Section 2050-HH. Bonds of the authority

1. The authority shall have the
  power and is hereby authorized from time to time to issue bonds 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  the
  establishments of reserves to secure the bonds, the payment of principal
  of, premium, if any, and interest  on  the  bonds  and  the  payment  of
  incidental  expenses  in  connection therewith. The authority 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 aggregate principal  amount
  of such bonds, notes or other obligations shall not exceed fifty million
  dollars  ($50,000,000),  excluding  bonds,  notes  or  other obligations
  issued to refund or otherwise repay bonds, notes  or  other  obligations
  theretofore  issued  for such purposes; provided, however, that upon any
  such refunding or repayment the  total  aggregate  principal  amount  of
  outstanding  bonds, notes or other obligations may be greater than fifty
  million dollars ($50,000,000) only if the present value of the aggregate
  debt service of  the  refunding  or  repayment  bonds,  notes  or  other
  obligations  to  be  issued  shall  not  exceed the present value of the
  aggregate debt service of the bonds, notes or other obligations so to be
  refunded or repaid. For purposes  hereof,  the  present  values  of  the
  aggregate  debt  service  of  the refunding or repayment bonds, notes or
  other obligations and of the aggregate debt service of the bonds,  notes
  or  other  obligations  so  refunded  or  repaid, shall be calculated by
  utilizing the effective interest rate  of  the  refunding  or  repayment
  bonds,  notes  or other obligations, which shall be that rate arrived at
  by doubling the semi-annual  interest  rate  (compounded  semi-annually)
  necessary  to  discount  the  debt  service payments on the refunding or
  repayment bonds, notes or  other  obligations  from  the  payment  dates
  thereof  to the date of issue of the refunding or repayment bonds, notes
  or other obligations and to the price bid  including  estimated  accrued
  interest  or  proceeds  received  by  the  authority including estimated
  accrued interest from the sale thereof. The authority 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 authority 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  authority  may  be  general
  obligations  secured  by the faith and credit of the authority or may be
  special obligations payable solely out of particular revenues  or  other
  moneys  as  may  be designated in the proceedings of the authority under
  which the bonds shall  be  authorized  to  be  issued,  subject  to  any
  agreements with the holders of outstanding bonds pledging any particular
  property,  revenues  or  moneys.  The authority may also enter into bank
  loan agreements, lines of  credit  and  other  security  agreements  and
  obtain  for or on its behalf letters of credit in each case for securing
  its bonds or to provide direct payment of any costs which the  authority
  is authorized to pay.
    2.  Bonds  shall  be  authorized by resolution of the authority, be in
  such denominations and bear such date or dates and mature at  such  time
  or  times,  as  such  resolution  may  provide,  provided that bonds and
  renewals thereof shall mature within  thirty  years  from  the  date  of
  original issuance of any such bonds. Obligations with a maturity of five
  years or less from the date of their original issuance may be designated
  as notes.

    Bonds  and  notes  shall  be subject to such terms of redemption, bear
  interest at such rate or rates, be 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.
    Notwithstanding any other provision of law, the bonds of the authority
  issued pursuant to this section shall be sold to the bidder offering the
  lowest true interest cost, taking  into  consideration  any  premium  or
  discount  not  less  than  four  nor  more  than  fifteen  days, Sundays
  excepted, after a notice of such sale has been published at  least  once
  in  a  newspaper  of  general  circulation  in  the  area  served by the
  authority, which shall state the terms of the sale.  The  terms  of  the
  sale  may  not  change unless notice of such change is published in such
  newspaper at least one day prior to the date of the sale as set forth in
  the original notice of sale. Advertisements shall contain a provision to
  the effect that the authority, in its discretion, may reject any or  all
  bids  made in pursuance of such advertisements, and in the event of such
  rejection, the authority is authorized to negotiate a private or  public
  sale  or  readvertise for bids in the form and manner above described as
  many  times  as,  in  its  judgment,  may  be  necessary  to  effect   a
  satisfactory sale.
    Notwithstanding the provisions of the preceding paragraph, whenever in
  the  judgment  of  the  authority the interests of the authority will be
  served  thereby,  the  members  of  the  authority,   on   the   written
  recommendation of the executive director, may authorize the sale of such
  bonds  at  private  or  public sale on a negotiated basis or on either a
  competitive or negotiated basis.  The  authority  shall  set  guidelines
  governing the terms and conditions of any such private or public sales.
    The  private or public bond sale guidelines set by the authority shall
  include, but not be limited to a requirement that where the interests of
  the state will be served by a private  or  public  sale  of  bonds,  the
  authority  shall  select  underwriters  for private or public bond sales
  conducted pursuant to a request for proposal process undertaken at least
  once annually and consideration of proposals from qualified underwriters
  taking into account, among other things, qualifications of  underwriters
  as  to  experience,  their  ability to structure and sell authority bond
  issues, anticipated costs to the authority, the prior experience of  the
  authority  with  the  firm,  if  any,  the capitalization of such firms,
  participation of qualified minority and women-owned business  enterprise
  firms  in such private or public sales of bonds of the authority and the
  experience and  ability  of  firms  under  consideration  to  work  with
  minority  and  women-owned  business  enterprises  so  as to promote and
  assist participation by such enterprises.
    The authority shall have the power from time to  time  to  amend  such
  private  bond  sale guidelines in accordance with the provisions of this
  subdivision.
    No private or  public  bond  sale  on  a  negotiated  basis  shall  be
  conducted by the authority without prior approval of the comptroller.
    The  authority  shall  annually prepare and approve a bond sale report
  which shall include the  private  or  public  bond  sale  guidelines  as
  specified  in  this subdivision, amendments to such guidelines since the
  last private or public bond sale report, an explanation of the bond sale
  guidelines and  amendments,  and  the  results  of  any  sale  of  bonds
  conducted during the fiscal year. Such bond sale report may be a part of
  any other annual report that the authority is required to make.

    The  authority  shall  annually  submit  its  bond  sale report to the
  comptroller and copies thereof to the senate finance committee  and  the
  assembly ways and means committee.
    The  authority  shall  make available to the public copies of its bond
  sale report upon reasonable request therefor.
    Nothing contained in this subdivision shall be deemed to alter, affect
  the validity of, modify the terms of or impair any contract or agreement
  made or entered into in violation of, or without  compliance  with,  the
  provisions of this subdivision.
    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 authority to secure the payment of the bonds, or of any costs of
  issuance thereof, including but not limited to any  contracts,  earnings
  or  proceeds  of any grant to the authority received from any private or
  public source subject to such agreements as they may exist;
    (b) the setting aside of reserves and the creation  of  sinking  funds
  and the regulation 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 authority and the amount to be raised in each  year  thereby  and
  the use and disposition of revenues;
    (e) limitations on the right of the authority 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  contracts  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, mortgage, 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 authority may determine which may include any
  or all of the rights, powers and duties of the trustees appointed by the
  bondholders pursuant to section twenty-seven hundred fifty-eight 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  authority  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 authority  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
  authority;

    (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  authority  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 authority to
  secure its bonds, the authority shall have power in connection with  the
  issuance  of  bonds  to  enter into such agreements as the authority may
  deem  necessary,  convenient  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
  authority would have the right to do in the absence of such  agreements.
  The  authority  shall  have  power  to enter into amendments of any such
  agreements within the powers granted to the authority 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 authority.
    5.  Any  provisions  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 authority 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  authority
  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 the purposes of the uniform commercial code, subject only to the
  provisions of the bonds for registration.
    7. Neither the members of the authority 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 authority, subject to such agreements with bondholders as then
  may exist, shall have power, out of any moneys  available  therefor,  to
  purchase  bonds of the authority, 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 or, (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.