Section 2350-G. Bonds of the agency

1. The agency shall have the power and
  is  hereby  authorized  from time to time to issue bonds, notes or other
  obligations in conformity with  applicable  provisions  of  the  uniform
  commercial  code  to  pay  the cost of any project, the establishment 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.
    (a)  The  aggregate  principal  amount  of  such bonds, notes or other
  obligations for the John P. Cohalen court complex shall not  exceed  one
  hundred  thirty-five  million  dollars  ($135,000,000), excluding bonds,
  notes or other obligations issued to refund or  repay  bonds,  notes  or
  other obligations therefore 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 one hundred thirty-five million dollars ($135,000,000), only if the
  present  value  of  the  aggregate  debt  service  of  the  refunding or
  repayment of 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.
    (b) The aggregate principal amount  of  such  bonds,  notes  or  other
  obligations  for  the  new  replacement correctional facility at Yaphank
  shall not exceed two  hundred  thirty  million  dollars  ($230,000,000),
  excluding  bonds,  notes  or other obligations issued to refund or 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  and  other
  obligations  may  be  greater  than  two  hundred thirty million dollars
  ($230,000,000), only if the present value of the aggregate debt  service
  of the refunding or repayment of 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 the purpose of this section, the present value  of  the  aggregate
  debt  service  of  the  refunding  or  repayment  bonds,  notes or other
  obligations and the aggregate debt service of the bonds, notes or  other
  obligations  refunded  or  repaid  shall  be calculated by utilizing the
  effective interest rate of the refunding or repayment of 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  of
  bonds,  notes  or other obligations from payment of dates thereof to the
  date of issue of the refunding or repayment of  bonds,  notes  or  other
  obligations  and  to  the price bid including estimated accrued interest
  from the sale thereof. The agency shall have the  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 to any bonds.
    2. The agency shall have the power from time to time to renew bonds or
  to issue renewal bonds for such purpose, to issue bonds  to  pay  bonds,
  and,  whenever  it  deems refunding expedient, to refund any bond 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  of  the  agency. Bonds issued for
  refunding purposes shall  be  sold  and  the  proceeds  applied  to  the
  purchase, redemption or payment of the bonds or notes to be refunded.
    3.  Bonds  issued  by the agency may be general obligations secured by
  the faith and credit of the agency or may be special obligations payable
  solely out of particular revenues or other monies as may  be  designated
  in  the  proceedings  of  the  agency  under  which  the  bonds shall be

  authorized to be issued, subject as to priority only to  any  agreements
  with  the holders of outstanding bonds pledging any particular property,
  revenues or monies. The agency may  also  enter  into  loan  agreements,
  lines  of  credit and other security agreements and obtain for or on its
  behalf  letters  of  credit,  insurance,  guarantees  or  other   credit
  enhancements  to the extent now or hereafter available, in each case for
  securing its bonds or to provide direct payment of any costs  which  the
  agency is authorized to pay.
    4.    (a) Bonds shall be authorized by resolution of the agency, 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 issued for the John  P.  Cohalen  court  complex  shall
  mature  no  later  than  December thirty-first, two thousand sixteen and
  bonds and renewals thereof for the new replacement correctional facility
  at Yaphank  shall  mature  no  later  than  December  thirty-first,  two
  thousand thirty-five.
    (b)  Bonds 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  agency  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,
  Sunday 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
  agency,  which  shall  state  the  terms  of the circulation in the area
  served by the agency, 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 agency, in its discretion, may reject
  any or all bids made pursuant to such advertisements, and in  the  event
  of  such  rejection,  the agency 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
  satisfactory sale.
    (c)  Notwithstanding  the  provisions  of  paragraph   (b)   of   this
  subdivision, whenever in the judgment of the agency the interests of the
  agency will be served thereby, the members of the agency, on the written
  recommendation  of  the chairperson 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  agency  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 agency shall
  include, but not be limited to, a requirement that where  the  interests
  of  the  agency will be served by a private or public sale of bonds, the
  agency shall  select  underwriters  taking  into  account,  among  other
  things,  qualifications  of underwriters as to experience, their ability
  to structure and sell agency  bond  issues,  anticipated  costs  to  the
  agency,  the  prior  experience of the agency 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  agency  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.

    (d) The agency shall have the power from time to time  to  amend  such
  private  bond  sale guidelines in accordance with the provisions of this
  subdivision.
    (e)  No  private  or  public  bond sale on a negotiated basis shall be
  conducted by the agency without prior approval of the state comptroller.
  The agency shall annually prepare and approve a bond sale  report  which
  shall  include the private 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 agency is required to make.
    (f) The agency shall annually submit its bond sale report to the state
  comptroller and copies thereof to the senate finance committee  and  the
  assembly ways and means committee.
    (g)  The  agency shall make available to the public copies of its bond
  sale report upon reasonable request thereof.
    (h) 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.
    5.  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 of the agency, together
  with any other moneys or property of the agency, to secure  the  payment
  of  the  bonds, subject to such agreements with bond holders 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 rents, fees and other charges to be fixed and collected by the
  agency and the amount to be raised in each year thereby, and the use and
  disposition of revenues;
    (e) limitations on the right of the agency to  restrict  and  regulate
  the use of any project or part hereof 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,  including  the  portion  of
  bondholders  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, mortgage 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 agency may determine which may include any or
  all of the rights, powers and duties of the  trustee  appointed  by  the
  bondholders  pursuant  to  section  twenty-three hundred fifty-h 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 agency 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;
    (1) limitations on the power  of  the  agency  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 agency;
    (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  agency  may
  determine; and
    (o) any other matters of like or different character which may in  any
  way  affect  the  security  or protection of the bonds or the rights and
  remedies of bondholders.
    6. In addition to the powers  herein  conferred  upon  the  agency  to
  secure  its  bonds,  the  agency shall have power in connection with the
  issuance of bonds to enter into such agreements as the agency  may  deem
  necessary,  convenient or desirable concerning the use or disposition of
  its revenues or other moneys or property, including  the  mortgaging  of
  any  of  its  properties and the entrusting, pledging or creation of any
  other security interest in any such revenues, moneys or  properties  and
  the doing of any act (including refraining from doing any act) which the
  agency  would  have  to do in the absence of such agreements. The agency
  shall have power to enter into amendments of any such agreements  within
  the  powers  granted  to  the  agency  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 agency.
    7.  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  agency shall be valid, binding and
  perfected from the time 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 agency 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.
    8. 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.
    9.  Neither  the  members of the agency 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.
    10.  The  agency,  subject to such agreements with bondholders as then
  may exist, shall have power out of  any  moneys  available  therefor  to
  purchase  bonds  of  the  agency, which shall thereupon be canceled 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  immediately
  redeemable  then the redemption price applicable on the first date after
  such purchase upon which the bonds become subject  to  redemption,  plus
  accrued interest to be next interest payment date.

    11.  The  agency  shall  have  power and is hereby authorized to issue
  negotiable  bond  anticipation  notes  in  conformity  with   applicable
  provisions  of  the  uniform commercial code and may renew the same from
  time to time but the  maximum  maturity  of  any  such  note,  including
  renewals  thereof,  shall not exceed two years from the date of issue of
  such original note.