Section 1840-E. Issuance of bonds and notes by the authority

1. (a) The
  authority shall have the power and is hereby authorized to borrow  money
  and to issue its negotiable bonds and notes in such principal amounts as
  the  authority  shall  determine  to  be necessary to provide sufficient
  funds for achieving its corporate purpose, provided, however, that  such
  amounts shall be within any limits of authorized indebtedness prescribed
  under the provisions of section eighteen hundred forty-h of this title.
    (b)  The  authority  shall  have the power, from time to time to issue
  renewal notes; bonds to pay notes, including the interest thereon;  and,
  whenever  it  deems refunding expedient, to refund any bonds by 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 hereinafter described.
    (c)  The  bonds  and  notes of every issue, except as may otherwise be
  expressly provided by the authority, shall be special obligations of the
  authority payable solely from revenues derived  from  any  loan,  lease,
  sale,  or other disposition of a project, subject only to any agreements
  with the holders of particular bonds or notes  pledging  any  particular
  moneys or revenues.
    (d)  The  bonds  and  notes of the authority shall be of such form and
  character as to be negotiable instruments pursuant to article  eight  of
  the uniform commercial code.
    2.  (a)  The  bonds and notes shall be authorized by resolution of the
  authority, and shall bear such date and shall mature  at  such  time  or
  times as such resolution may provide, except that no note or any renewal
  thereof shall mature more than five years after the date of issue of the
  original  note. The bonds may be issued as serial bonds or as term bonds
  or as a combination thereof. The bonds and notes shall bear interest  at
  such  rate  or  rates, be in such denominations and 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 of redemption as provided by such
  resolution or resolutions.
    (b) The bonds and notes may be sold at public or private sale at  such
  price or prices as the authority with the approval of the comptroller or
  any  municipal  agency,  pursuant  to  the provision of section eighteen
  hundred forty-h of this title, may determine. The bonds of the authority
  shall be sold not less than six nor more than forty days after a  notice
  of  such sale has been published at least once in a newspaper of general
  circulation published in Nassau and Suffolk counties.
    3. Any resolution or resolutions authorizing any bonds or notes or any
  issue thereof may  contain  provisions,  which  shall  be  part  of  the
  contract  with  the  holders  of  bonds or notes issued pursuant to such
  resolution, relating to:
    (a) pledging all or any part of the revenues derived  from  any  loan,
  lease, sale or other disposition of a project or projects, or all or any
  part of other revenues to secure the payment of the bonds or notes or of
  any  issue  thereof,  subject  to  such  agreements  with bondholders or
  noteholders as may then exist;
    (b) the rentals, fees, and  other  charges  to  be  charged,  and  the
  amounts  to  be raised in each year thereby, and the use and disposition
  of the revenues;
    (c) the setting aside of reserves or sinking funds, and the regulation
  and disposition thereof;
    (d) limitations on the right of the agency to  restrict  and  regulate
  the use of a project;
    (e)  limitations  on  the purpose to which the proceeds of sale of any
  issue of bonds or notes then or thereafter to be issued may  be  applied

  and  pledging  such proceeds to secure the payment of the bonds or notes
  or any issue thereof;
    (f)  limitations  on  the  issuance  of additional bonds or notes; the
  terms upon which additional bonds or notes may be  issued  and  secured;
  and the refunding of outstanding or other bonds or notes;
    (g)  the  procedure,  if  any, by which the terms of any contract with
  bondholders or noteholders may be amended or abrogated,  the  amount  of
  bonds or notes the holders of which must consent thereto, and the manner
  in which such consent may be given;
    (h) vesting in a trustee or trustees such property, rights, powers and
  duties  in trust as the authority may determine which may include any or
  all the rights, powers and duties  of  the  trustees  appointed  by  the
  bondholders  or  noteholders and limiting or abrogating the right of the
  bondholders or noteholders to appoint a trustee or limiting the  rights,
  duties and powers of trustee;
    (i)  the  acts or omissions to act which shall constitute a default in
  the obligations and duties of the authority to the holders of the  bonds
  or notes and providing for the rights and remedies of the holders of the
  bonds  or  notes  in  event  of  such  default,  including  the right to
  appointment of a receiver; providing,  however,  that  such  rights  and
  remedies shall not be inconsistent with any provision of law; and
    (j)  any  other  matters, of like or different character, which in any
  way affect the security or protection of the holders  of  the  bonds  or
  notes.
    4.  It  is the intention of this title that any pledge made in respect
  of such bonds or notes shall be valid and binding from the time when the
  pledge is made; that the money or property  so  pledged  and  thereafter
  received  by  the  authority shall immediately be subject to the lien of
  such pledge without any physical delivery thereof or  further  act;  and
  that  the  lien of any such pledge shall be valid and binding as against
  all parties having claims of any kind in  tort,  contract  or  otherwise
  against  the  authority irrespective of whether such parties have notice
  thereof.  Neither  the  resolution,  trust  indenture  nor   any   other
  instrument by which a pledge is created need be recorded.
    5.  The  authority  may  make  and  enter  into all such covenants and
  agreements with respect to accounting for or paying  its  expenses  with
  holders  of  any  of its bonds and notes, or of any issue thereof, as it
  may determine to be necessary and desirable.
    6. Neither the members of the authority nor any person  executing  the
  bonds  or  notes  shall be liable personally on the bonds or notes or be
  subject to any personal liability or accountability  by  reason  of  the
  issuance thereof.