Section 2020. Bonds of the authority

1. The authority shall have the power
  and is hereby authorized from time to time to issue its negotiable bonds
  for any of its corporate  purposes,  including  incidental  expenses  in
  connection therewith, and to secure the payment of the same by a lien or
  pledge  covering  all or part of its contract, earnings or revenues. The
  authority shall have power from time to time 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 of its
  corporate purposes. Except as may be otherwise expressly provided by the
  authority, every issue of  bonds  by  the  authority  shall  be  general
  obligations  payable  out  of  any  moneys,  earnings or revenues of the
  authority, subject only to any agreements with the holders of particular
  bonds  pledging   any   particular   moneys,   earnings   or   revenues.
  Notwithstanding  the  fact  that the bonds may be payable from a special
  fund, if they are  otherwise  of  such  form  and  character  as  to  be
  negotiable  instruments  under  the  terms of negotiable instruments law
  (constituting chapter thirty-eight of the consolidated laws)  the  bonds
  shall  be  and are hereby made negotiable instruments within the meaning
  of and for all the purposes of the negotiable instruments  law,  subject
  only to the provisions of the bonds for registration.
    2.  The  bonds  shall be authorized by resolution of the authority and
  shall bear such date  or  dates,  mature  at  such  time  or  times  not
  exceeding  forty years from their respective dates, bear interest at the
  best possible interest rate per annum as may be obtainable, 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,  as  such  resolution  or
  resolutions may provide.
    All  bonds of the authority shall be sold at public or private sale as
  the authority shall determine. No bonds of the authority may be sold  at
  private  sale, however, unless such sale and the terms thereof have been
  approved by the county legislature. If such bonds  are  sold  at  public
  sale,  such sale shall be upon sealed bids to the bidder who shall offer
  the lowest interest cost to  the  authority  to  be  determined  by  the
  authority.  Notice  of any public sale shall be published at least once,
  not less than ten nor more than forty days before the date of sale, in a
  financial newspaper published and circulated in the city of New York and
  designated by the authority. The notice shall call for  the  receipt  of
  sealed bids and shall fix the date, time and place of sale.
    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 moneys, earnings, income and
  revenues derived from all or any part of the properties of the authority
  to secure the payment of the bonds or of any issue of the bonds  subject
  to such agreements with bondholders as may then exist;
    (b)  the  rates,  rentals,  fees  and  other  charges  to be fixed and
  collected and the amounts to be raised in each year thereby, and the use
  and disposition of the earnings and other revenues;
    (c) the setting aside of reserves and the creation  of  sinking  funds
  and the regulation and disposition thereof;
    (d) limitations on the right of the authority to restrict and regulate
  the  use  of  the  properties  in  connection  with which such bonds are
  issued;
    (e) limitations in the purposes to which and the manner in  which  the
  proceeds of sale of any issue of bonds may be applied;

    (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)  the creation of special funds into which any earnings or revenues
  of the authority may be deposited;
    (i) the terms  and  provisions  of  any  mortgage  or  trust  deed  or
  indenture securing the bonds or under which 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 trustee appointed by  the
  bondholders  pursuant  to section eleven hundred forty-three hereof, and
  limiting or abrogating the right 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 shall constitute a
  default  in  the  obligations  and  duties  of  the  authority  to   the
  bondholders  and providing 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  this  state
  and other provisions of this title;
    (l)  limitations  on  the  power of the authority to sell or otherwise
  dispose of its properties;
    (m) any other matters, of like or different character which in any way
  affect the security or protection of the bonds;
    (n) limitations on the amount of moneys derived from the properties to
  be expended for operating,  administrative  or  other  expenses  of  the
  authority;
    (o)  the  protection and enforcement of the rights and remedies of the
  bondholders;
    (p) the obligations of the authority in relation to the  construction,
  maintenance,  operation,  repairs  and  insurance of the properties, the
  safeguarding and application of all moneys and as  to  the  requirements
  for  the  supervision and approval of consulting engineers in connection
  with construction, reconstruction and operation;
    (q) the payment of the proceeds of  bonds  and  revenues  of  the  the
  properties  to  a  trustee  or  other  depositary, and for the method of
  disbursement thereof  with  such  safeguards  and  restrictions  as  the
  authority may determine.
    4.  It  is  in  the  intention  of  the legislature that any pledge of
  earnings, revenues or other moneys made by the authority shall be  valid
  and  binding  from  the time when the pledge is made; that the earnings,
  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 or other obligations shall be liable personally on  the  bonds  or
  other   obligations   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  (as distinguished from the power of redemption hereinabove
  provided) any bonds issued by  it  or  which  may  be  assumed  by  such
  authority  at  a price of not more than the principal amount thereof and
  accrued interest, and all such bonds shall be cancelled.
    7.  In  the discretion of the authority, the bonds may be secured by a
  trust indenture by and between the authority and  a  corporate  trustee,
  which  may  be  any  trust  company or bank having the powers of a trust
  company in the state of New York. Such trust indenture may contain  such
  provisions  for  protecting and enforcing the rights and remedies of the
  bondholders as may be reasonable and proper and not in violation of law,
  including covenants  setting  forth  the  duties  of  the  authority  in
  relation   to  the  construction,  maintenance,  operation,  repair  and
  insurance  of  the  properties,  and  the  custody,   safeguarding   and
  application  of all moneys, and may provide that the properties shall be
  constructed  and  paid  for  under  the  supervision  and  approval   of
  consulting  engineers. The authority may provide by such trust indenture
  for the payment of the proceeds of the bonds and  the  revenues  of  the
  properties   to   the  trustee  under  such  trust  indenture  or  other
  depository, and for  the  method  of  disbursement  thereof,  with  such
  safeguards  and  restrictions as it may determine. All expenses incurred
  in carrying out such trust indenture may be treated as  a  part  of  the
  cost  of  maintenance,  operation  and repairs of the properties. If the
  bonds shall be secured by a trust indenture the bondholders  shall  have
  no authority to appoint a separate trustee to represent them.
    Notwithstanding  any other provisions of this title, any resolution or
  resolutions authorizing bonds or notes of the authority shall contain  a
  covenant  by  the  authority  that  it will at all times maintain rates,
  fees, rentals and/or other charges  sufficient  to  pay,  and  that  any
  contracts  entered  into  by the authority for the receipt and treatment
  and/or disposal of solid wastes shall contain rates,  fees,  rentals  or
  other  charges  sufficient to pay, the cost of operation and maintenance
  of the properties, the principal  of  and  interest  on  any  obligation
  issued  pursuant to such resolution or resolutions as the same severally
  become due and payable, and to maintain  any  reserves  or  other  funds
  required by the terms of such resolution or resolutions.