* § 157. Bonds of the authority. 1. The authority shall have power and
is hereby authorized from time to time to issue its negotiable bonds in
conformity with applicable provisions of the uniform commercial code in
the aggregate principal amount of not exceeding ten million, fifty
thousand dollars outstanding at any one time. 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 purposes. In computing the total amount of bonds of
the authority which may at any time be outstanding the amount of the
outstanding bonds to be refunded from the proceeds of the sale of new
bonds or by exchange for new bonds shall be excluded. Except as may
otherwise be expressly provided by the authority, every issue of the
bonds shall be general obligations payable out of any moneys or revenues
of the authority, subject only to any agreements with the holders of
particular bonds pledging any particular revenues.

2. Such bonds shall be authorized by resolution of the board and shall
bear such date or dates, mature at such time or times, not exceeding
forty years from their respective dates, bear interest at such rate or
rates, not exceeding five per centum per annum payable semi-annually, be
in such denominations, 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 of redemption, as such resolution or resolutions
may provide. Such bonds may be sold at public or private sale for such
price or prices as the authority shall determine.

3. Such bonds may be issued for any corporate purpose of the authority
including payment of the cost of the acquisition of any additional
lands, easements or rights in land which may hereafter be acquired for
Jones Beach parkway or Captree bridge or Captree parkway or any other
improvements that the authority is authorized to construct.

4. Any resolution or resolutions authorizing any bonds may contain
provisions, which shall be a part of the agreement with the holders of
the bonds, as to (a) pledging the revenues of Jones Beach parkway and
Captree bridge and Captree parkway and any improvements operated by the
authority, or any part of such revenues to secure the payment of the
bonds or of any issue of the bonds;

(b) the rates of the tolls and rentals to be charged and of other
charges to be made, and the amount to be raised in each year in revenues
of any kind 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 commission and of the authority
and their successors to restrict and regulate the use of Jones Beach
parkway, Captree bridge, Captree parkway, or any other improvement in
connection with which such bonds are issued;

(e) limitations on the purposes to which the proceeds of the sale of
any issue of bonds then or thereafter to be issued may be applied and
pledging such proceeds to the payment of the bonds on such terms and
conditions as the resolution may provide;

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

(g) the procedure, if any, by which the terms of any agreement 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) limitations on the amount of revenues derived from Jones Beach
parkway, Captree bridge, Captree parkway or any improvement operated by
the authority to be expended for operating, administrative or other
expenses of the authority;

(i) 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 of the rights, powers and duties of the trustee appointed by the
bondholders pursuant to section one hundred sixty-two hereof, and
limiting or abrogating the right of the bondholders to appoint a trustee
under section one hundred sixty-two hereof or limiting the rights,
duties and powers of such trustee;

(j) any other matters of like or different character which in any way
affect the security or protection of the bonds.

4-a. Any resolution or resolutions authorizing any bonds or any issue
of bonds maturing in not exceeding ten years from their date (hereafter
in this subsection four-a referred to as "short term obligations") may
contain, in addition to all other provisions authorized by this title,
provisions, which shall be a part of the agreement with the holders of
the short term obligations thereby authorized, as to (a) refunding the
short term obligations by the issuance of bonds of the authority either
by the sale of bonds and the application of the proceeds to the payment
of the short term obligations or by the exchange of bonds for the short
term obligations; provided, however, that the authority shall make no
covenant to refund which shall require it to issue bonds, the aggregate
principal amount of which shall exceed by more than ten per centum the
aggregate principal amount of the short term obligations to be refunded
thereby;

(b) satisfying, paying or discharging the short term obligations, at
the election of the authority, by the tender or delivery of bonds of the
authority in exchange therefor; provided, however, that the aggregate
principal amount of bonds shall not exceed by more than ten per centum
the aggregate principal amount of the short term obligations to satisfy,
pay or discharge which the bonds are tendered or delivered;

(c) exchanging or converting the short term obligations, at the
election of the holder thereof, for or into bonds of the authority;
provided, however, that the aggregate principal amount of the bonds
shall not exceed by more than ten per centum the aggregate principal
amount of the short term obligations to be exchanged for or converted
into bonds;

(d) pledging bonds of the authority as collateral to secure payment of
the short term obligations and providing for the terms and conditions of
the pledge and manner of enforcing the pledge, which terms and
conditions may provide for the delivery of the bonds in satisfaction of
the short term obligations; provided, however, that the aggregate
principal amount of the bonds pledged shall not exceed by more than ten
per centum the aggregate principal amount of the short term obligations
to secure which they are pledged;

(e) depositing bonds in escrow or in trust with a trustee or fiscal
agent or otherwise providing for the issuance and disposition of the
bonds as security for carrying out any provisions in any resolution
adopted pursuant to the foregoing paragraphs (a), (b), (c) and (d)
hereof and providing for the powers and duties of the trustee or fiscal
agent or other depositary and the terms and conditions on which the
bonds are to be issued, held and disposed of;

(f) any other matters of like or different character which relate to
any provision or provisions of any resolution adopted pursuant to the
foregoing paragraphs (a), (b), (c), (d) and (e) hereof.

In computing the amount of bonds of the authority which may be
outstanding at any one time, short term obligations shall be excluded to
the extent that the resolution authorizing the issuance of such short
term obligations shall provide for the issuance of bonds pursuant to
paragraphs (a), (b), (c) or (d) of this subsection, but the bonds
provided to be issued by such resolution shall be included in making
such computation whether or not such bonds are outstanding.

The authority shall have power to make contracts for the future sale
from time to time of short term obligations, by which the purchasers
shall be committed to purchase short term obligations from time to time
on the terms and conditions stated in such contracts, and the authority
shall have power to pay such consideration as it shall deem proper for
such commitments.

5. It is the intention hereof that any pledge of revenues or other
moneys made by the authority shall be valid and binding from the time
when the pledge is made; that revenues or other moneys 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 nor any other instrument by
which a pledge is created need be recorded.

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

7. For the purpose of refunding or reducing its debt the authority
shall have power out of any funds available therefor to purchase any
bonds issued by it at a price not more than one hundred and five per
centum of the principal amount thereof and accrued interest. The
authority may hold, cancel or resell such bonds, subject to and in
accordance with agreements with bondholders.

* NB (Authority abolished June 30, 1978)