way
  affect the security or  protection  of  the  bonds  or  the  rights  and
  remedies of bondholders.
    4.  In  addition  to  the  powers  herein conferred upon the agency to
  secure its bonds, the agency shall have power  in  connection  with  the
  issuance  of  bonds to enter into such agreements as the agency may deem
  necessary, consistent or desirable concerning the use or disposition  of
  its  revenues  or  other moneys or property, including the mortgaging of
  any property and the entrusting,  pledging  or  creation  of  any  other
  security interest in any such revenues, moneys or property and the doing
  of  any  act  (including refraining from doing any act) which the agency
  would have the right to do in the absence of such agreements. The agency
  shall have power to enter into amendments of any such agreements  within
  the  powers  granted  to  the  agency  by this title and to perform such
  agreements. The provisions of any such agreements may be made a part  of
  the contract with the holders of bonds of the agency.
    5.  Any  provision  of  the  uniform  commercial  code to the contrary
  notwithstanding, any pledge of or other security interest  in  revenues,
  moneys, accounts, contract rights, general intangibles or other personal
  property  made  or  created  by  the  agency shall be valid, binding and
  perfected from the time when such  pledge  is  made  or  other  security
  interest  attaches  without  any  physical delivery of the collateral or
  further act, and the lien of any such pledge or other security  interest
  shall  be valid, binding and perfected against all parties having claims
  of  any  kind  in  tort,  contract  or  otherwise  against  the   agency
  irrespective  of  whether  or  not  such parties have notice thereof. No
  instrument by which such a pledge or security interest  is  created  nor
  any financing statement need be recorded or filed.
    6.  Whether  or  not the bonds are of such form and character as to be
  negotiable instruments under the terms of the uniform  commercial  code,

  the  bonds  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.
    7.  Neither  the  members of the agency nor any person executing bonds
  shall be liable  personally  thereon  or  be  subject  to  any  personal
  liability or accountability by reason of the issuance thereof.
    8. The agency, subject to such agreements with bondholders as then may
  exist, shall have power out of any moneys available therefor to purchase
  bonds  of the agency, which shall thereupon be cancelled, at a price not
  exceeding (i) if the bonds are then  redeemable,  the  redemption  price
  then  applicable,  plus  accrued  interest  to the next interest payment
  date, (ii) if the bonds are not then redeemable,  the  redemption  price
  applicable  on  the  first date after such purchase upon which the bonds
  become subject to redemption plus accrued interest to the next  interest
  payment date.
    * NB There are 2 § 2047-h's