Section 2799-GG. Bonds of the authority

1. The authority shall have the
  power and is hereby authorized from time to  time  to  issue  bonds,  in
  conformity with applicable provisions of the uniform commercial code, in
  such  principal  amounts as it may determine to be necessary pursuant to
  section twenty-seven hundred ninety-nine-ff of this  title  to  pay  the
  cost of any project and to fund reserves to secure such bonds, including
  incidental expenses in connection therewith.
    The   aggregate  principal  amount  of  such  bonds,  notes  or  other
  obligations outstanding shall not exceed thirteen billion, five  hundred
  million  dollars  ($13,500,000,000),  excluding  bonds,  notes  or other
  obligations   issued   pursuant   to   sections   twenty-seven   hundred
  ninety-nine-ss  and  twenty-seven  hundred ninety-nine-tt of this title;
  provided, however, that upon any refunding or repayment of bonds  (which
  term  shall not, for this purpose, include bond anticipation notes), the
  total aggregate principal amount of outstanding bonds,  notes  or  other
  obligations  may  be greater than thirteen billion, five hundred million
  dollars ($13,500,000,000) only if  the  refunding  or  repayment  bonds,
  notes or other obligations were issued in accordance with the provisions
  of  subparagraph  (a) of subdivision two of paragraph b of section 90.10
  of the local finance law, as amended from time to time.  Notwithstanding
  the foregoing, bonds, notes or other obligations issued by the authority
  may be outstanding in an amount greater than the amount permitted by the
  preceding  sentence,  provided  that such additional amount at issuance,
  together with the amount of indebtedness contracted by the city  of  New
  York,  shall  not  exceed  the limit prescribed by section 104.00 of the
  local finance law. The authority shall have the power from time to  time
  to  refund  any  bonds  of  the  authority  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  of  the  authority  then  outstanding  and
  partly  to  pay the cost of any project pursuant to section twenty-seven
  hundred ninety-nine-ff of this title.  Bonds  issued  by  the  authority
  shall  be  payable  solely out of particular revenues or other moneys of
  the authority as may be designated in the proceedings of  the  authority
  under  which  the bonds shall be authorized to be issued, subject to any
  agreements entered into between the authority and the city, and  subject
  to  any  agreements  with  the holders of outstanding bonds pledging any
  particular revenues or moneys.
    2. The authority is authorized to obtain insurance, letters of  credit
  and  other credit or liquidity facilities related to bonds in accordance
  with paragraph a and paragraphs c through g of  section  168.00  of  the
  local finance law, as amended from time to time; provided, however, that
  the  board of directors of the authority shall make the determination as
  to "financially responsible parties" required under  the  local  finance
  law.
    3.  (a)  The authority (i) shall amortize its serial and term bonds in
  accordance with sections 11.00, 21.00 and 57.00 of the local finance law
  and its bond anticipation notes in accordance with section 23.00 of  the
  local  finance  law,  as amended from time to time, (ii) shall establish
  provisions relating to redemption of its bonds that conform with section
  53.00 of the local finance law, as amended  from  time  to  time,  (iii)
  subject   to   the  limitation  set  forth  in  paragraph  (b)  of  this
  subdivision, may issue bonds with variable rates of interest, and  enter
  into  agreements  related thereto, subject to the limitations prescribed
  in paragraphs a and c of section 54.90 of  the  local  finance  law,  as
  amended  from  time  to  time,  other than the limitation therein on the
  total principal amount of such variable rate bonds, and (iv)  shall  not
  issue  refunding bonds without meeting the standards of subparagraph (a)
  or (b) of subdivision two of paragraph b of section 90.10 of  the  local

  finance  law,  as  amended  from  time  to  time. In addition, except as
  provided in this title, bonds of the authority shall be subject  to  all
  other provisions of the local finance law, as amended from time to time,
  applicable to bonds of the city of New York, except where application of
  such  law  to  bonds  of the authority would be inappropriate. Functions
  assigned by such law to the mayor, comptroller, finance board and  chief
  fiscal  officer  shall,  to  the  extent  not performed by such officers
  pursuant to this title, be reserved or delegated by the directors of the
  authority.
    (b) The authority shall not issue variable rate bonds pursuant to this
  section in an amount outstanding at issuance exceeding twenty percent of
  the limit prescribed by subdivision one of this section, excluding bonds
  (i) bearing interest at rates and for periods of time that are specified
  without reference  to  future  events  or  contingencies,  or  (ii)  the
  interest  rate  on  which  is  reasonably expected to be equivalent to a
  fixed rate over time in conjunction with other bonds  or  by  reason  of
  payments  made pursuant to agreements with financially responsible third
  parties.
    4. The directors may delegate to the chairperson of the authority  the
  power to set the final terms of bonds.
    5.  Whenever  the  authority  shall determine that the issuance of its
  bonds is appropriate, which  determination  shall  occur  at  a  minimum
  whenever  necessary  to  reimburse  the  city  for project capital costs
  incurred by the city, the mayor and the comptroller shall make  a  joint
  recommendation  as  to  the  arrangements necessary for the issuance and
  sale of such bonds including the underwriting of such bonds through  the
  public or, subject to approval of the state comptroller, private sale of
  such  bonds  and  such  recommendation  shall  include  compensation for
  services rendered as they deem appropriate. Subject  to  the  applicable
  provisions   of  subdivision  three  of  this  section,  the  mayor  and
  comptroller shall recommend  to  the  authority  the  price  or  prices,
  interest  rate  or  rates, maturities and other terms and conditions for
  the issuance of the bonds.  Following  such  recommendation,  the  bonds
  shall be authorized by resolution of the authority. The bonds shall bear
  interest  at  such  fixed  or  variable  rates  and  shall  be  in  such
  denominations, be in such form, either coupon or registered, be sold  at
  such  public or private sale, be executed in such manner, be denominated
  in United States' currency, be payable in such  medium  of  payment,  at
  such  place  and be subject to such terms of redemption as the authority
  may provide in such resolution. Such resolution and the minutes  of  the
  authority  related  thereto  shall  be  transmitted to the mayor and the
  comptroller who shall then approve  or  disapprove  the  bond  issuance.
  Approval  of  such  bond issuance shall be indicated by the execution of
  the  resolution  by  the  mayor  and  the  comptroller  whereupon   such
  resolution  shall come into full force and effect in accordance with its
  terms.
    6. 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 part of its  revenues,  together  with  any  other
  moneys,  securities  or  contracts,  to secure the payment of the bonds,
  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) limitations on the issuance of additional bonds,  the  terms  upon
  which  additional  bonds  may be issued and secured and the refunding of
  bonds;
    (e)  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;
    (f) 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 trustee appointed  by
  the  bondholders pursuant to section twenty-seven hundred ninety-nine-oo
  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; and
    (g) 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.
    7.  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 for the benefit of the
  bondholders as the authority may deem necessary, convenient or desirable
  concerning the use or disposition  of  its  revenues  or  other  moneys,
  including  the  entrusting,  pledging  or creation of any other security
  interest in any  such  revenues,  moneys  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.
    8. Notwithstanding any provision of the uniform commercial code to the
  contrary, 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.
    9. 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.
    10. Neither the directors of the authority nor  any  person  executing
  bonds  shall  be liable personally thereon or be subject to any personal
  liability or accountability solely by reason of  the  issuance  thereof.
  The  bonds  or other obligations of the authority shall not be a debt of
  either the state or the city, and neither the state nor the  city  shall
  be liable thereon, nor shall they be payable out of any funds other than

  those of the authority; and such bonds shall contain on the face thereof
  a statement to such effect.
    11. The authority, subject to such agreements with bondholders as then
  may  exist,  shall  have power to purchase bonds of the authority out of
  any moneys available therefore, which shall thereupon be cancelled.