Section 55. Provisions of bonds

Bonds of the Utica transit authority shall
  be  authorized  by  its resolution and may be issued singly or in one or
  more series, and shall bear such date or dates, mature at such  time  or
  times, bear interest at such rate or rates, not exceeding seven per cent
  per  annum, be in such denomination or denominations, interchangeable or
  otherwise, be in such form, either  coupon  or  registered,  carry  such
  conversion  or  registration  privileges, have such rank or priority, be
  executed in such manner with or without authentication, and  be  subject
  to  such  terms of redemption with or without premium, and be secured in
  such manner, as such resolution may provide. The bonds may  be  sold  by
  the  authority  at public or private sale at such price or prices as the
  Utica transit authority may determine.