* § 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
hereof, as well as to pay such expenses, premiums and commissions as may
be deemed by the board necessary or desirable to or in connection with
the acquisition, construction, reconstruction, improving, equipping and
furnishing of any project and the financing thereof, including surveys,
planning, provisions for capitalized interest, reserve funds and
appropriate feasibility studies, and for the placing of the project or
projects in operation and to secure the payment of the same by,
including but not limited to, a pledge of the revenues of the authority
or by a lien on the property of the authority. 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, payment or redemption of the
bonds to be refunded. The amount of bonds issued by the authority shall
not exceed twenty-five million dollars outstanding at any one time. 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, 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 any particular bonds
pledging any particular moneys or revenues. Notwithstanding the fact
that the bonds may be payable from a special fund, if they are otherwise
of such form and character as to be negotiable instruments under article
eight of the uniform commercial code the bonds shall be and are hereby
made negotiable instruments within the meaning of and for all the
purposes of article eight of the uniform commercial code, subject only
to the provisions of the bonds for registration.

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, guaranty or other credit
support device, to the extent now or hereafter available, as to, or for
the payment or repayment of interest of principal, or both, 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 guaranty,
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. The bonds shall be authorized by resolution of the board and shall
bear such date or dates, mature at such time or times, except that bonds
and any renewal thereof shall mature within thirty years of the date of
their original issuance, bear interest at such rate or rates as such
resolution or resolutions may provide, be payable at such times, be in
such denominations, be in such form, either coupon or registered, carry
such privileges, be executed in a 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 provided, however, that no issue of
bonds may be sold at private sale unless the terms of such sale shall
have been approved in writing by (i) the comptroller, where such sale is
not to such comptroller, or (ii) the state director of the budget, where
such sale is to the comptroller. The foregoing provisions shall be
applicable to bonds issued by the authority notwithstanding the
provisions of any other general, special or local law to the contrary.

4. 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,
together with any other moneys, securities, contracts or property of the
authority 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
earnings and the other revenues;

(c) the setting aside of reserves and the creation of 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) the creation of special funds into which any revenues or other
moneys of the authority may be deposited;

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

(k) 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 the rights, powers and duties of the trustees appointed by the
bondholders pursuant to section fifteen hundred ninety-nine-p 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;

(l) 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;

(m) limitations on the power of the authority to sell or otherwise
dispose of its properties or any part thereof;

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

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

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

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 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. 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.

7. 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.

8. The authority shall have power out of any funds available therefor
to purchase bonds upon such terms and conditions as the authority may
determine. The authority may hold, cancel or resell such bonds, subject
to and in accordance with agreements with bondholders.

9. 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-p upon a trustee appointed by bondholders.

* NB Authority ceased to exist 08/05/2002

* NB There are 4 § 1599-i's