Section 2467. Bond and note authorization

1. The authority shall have the
  power and is hereby authorized to issue from time to time its negotiable
  bonds  and notes in conformity with applicable provisions of the uniform
  commercial code  in  such  principal  amounts  as  the  authority  shall
  determine  to be necessary to provide sufficient funds for achieving any
  of its corporate purposes, including the payment of all or any  part  of
  the   cost  of  acquiring,  constructing,  reconstructing,  constructing
  additions to, improving, maintaining  and  operating  sport  facilities,
  including  but  not  limited to buildings, structures, parking and other
  facilities ancillary or  appurtenant  to  such  sports  facilities,  the
  payment   of   interest  on  bonds  and  notes  of  the  authority,  the
  establishment of  reserves  to  secure  such  bonds  and  notes  of  the
  authority and the payment of all other expenditures, including operating
  expenses,  of  the  authority  incident to or necessary or convenient to
  carry out its corporate purposes and powers.
    2. The authority shall have the power to issue from time to  time  (i)
  notes to renew notes and (ii) bonds to pay notes, including the interest
  thereon and redemption premium, if any, and, whenever it deems refunding
  expedient,  to  refund  any  bonds  of  the  authority then outstanding,
  whether the bonds to be refunded have or have not matured, including the
  payment of any redemption premium thereon and any interest accrued or to
  accrue to the earliest or subsequent date  of  redemption,  purchase  or
  maturity  of  such  bonds,  by the issuance of new bonds, and, if deemed
  advisable by the authority, to issue bonds partly to refund  bonds  then
  outstanding  and partly for any of its corporate purposes. The refunding
  bonds may be exchanged for the bonds to be  refunded  or  sold  and  the
  proceeds  applied  to the purchase, redemption or payment of such bonds.
  Pending such purchase, redemption  or  payment,  such  proceeds  may  be
  invested  and  reinvested  in obligations of or guaranteed by the United
  States of America, or in obligations of agencies of the United States of
  America, secured in  such  manner  as  the  authority  shall  determine,
  maturing  at  such  time  or times as shall be appropriate to assure the
  prompt payment, as to principal, interest  and  redemption  premium,  if
  any,  on  the  outstanding bonds to be refunded. The interest and earned
  increment, if any, resulting from  any  such  investment,  may  also  be
  applied  to the purchase, redemption or payment of the outstanding bonds
  to be so refunded and any  balance  remaining  upon  completion  of  the
  purchase,  redemption  or payment of all such outstanding bonds shall be
  returned to the authority for use by it in any lawful manner.
    3. No bonds or notes of the authority shall be  issued  if  upon  such
  issuance  the  aggregate  principal  amount  of  bonds  and notes of the
  authority then outstanding exceeds three hundred fifty million  dollars,
  provided  that  such  statutory  maximum  principal  amount shall not be
  construed as constituting a  contract  between  the  authority  and  the
  holders  of its bonds or notes that additional bonds or notes may not be
  issued subsequently by the authority in the event  that  such  statutory
  maximum  shall  be  increased  subsequently  by law and provided further
  that, in determining such aggregate  principal  amount  there  shall  be
  deducted  (i)  all  sums then available for the payment of such bonds or
  notes either at maturity or through the operation  of  a  sinking  fund;
  (ii)  the  aggregate principal amount of outstanding bonds issued (a) to
  refund notes and  (b)  to  refund  bonds  theretofore  issued  and  then
  outstanding;  and  (iii)  the  aggregate principal amount of outstanding
  notes issued to renew notes theretofore issued and then outstanding.
    4. The  issuance  of  bonds  and  notes  by  the  authority  shall  be
  authorized by resolution or resolutions of the authority without further
  authorization  or  approval,  which resolution or resolutions shall be a

  part of the contract with the holders of  the  bonds  or  notes  thereby
  authorized and may contain provisions as to:
    (a)  pledging  all  or  any  part  of the moneys, earnings, income and
  revenues derived from the project 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 payments, fees or other charges to be fixed,  established  and
  collected and the amounts to be raised in each year thereby, and the use
  and disposition of the moneys, earnings, income 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 a sports facility or sports facilities;
    (e) limitations on the purposes to which and the manner in  which  the
  proceeds of sale of any bonds or 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; and the  refunding  of
  outstanding bonds 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 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 trustee appointed by  the
  bondholders pursuant to section twenty-four hundred seventy-five of this
  title,  and  limiting  or  abrogating  the  right  of the bondholders to
  appoint a trustee under such section or limiting the rights, powers  and
  duties 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) limitations on the amount of moneys derived from a sports facility
  or sports facilities to be expended for  operating,  administrative  and
  other expenses of the authority;
    (n)  the  protection and enforcement of the rights and remedies of the
  bondholders;
    (o) the obligations of the authority in relation to the  construction,
  maintenance,  operation,  repairs  and insurance of a sports facility or
  sports facilities and the safeguarding and application of all moneys;
    (p) the payment of the proceeds of bonds  and  revenues  of  a  sports
  facility  or sports facilities to a trustee or other depositary, and for
  the method of disbursement thereof and such safeguards and  restrictions
  as the authority may determine;
    (q) any other matters, of like or different character which may in any
  way affect the security or protection of the bonds.
    * NB (Disbanded March, 1980)