* § 1599-iii. Bonds of the authority. (a) The authority shall have the
power and is hereby authorized from time to time to issue its negotiable
bonds in conformity with applicable provisions of the uniform commercial
code for any purpose mentioned in section fifteen hundred
ninety-nine-ddd hereof, 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
purposes, 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-five per cent of the bonded indebtedness limitation
from time to time imposed by section 104.00 of the local finance law
upon bonded indebtedness of the village 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. Except as may
otherwise be 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.

(b) 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
thirty years from their respective dates, bear interest at such rate or
rates, not exceeding six per centum per annum payable annually or
semiannually, 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 five
per centum per annum.

(c) 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

(1) 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;

(2) 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;

(3) the setting aside of reserves or sinking funds, and the regulation
and disposition thereof;

(4) limitations on the right of the authority to restrict and regulate
the use of a project;

(5) 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;

(6) 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;

(7) 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;

(8) limitations on the amount of moneys derived from a project to be
expended for operating, administrative or other expenses of the
authority;

(9) 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-ppp 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;

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

(d) 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.

(e) 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.

(f) 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.

(g) 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-hhh 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-ppp upon a trustee appointed by bondholders.

* NB Authority ceased to exist 06/01/1976

* NB There are 2 § 1599-iii's