Section 1657. Bonds of the authority

1. The industrial exhibit authority
  shall have power and is hereby authorized from time  to  time  to  issue
  negotiable bonds in conformity with applicable provisions of the uniform
  commercial  code for any corporate purpose of the authority in an amount
  not exceeding nine hundred fifty thousand dollars. In  addition  to  the
  foregoing  amount,  the  authority is hereby authorized to issue further
  negotiable bonds, or notes or other obligations  in  an  amount  not  to
  exceed two million dollars for the improvement of the state fair grounds
  and  the holding of the Hambletonian stakes and other associated events,
  when based upon reasonable assurance that such  racing  events  will  be
  held  at the state fair grounds and when the authority in its discretion
  determines that such improvements are necessary for the holding of  such
  racing  events.  Such  notes or other obligations shall be authorized by
  resolution of the authority, shall bear such date or dates and mature at
  such time or times and bear interest  at  such  rate  or  rates  as  the
  authority  shall  determine. Such notes or other obligations may be sold
  by the authority  at  public  or  private  sale  as  the  authority  may
  determine  and  may  be  secured  by  a  lien  upon property held by the
  authority. Such notes or other obligations of the authority shall not be
  sold at private sale unless such sale and the terms have  been  approved
  in writing by the director of the budget. 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.  Except  as  may  be otherwise expressly provided by
  contract between the authority and the holders of its bonds,  all  bonds
  of  the authority shall be general obligations payable out of any moneys
  or revenues of the authority, subject only to any  agreements  with  the
  holders  of particular bonds the payment of which is secured by a pledge
  of particular moneys or revenues.
    2. Such bonds shall be authorized by resolution of the board and shall
  bear such date or dates, mature at such time  or  times,  not  exceeding
  thirty  years from their respective dates, bear interest at such rate or
  rates, as determined by the authority, be in such denominations,  be  in
  such   form,  either  coupon  or  registered,  carry  such  registration
  privileges, be executed in such manner, be payable in  lawful  money  of
  the  United States of America at such place or places, and be subject to
  such terms of redemption prior to  maturity,  at  par  or  a  price  not
  exceeding  one  hundred  three  per  centum  of  the face value, as such
  resolution or resolutions may provide. All bonds shall be sold at public
  sale upon sealed bids, after public notice,  to  the  bidder  who  shall
  offer  the lowest interest cost to the authority to be determined by the
  board; provided that bonds may be sold at private sale, without  notice,
  to  the United States of America or any federal agency thereof or to the
  state of New York or to any sinking fund or pension fund of the state of
  New York or any municipality  thereof.  The  notice  of  sale  shall  be
  published  at  least  once,  not  less than ten nor more than forty days
  before the  date  of  sale,  in  a  financial  newspaper  published  and
  circulated  in  the  city  of  New York and designated by the board. The
  notice shall call for the receipt of sealed bids and shall fix the date,
  time and place of sale.
    3. Any resolution or resolutions authorizing the issuance of any bonds
  may contain provisions, which  shall  be  a  part  of  the  contract  or
  contracts with the holders of the bonds thereby authorized, which may:
    (a) pledge the revenues of the authority to secure the payment of such
  bonds;
    (b) give to any such bonds a prior charge upon such revenues;

    (c)  require  such  revenues  to  be  set  aside for sinking funds and
  reserve funds, safe-guarding the deposit, use and investment thereof;
    (d)  limit  or  restrict  the  power of the authority under this title
  insofar as the same may be deemed advisable to  secure  the  payment  of
  such bonds;
    (e)  limit  the power of the authority to issue additional obligations
  or restrict such power by relation to the revenues of the authority  and
  with  respect  to  the  purposes  thereof and the use of the proceeds or
  otherwise;
    (f) authorize the appointment of a trustee or receiver as provided  in
  section  thirteen  hundred sixty-one, limit the rights of bondholders to
  enforce their bonds by  independent  action,  and  in  the  event  of  a
  receivership  require the return of all properties to the authority when
  the bonds are paid or redeemed and all costs paid;
    (g) contain  any  other  provisions  reasonably  necessary  or  deemed
  advisable  to  secure  and provide for the payment of said bonds and the
  rights and remedies of the holders thereof;
    (h) provide  for  the  form  of  such  bonds,  coupon,  registered  or
  registerable  coupon, and for ascertaining the owners or holders thereof
  for any purpose;
    (i) provide for the amendment of any such resolution in  any  respect,
  and  the  amount  of  bonds the holders of which must consent thereto or
  whose objection thereto after published or written  notice  may  prevent
  such amendment.
    4.  In  computing the total amount of bonds of the authority which may
  at any time be outstanding the amount of the  outstanding  bonds  to  be
  refunded  from  the proceeds of the sale of new bonds or by exchange for
  new bonds shall be excluded.
    * NB Repealed October 6, 2009