§ 1232-g. 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, not to exceed three hundred fifty million dollars
($350,000,000), as it may determine to be necessary to pay the cost of
any project or for any other of its corporate purposes, including the
establishment of reserves to secure the bonds, the payment of principal
of, premium, if any, and interest on the bonds and the payment of
incidental expenses in connection therewith. The aggregate principal
amount of such bonds, notes or other obligations shall exclude bonds,
notes or other obligations issued to refund or otherwise repay bonds,
notes or other obligations theretofore issued for such purpose. The
authority shall have power from time to time to refund any bond,
including bonds of the county issued to pay the cost of any project, 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 of the authority. 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 to priority only to any agreements with the
holders of outstanding bonds pledging any particular property, revenues,
earnings or moneys. The authority may also enter into loan agreements,
lines of credit and other security agreements and obtain for or on its
behalf letters of credit, insurance, guarantees or other credit
enhancements to the extent available, in each case for securing its
bonds or to provide direct payment of any costs that the authority is
authorized to pay.

2. Bonds shall be authorized by resolution of the authority, be in
such denominations, 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 or within the applicable period of probable
usefulness of the object or purpose financed as set forth in the local
finance law assuming such provision was applicable, whichever is less.
Bonds shall be subject to such terms of redemption, bear interest at
such rate or rates, be payable at such times, be 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 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, shall be sold
by the authority at private sale unless such sale and the terms thereof
have been approved in writing by the comptroller, or by the state
director 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.

3. The authority shall have the power and is hereby authorized to
assume any bonds of the county issued and sold to the New York state
environmental facilities corporation and in connection therewith to
issue its bonds to the New York state environmental facilities
corporation in substitution therefor.

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 revenues of the authority,
together with any other moneys or property of the authority to secure
the payment of the bonds or any costs of the issuance thereof, including
but not limited to any contracts, earnings or proceeds of any grant to
the authority received from any private or public source, subject to
such agreements with bondholders as may then exist;

(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) 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;

(e) 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;

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

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

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

(i) 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 twelve hundred thirty-two-h 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;

(j) 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; notwithstanding any provision to the
contrary, nothing contained in this title shall be deemed to restrict
the right of the state or county of Nassau to amend, modify or otherwise
alter laws, ordinances, resolutions or agreements imposing or relating
to taxes or fees or appropriations relating thereto. The authority shall
not include in any resolution or contract or agreement with the holder
of its bonds any provision which provides that a default shall occur as
a result of the state or county exercising its right to amend, modify or
otherwise alter laws, ordinances, resolutions or agreements imposing or
relating to taxes or fees or appropriations relating thereto;

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

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

(m) 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

(n) 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 conferred by this section upon the
authority to secure its bonds, the authority shall have power in
connection with the issuance of bonds to adopt resolutions and enter
into such trust indentures, agreements or other instruments 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 properties 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 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. Notwithstanding any provision of the uniform commercial code to the
contrary, 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 the 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 the power, out of any moneys available therefor,
to purchase bonds of the authority, which shall thereupon be cancelled.

10. The authority shall have the power and is hereby authorized to
issue negotiable notes only for the purpose of paying the cost of any
project or for any other of its corporate purposes in conformity with
applicable provisions of the uniform commercial code and may renew the
same from time to time but the maximum maturity of any such note,
including renewals thereof, shall not exceed five years from the date of
issuance of such original note.