Section 2582. Bonds of the authority

1. The authority shall have the power
  and is hereby authorized from time to time  to  issue  bonds,  notes  or
  other  obligations  to  pay  the  cost  of  any project or for any other
  purpose under this title, including 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.  The  aggregate  principal  amount of such bonds,
  notes or other obligations  shall  not  exceed  thirty  million  dollars
  ($30,000,000),  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  or  other  obligations may be greater than thirty million dollars
  ($30,000,000), 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  purposes  of  this section, the present value of the aggregate debt
  service  of  the  refunding  or  repayment  of  bonds,  notes  or  other
  obligations  and the aggregate debt service of the bonds, notes or other
  obligations and of the aggregate debt service of  the  bonds,  notes  or
  other  obligations  so  to  be 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  debts
  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 authority 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 or other subsidy with respect to any bonds.
    2. The authority shall have the power from time to time to renew bonds
  or to issue renewal bonds for the purposes authorized under this  title,
  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
  authority. 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 authority may be general obligations secured by
  the faith and credit of the authority  or  may  be  special  obligations
  payable  solely  out  of  particular  revenues or other monies as may be
  designated in the proceedings of the authority  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 authority 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 authority is authorized to pay.
    4. (a) Bonds shall be authorized by resolution of the  governing  body
  of  the  authority, 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 shall mature within thirty
  years from the date of original issuance of any such bonds.
    (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  authority  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 service area of the
  authority, 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 authority, in its discretion, may reject any or  all
  bids  made  pursuant  to  such  advertisements, and in the event of such
  rejection, the authority 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 authority the interests  of
  the  authority  will  be  served  thereby,  the  governing  body  of the
  authority,  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
  authority 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 authority shall include, but not be limited to,  a
  requirement  that where the interests of the authority will be served by
  a  private  or  public  sale  of  bonds,  the  authority  shall   select
  underwriters  taking into account, among other things, qualifications of
  underwriters as to experience,  their  ability  to  structure  and  sell
  authority  bond  issues,  anticipated  costs to the authority, the prior
  experience of the authority 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
  authority 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 authority 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  authority  without  prior  approval  of  the  state
  comptroller. The authority shall annually prepare  and  approve  a  bond
  sale  report  which  shall  include  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  authority  is
  required to make.

    (f)  The  authority  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  authority  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 follows:
    (a) pledging all or any part of the revenues, other moneys or property
  of  the  authority  to  secure the payment of the bonds, or any costs of
  issuance thereof, including but not limited to any  contracts,  earnings
  or  proceeds  of any grant to the authority received from any private or
  public source subject to such agreements with bondholders as may 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 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, mortgage, 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 trustees appointed by the
  bondholders pursuant to 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.
    6.  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  adopt  resolutions  and  enter  into such trust
  indentures, agreements or other instruments as the  authority  may  deem
  necessary,  convenient 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 resolutions, trust
  indentures, agreements or other instruments. The  authority  shall  have
  power   to   enter  into  amendments  of  any  such  resolutions,  trust
  indentures, agreements or other instruments. The provisions of any  such
  resolutions,  trust  indentures,  agreements or other instruments may be
  made a part of the contract with the holders of bonds of the authority.
    7. Any provisions 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 perfect 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 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
  securities under the terms of the uniform commercial code, the bonds are
  hereby made securities 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 authority nor any person  executing  its
  bonds  shall  be  liable  personally  on  its bonds or be subject to any
  personal liability or accountability by reason of the issuance thereof.
    10. Subject to such agreements with bondholders as may then exist, the
  authority shall have power  out  of  any  funds  available  therefor  to
  purchase  bonds  of the authority, in lieu of redemption, at a price not
  exceeding, if the bonds are then redeemable, the redemption  price  then
  applicable  plus accrued interest to the next interest payment date, or,
  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.
  Bonds so purchased shall thereupon be canceled.
    11. The authority 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 five years from the date of issue  of
  such original note.
    12.  The  authority  may  request  of  the  state  an  increase in the
  aggregate amount of bonds, notes or  other  obligations  established  in

  subdivision  one of this section only upon a two-thirds majority vote of
  the board.