Section 2675-J. Bonds of the authority

1. The authority shall have the
  power and is hereby authorized from time to time to issue hotel  revenue
  bonds.    The  authority  shall further have power from time to time and
  whenever it deems refunding expedient, to refund any hotel revenue bonds
  by the issuance of new hotel revenue 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.    Hotel  revenue  bonds  of  the  authority shall be revenue
  obligations payable from and secured by hotel  revenues  and  state  aid
  revenues,   as   defined   pursuant   to   section   twenty-six  hundred
  seventy-five-ii of this title, as the authority determines are available
  therefor and  upon  such  terms  and  conditions  as  specified  by  the
  authority in the resolution under which the bonds are issued.
    2. 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.
    3. (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. Any and all such resolutions  shall
  require  at  least  six  affirmative votes of the board for passage. Any
  such  resolution  may  delegate  to  an  officer  or  committee  of  the
  authority,  and any such committee may delegate to an officer, the power
  to issue such bonds from time to time and to fix the details of any such
  issues of  bonds  by  an  appropriate  certificate  of  such  authorized
  officer.
    (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  paragraph  (b)  of  this
  subdivision, 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
  director of the budget, 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.
    4.  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.
    5. 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.
    6. 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.
    7.  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.
    8.  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.
    9.  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.
    10. 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.