Section 2059. Bonds of the authority

a. 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 the aggregate principal amount of not
  exceeding one 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.
    b. 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  five  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-eight per centum  of  the
  par  value  thereof,  plus  accrued  interest,  provided always that the
  interest cost on such bonds shall not exceed five per centum per annum.
    c. 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
    (1) 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;
    (2) 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;
    (3) the setting aside of reserves or sinking funds, and the regulation
  and disposition thereof;
    (4) limitations on the right of the authority to restrict and regulate
  the use of the project;
    (5) 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;
    (6)  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;
    (7)  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;
    (8) limitations on the amount of moneys derived from the project to be
  expended   for  operating,  administrative  or  other  expenses  of  the
  authority;

    (9) 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  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;
    (10) any other matters, of like or different character, which  in  any
  way affect the security or protection of the bonds.
    d.  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.
    e. 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.
    f. The authority shall have power out of any funds available  therefor
  to purchase bonds. The authority shall cancel such bonds.
    * NB Authority dissolved September 1, 1977