Section 2511. Security for bonds or notes

1. The principal of and
  interest on any bonds or notes issued by the authority may be secured by
  a pledge of any revenues and  receipts  of  the  authority  and  may  be
  secured  by  a  lease  or other instrument covering all or any part of a
  sports facility, including any additions, improvements, extensions to or
  enlargements of any sports facilities thereafter made.
    2. Bonds or notes issued for a sports facility may also be secured  by
  an  assignment of any lease of such sports facility and by an assignment
  of the revenues and receipts derived by  the  authority  from  any  such
  lease.
    3.  Each  pledge, agreement, mortgage or other instrument made for the
  benefit or security of any of the bonds or notes of the authority  shall
  continue  effective  until the principal of and interest on the bonds or
  notes for the benefit of which the same were made shall have been  fully
  paid,  or  until  provision shall have been made for such payment in the
  manner provided in the resolution or resolutions under  which  the  same
  may be authorized.
    4.  The  authority may provide in any proceedings under which bonds or
  notes may be authorized for the time and manner of  and  the  requisites
  for  disbursements to be made for the cost of a sports facility, and for
  all certificates and approvals of construction and disbursements as  the
  authority shall deem necessary.
    5.  Any  pledge  of  earnings,  revenues  or  other moneys made by the
  authority shall be valid and binding from the time when  the  pledge  is
  made;  the  earnings, 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
  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.
    6.  In  the discretion of the authority, the bonds may be secured by a
  trust indenture by and between the authority  and  a  corporate  trustee
  which  may  be  any  trust  company or bank having the powers of a trust
  company in the state of New York. Such trust indenture may contain  such
  provisions  for  protecting and enforcing the rights and remedies of the
  bondholders as may be reasonable and proper and not in violation of law,
  including covenants  setting  forth  the  duties  of  the  authority  in
  relation  to  any  sports  facility  and  the  custody, safeguarding and
  application of all moneys. The  authority  may  provide  by  such  trust
  indenture  for the payment of the proceeds of the bonds and the revenues
  of any such sports facility to the trustee under such trust indenture or
  other depository, and for the method of disbursement thereof, with  such
  safeguards  and  restrictions as it may determine. All expenses incurred
  in carrying out such trust indenture may be treated as  a  part  of  the
  cost  of maintenance, operation and repairs of any such sports facility.
  If the bonds shall be secured by a trust indenture the bondholders shall
  have no authority to appoint a separate trustee to represent them.
    * NB (Discontinued-Board of Directors never appointed)