§ 1120-h. Bonds of the authority. 1. The authority shall have the
power and is hereby authorized from time to time to issue bonds in such
principal amounts as it may determine to be necessary to pay the cost of
any project or for any other corporate purpose, including incidental
expenses in connection therewith. The authority shall have power and is
hereby authorized to enter into such agreements and perform such acts as
may be required under any applicable federal legislation to secure a
federal guarantee of any bonds. 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. Bonds issued by the authority may be general
obligations secured by the faith and credit of the authority or may be
special obligations payable solely out of particular revenues or other
moneys as may be designated in the proceedings of the authority under
which the bonds shall be authorized to be issued, subject only to any
agreements with the holders of outstanding bonds pledging any particular
revenues, earnings, or moneys.

2. The authority is authorized to obtain from any department or agency
of the United States of America or the state or any nongovernmental
insurer or financial institution any insurance, guarantee or other
credit support device, to the extent now or hereafter available, as to,
or for the payment or repayment of interest or principal or premium, or
any of the foregoing, or any part thereof, on any bonds issued by the
authority and to enter into any agreement or contract with respect to
any such insurance or guarantee, except to the extent that the same
would in any way impair or interfere with the ability of the authority
to perform and fulfill the terms of any agreement made with the holders
of outstanding bonds of the authority.

3. Bonds shall be authorized by resolution of the authority, and may
be in such denominations and bear such date or dates and mature at such
time or times as such resolution may provide, except that bonds and any
renewals thereof shall mature within forty years from the date of
original issuance of any such bonds. Obligations with a maturity of five
years or less from the date of their original issuance may be designated
as notes. Bonds shall be subject to such terms of redemption, bear
interest at such rate or rates per annum payable at such times, be in
such form, 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 and conditions as such resolution may
provide. Bonds may be sold at public or private sale for such price or
prices as the authority shall determine, provided that no bonds of the
authority, other than obligations designated as notes, may be sold by
the authority at private sale unless such sale and the terms thereof
have been approved in writing by the comptroller, where such sale is not
to be to such comptroller, or by the state director of the division of
the budget, where such sale is to be to the comptroller. The authority
may pay all expenses, premiums and commissions which it may deem
necessary or advantageous in connection with the issuance and sale of
bonds.

4. 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 any part of the authority, together with any other
moneys or property of the authority to secure the payment of the bonds,
including, but not limited to, any contracts, earnings or proceeds of
any grant to the authority received from any private or public source;

(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) the rates, rents, fees and other charges to be fixed and collected
by the authority and the amount to be raised in each year thereby, and
the use and disposition of revenues;

(e) limitations on the right of the authority to restrict and regulate
the use of the project or part thereof in connection with which bonds
are issued;

(f) limitations on the issuance of additional bonds, the terms upon
which additional bonds may be issued and secured and the refunding of
outstanding or other bonds;

(g) the procedure, if any, by which the terms of any contract with
bondholders may be amended or abrogated, the amount of bonds the holders
of which must consent thereto, and the manner in which such consent may
be given;

(h) the creation of special funds into which any revenues or moneys
may be deposited;

(i) the terms and provisions of any trust, deed, mortgage or indenture
securing the bonds under which the bonds may be issued;

(j) 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 eleven hundred twenty-i 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;

(k) 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;

(l) limitations on the power of the authority to sell or otherwise
dispose of any project or any part thereof;

(m) limitations on the amount of revenues and other moneys to be
expended for operating, administrative or other expenses of the
authority;

(n) the payment of the proceeds of bonds, revenues and other moneys to
a trustee or other depository, and for the method of disbursement
thereof with such safeguards and restrictions as the authority may
determine; and

(o) any other matters of like or different character which may in any
way affect the security or protection of the bonds or the rights and
remedies of bondholders.

5. 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 as the authority may
deem necessary, convenient or desirable concerning the use or
disposition of its revenues or other moneys or property, including the
mortgaging of any of its property and the entrusting, pledging or
creation of any other security interest in any such revenues, moneys or
properties 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 the 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.

6. Any provision of the uniform commercial code to the contrary
notwithstanding, 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.

7. Whether or not the bonds 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 purposes of the uniform commercial code, subject only to the
provisions of the bonds for registration.

8. Neither the members of the authority nor any person executing bonds
shall be liable personally thereon or be subject to any personal
liability or accountability by reason of the issuance thereof.

9. The authority, subject to such agreements with bondholders as then
may exist, shall have power out of any moneys available therefor to
purchase bonds of the authority, which shall thereupon be cancelled, at
a price not exceeding:

(a) if the bonds are then redeemable, the redemption price then
applicable, plus accrued interest to the next interest payment date;

(b) if the bonds are not then redeemable, the redemption price then
applicable on the first date after such purchase upon which the bonds
become subject to redemption plus accrued interest to the next interest
payment date.