Section 54. Bonds

1. The Utica transit authority shall have the power, and
  is hereby authorized, from time to time to borrow money and issue  bonds
  in  such amounts and upon such terms as it may deem advisable for any of
  the purposes of this article. Bonds, except those for the acquisition of
  any  omnibus  for  the  acquisition,  construction,  reconstruction   or
  improvement  of  any  omnibus capital facility and any capital equipment
  used in connection therewith may be issued  for  periods  not  exceeding
  thirty  years  and  for  a  period  not exceeding the probable life of a
  municipal project which said period shall be calculated from the date of
  the bonds. Bonds for the acquisition of any omnibus may  be  issued  for
  periods  not  exceeding  ten  years  and  for a period not exceeding the
  probable life of such equipment which said periods shall  be  calculated
  from  the date of the bonds. The Utica transit authority shall also have
  power to issue refunding bonds for the purpose  of  paying  or  retiring
  bonds  previously  issued by it but no such refunding bonds shall mature
  later than the expiration  of  the  maximum  period  permitted  by  this
  subdivision  at the time of the issuance of the bonds to be refunded for
  the municipal project for which such  bonds  were  issued.  Such  period
  shall be construed to commence from the date of issuance of the bonds to
  be refunded.
    2. The Utica transit authority is authorized to issue, whenever it may
  deem  it  necessary  to do so, notes at a rate of interest not exceeding
  seven and one-half per cent per annum in anticipation  of  the  sale  of
  bonds.  Such  notes  shall mature within a period not to exceed one year
  from the date of their issue but may be made subject  to  the  right  of
  earlier  payment.  The  proceeds of the sale of such notes shall be used
  only for the purposes for which may be used the proceeds of the sale  of
  bonds. Any such notes may be renewed or may be refunded through the sale
  of  similar notes but no such renewal or refunding notes shall be issued
  after the sale of bonds. Such notes, renewal notes  or  refunding  notes
  shall  not  mature  beyond  one  year  after completion of the municipal
  project. Except as may be provided otherwise in this article, the  Utica
  transit  authority  shall  have  the  same powers in connection with the
  issuance and securing the payment of its notes as it has  in  connection
  with the issuance and securing payment of its bonds.
    3.  The Utica transit authority may issue its interim certificates, or
  other temporary obligations, to  the  purchaser  of  bonds  pending  the
  authorization,  preparation,  execution or delivery of definitive bonds.
  Such interim certificates, or other temporary obligations, shall  be  in
  such form, contain such terms, conditions and provisions, bear such date
  or  dates,  and  evidence such agreements relating to their discharge or
  payment or to the delivery of definitive bonds as the authority  may  by
  resolution determine.