Section 2665. Bonds or notes 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 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. The aggregate principal
  amount of such  bonds  or  notes  of  the  authority  shall  not  exceed
  seventy-five  million  dollars  ($75,000,000),  excluding bonds or notes
  issued to refund or repay bonds  or  notes  therefore  issued  for  such
  purposes;  provided,  however, that upon any such refunding or repayment
  the total aggregate principal amount of outstanding bonds or  notes  may
  be  greater than seventy-five million dollars ($75,000,000), only if the
  present value  of  the  aggregate  debt  service  of  the  refunding  or
  repayment  of  bonds  or notes to be issued shall not exceed the present
  value of the aggregate debt service of the  bonds  or  notes  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  or
  notes  and  the aggregate debt service of the bonds or notes refunded or
  repaid shall be calculated by utilizing the effective interest  rate  of
  the  refunding  or repayment of bonds or notes, 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 or notes from payment of  dates  thereof
  to the date of issue of the refunding or repayment of bonds or notes 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
  to any bonds.
    2. The authority 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 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 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 area served by 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  the  preceding  paragraph,
  whenever in the judgment of the authority the interests of the authority
  will be served thereby, the members 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 by the authority 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 part of the  revenues,  together  with  any  other
  monies  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 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 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,  including  the  proportion  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  monies
  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 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 appointment
  of  a  receiver,  provided,  however, that such acts or omissions to act
  which may constitute a default and 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 or other property;
    (m) Limitations on the amount of  revenues  and  other  monies  to  be
  expended   or   operating,  administrative  or  other  expenses  of  the
  authority;
    (n) The payment of the proceeds of bonds, revenues and other monies 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 the bondholders.

    6. In addition to the powers herein conferred upon  the  authority  to
  secure  its bonds, the authority shall have the 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 monies or property, including  the  mortgaging  of
  any  property  and  the  entrusting,  pledging  or creation of any other
  security interest in any such revenues, monies 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 within the powers granted to
  the authority by this title  and  to  perform  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  provision  of  the  uniform  commercial  code to the contrary
  notwithstanding, any pledge of or other security interest  in  revenues,
  monies, 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 pledge or security interest  is  created  nor
  any financing statement need be recorded or filed.
    8.  Whether  or  not  the  bonds of the authority 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  nor  the  officers 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 in accordance with section
  21.00 of the local finance law, as amended from time to time.