* § 1599-i. Bonds of the authority. 1. The authority shall have the
power and is hereby authorized from time to time to issue its negotiable
bonds for any purpose mentioned in section fifteen hundred ninety-nine-d
of this title, including the acquisition, construction, reconstruction
and repair of personal and real property of all kinds deemed by the
board to be necessary or desirable to carry out such purpose, as well as
to pay such expenses as may be deemed by the board necessary or
desirable to the financing thereof and placing the project or projects
in operation in the aggregate principal amount of not exceeding twenty
million dollars outstanding at any one time. The authority shall have
power from time to time and whenever it deems refunding expedient, 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 purpose hereinabove
described. The refunding bonds may be exchanged for the bonds to be
refunded with such cash adjustments as may be agreed, or may be sold and
the proceeds applied to the purchase or payment of the bonds to be
refunded. 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; provided, however, that bonds issued or to
be issued shall be excluded from such limitation if such bonds are
issued to refund bonds of the authority issued in connection with such
purposes and the present value of the aggregate debt service on the
refunding bonds does not exceed the present value of the aggregate debt
service on the bonds refunded thereby. For purposes hereof, the present
value of the aggregate debt service of the refunding bonds and the
aggregate debt service of the bonds refunded, shall be calculated by
utilizing the true interest cost of the refunding bonds, which shall be
that rate arrived at by doubling the semi-annual interest rate
(compounded semi-annually) necessary to discount the debt service
payments on the refunding bonds from the payment dates thereof to the
date of issue of the refunding bonds to the purchase price of the
refunding bonds, including interest accrued thereon prior to the
issuance thereof. Except as may otherwise be expressly provided by the
authority, the bonds of every issue shall be general obligations of the
authority payable out of any moneys or revenues of the authority,
subject only to any agreements with the holders of particular bonds
pledging any particular moneys or revenues. Whether or not the bonds are
of such form and character as to be negotiable instruments under the
terms of the general obligations law (constituting chapter twenty-four-a
of the consolidated laws) the bonds shall be and are hereby made
negotiable instruments within the meaning of and for all the purposes of
the general obligations law, subject only to the provisions of the bonds
for registration.

2. The bonds shall be authorized by resolution of the board and shall
bear such date or dates, mature at such time or times, not exceeding
twenty years from their respective dates, bear interest at such rate or
rates, not exceeding the rate of interest prescribed for serial bonds by
the local finance law, be in such denominations, be in such form, either
coupon or registered, carry such registration privileges, be executed in
such manner, be payable in lawful money of the United States of America
at such place or places, and be subject to such terms of redemption, as
such resolution or resolutions may provide. The bonds may be sold at
public or private sale for such price or prices as the authority shall
determine, but which shall not at the time of sale yield more than the
rate of interest prescribed for serial bonds by the local finance law.

3. Any resolution or resolutions authorizing any bonds or any issue of
bonds may contain provisions, which shall 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 a project or projects
to secure the payment of the bonds, subject to such agreements with
bondholders as may then exist;

(b) the rentals, fees and other charges to be charged, and the amounts
to be raised in each year thereby, 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 authority to restrict and regulate
the use of a project;

(e) limitations on the purpose to which the proceeds of sale of any
issue of bonds then or thereafter to be issued may be applied and
pledging such proceeds to secure the payment of the bonds or of any
issue of the bonds;

(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 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) limitations on the amount of moneys derived from a project 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 fifteen hundred ninety-nine-o of this
title hereof, and limiting or abrogating the right of the bondholders to
appoint a trustee under said section 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. 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 the 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.

5. Neither the members of the authority 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.

6. The authority shall have power out of any funds available therefor
to purchase bonds. The authority may hold, cancel or resell such bonds,
subject to and in accordance with agreements with bondholders.

7. In the discretion of the authority, the bonds may be secured by a
trust indenture by and between the authority and a corporate trustee,
which may be any trust company or bank having the powers of a trust
company in the state of New York. Such trust indenture may contain such
provisions for protecting and enforcing the rights and remedies of the
bondholders as may be reasonable and proper and not in violation of law,
including covenants setting forth the duties of the authority in
relation to the construction, maintenance, operation, repair and
insurance of the project or projects, and the custody, safeguarding and
application of all moneys, and may provide that the project or projects
shall be constructed and paid for under the supervision and approval of
consulting engineers. Notwithstanding the provisions of section fifteen
hundred ninety-nine-h of this title, the authority may provide by such
trust indenture for the payment of the proceeds of the bonds and the
revenues of the project or projects to the trustee under such trust
indenture or other depository, and for the method of disbursement
thereof, with such safeguards and restrictions as it may determine. All
expenses incurred in carrying out such trust indenture may be treated as
a part of the cost of maintenance, operation, and repairs of the project
or projects. If the bonds shall be secured by a trust indenture, the
bondholders shall have no authority to appoint a separate trustee to
represent them, and the trustee under such trust indenture shall have
and possess all of the powers which are conferred by section fifteen
hundred ninety-nine-o of this title upon a trustee appointed by
bondholders.

* NB Authority ceased to exist 12/31/99

* NB There are 4 § 1599-i's