Section 2732. Bonds of the authority

1. The authority shall have the power
  and is hereby authorized from time  to  time  to  issue  bonds  in  such
  principal amounts as it may determine to be necessary to pay the cost of
  any  project  or  for  any other corporate purpose, including incidental
  expenses in connection therewith. The authority shall have 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 of any bonds. The authority shall have power from time
  to time 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
  corporate  purpose.  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
  moneys 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  moneys.  The  authority  may  also
  enter  into  bank  loan  agreements,  lines of credit and other security
  agreements and obtain for or on its behalf letters  of  credit  in  each
  case  for  securing  its bonds or to provide direct payment of any costs
  which the authority is authorized to pay.
    2. 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. Obligations with a maturity of five
  years or less from the date of their original issuance may be designated
  as notes. Bonds and notes 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. Bonds may be sold at public
  or private sale for such price or prices, in such manner and  from  time
  to time, as the authority shall determine, provided that no bonds of the
  authority,  other than obligations designated as notes, shall be sold by
  the authority at private sale unless such sale  and  the  terms  thereof
  have  been approved in writing by the state comptroller, where such sale
  is not to the comptroller, or by the state director of the budget, where
  such sale is to the comptroller. The authority  may  pay  all  expenses,
  premiums  and commissions which it may deem necessary or advantageous in
  connection with the issuance and sale of bonds.
    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, or of 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, 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 section  twenty-seven  hundred  thirty-three  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,  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  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 pledge 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  (i)  if  the  bonds  are  then  redeemable,  the
  redemption  price  then  applicable,  plus  accrued interest to the next
  interest payment date or, (ii) 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.