Section 2490-I. Bonds of the authority

1. 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 fifteen 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.
    2.  Bonds  shall  be  authorized by resolution of the authority, be in
  such denominations and bear such date or dates, mature at such  time  or
  times,  except  that  notes and any renewals thereof shall mature within
  five years from the date of the original  issuance  and  bonds  and  any
  renewals  thereof  shall mature within thirty years from the date of the
  original issuance. The bonds and notes shall be subject to such terms of
  redemption, bear interest at such rate or rates 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. Bonds may be sold  at  public
  or  private  sale  for  such  price  or  prices  as  the authority shall
  determine.
    3. 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, other moneys or property
  of the authority to secure the payment of the bonds, including  but  not
  limited  to  any  contracts,  earnings  or  proceeds of any grant to the
  authority received from any private or public source;
    (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 rates, rents, fees and other charges to be fixed and collected
  by the authority and the amount to be raised in each  year  thereby  and
  the use and disposition of revenues;
    (e) Limitations on the right of the authority to restrict and regulate
  the  use  of  the project or part thereof 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,  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 revenues or moneys
  may be deposited;
    (i) The terms and provisions of any trust deed 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 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 ninety-j 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  authority  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;
    (l) Limitations on the power of the authority  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
  authority;
    (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  authority  may
  determine; and
    (o)  Any other matters of like or different character which in any way
  affect the security or  protection  of  the  bonds  or  the  rights  and
  remedies of bondholders.
    4.  In  addition  to the powers herein conferred upon the authority to
  secure its bonds, the authority shall have power in connection with  the
  issuance  of  bonds  to  enter into such agreements as the authority may
  deem  necessary,  consistent  or  desirable  concerning   the   use   or
  disposition  of  its revenues or other moneys or property, including the
  mortgaging of any property and the entrusting, pledging or  creation  of
  any other security interest in any such revenues, moneys or property and
  the doing of any act (including refraining from doing any act) which the
  authority  would have the right to do in the absence of such agreements.
  The authority shall have power to enter  into  amendments  of  any  such
  agreements  within the powers granted to the authority 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 authority.
    5. 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 authority shall be  valid,  binding  and
  perfected  from  the  time  when  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 authority
  irrespective of whether or not such  parties  have  notice  thereof.  No
  instrument by which such a plege or security interest is created nor any
  financing statement need be recorded or filed.
    6.  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.

    7. Neither the members of the authority 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.
    8.  The authority, subject to such agreements with bondholders as then
  may exist, shall have power out of  any  moneys  available  therefor  to
  purchase  bonds of the authority, which shall thereupon be cancelled, 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;
    (b)  If  the  bonds  are  not  then  redeemable,  the redemption price
  applicable on the first date after such purchase upon  which  the  bonds
  become  subject to redemption plus accrued interest to the next interest
  payment date.