Section 2053-J. Bonds of the authority

1. The authority shall have the
  power and is hereby authorized from time to time to issue bonds or notes
  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 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 and subject to any
  agreements with the holders of outstanding bonds pledging any particular
  revenues or moneys. The authority may also enter into  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, bear such date or dates and mature at such  time  or
  times  as  such  resolution  shall  provide,  except  that notes and any
  renewals thereof shall mature within five years from  the  date  of  the
  original issuance and bonds and any renewals thereof shall mature within
  thirty years from the date of the original issuance of any such bonds or
  notes. 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 authority shall determine. Bonds of the
  authority shall not be sold by the authority 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 be to such comptroller, or by the
  state director of the budget where such sale is to said comptroller. The
  authority may pay all expenses, premiums and commissions  which  it  may
  deem  necessary or advantageous in connection with the issuance and sale
  of bonds.
    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, including  but  not
  limited  to,  any  assets, contracts, investment securities, earnings or
  proceeds of any grant to the authority  received  from  any  private  or
  public  source,  subject to such agreements with bondholders as may then
  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 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 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 two thousand fifty-three-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 the 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,  consistent  or  desirable  concerning   the   use   of
  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 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 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  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 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  (a)  if  the  bonds  are  then redeemable, the
  redemption price then applicable, plus  accrued  interest  to  the  next
  interest  payment  date or (b) 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.