Section 2316. 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 in an aggregate principal  amount  not
  exceeding  five  hundred  million  dollars,  including  interest  during
  construction and a reasonable period thereafter and such expenses as may
  be deemed by the board necessary or desirable to the  financing  thereof
  and  placing  the  project or projects in operation. 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. The refunding bonds  may  be  exchanged  for  the
  bonds  to  be  refunded, with such cash adjustments as may be agreed, or
  may be sold and the proceeds applied to the purchase or payment  of  the
  bonds  to  be  refunded.  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 of 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. Whether or not the bonds are of such form and character as  to
  be  negotiable instruments under article eight of the uniform commercial
  code the bonds shall be  and  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.
    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  thirty  years  from  their respective dates, bear interest at
  such rates, not exceeding fifteen 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, as
  such resolution or resolutions may provide. The bonds  may  be  sold  at
  public  or  private sale for such price or prices as the authority shall
  determine, but which shall not at the  time  of  sale  yield  more  than
  fifteen per centum per annum.
    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 revenues of a project or projects
  to secure the payment of the bonds,  subject  to  such  agreements  with
  bondholders or the city as may then exist;
    (b) 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;
    (c) the setting aside of reserves or sinking funds, and the regulation
  and disposition thereof;
    (d) limitations on the right of the authority to restrict and regulate
  the use of a project;
    (e) 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  any  issue
  of the bonds;

    (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)  limitations  on the amount of moneys derived from a project to be
  expended  for  operating,  administrative  or  other  expenses  of   the
  authority;
    (i) 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 the rights, powers and duties  of  the  trustees  appointed  by  the
  bondholders  pursuant to section twenty-three hundred thirty 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 trustee;
    (j) any other matters, of like or different character,  which  in  any
  way affect the security or protection of the bonds.