§ 1976. 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
for any corporate purpose, including incidental expenses in connection
therewith. 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 corporate purpose. Except as may be otherwise expressly
provided by the authority, every issue of bonds by the authority shall
be general obligations payable out of any moneys, earnings, or revenues
of the authority, subject only to any agreements with the holders of
particular bonds, pledging any particular moneys, earnings or revenues.

* NB There are two sub one's

* 1. The authority shall have power and is hereby authorized from time
to time to issue its negotiable bonds for any corporate purpose,
including incidental expenses in connection therewith. 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
corporate purpose. Except as may be otherwise expressly provided by the
authority, every issue of bonds by the authority shall be general
obligations payable out of any moneys, earnings, or revenues of the
authority, subject only to any agreements with the holders of particular
bonds, pledging any particular moneys, earnings or revenues. Whether or
not the bonds are 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.

* NB There are two sub one's

2. The bonds shall be authorized by resolution of the authority and
shall bear such date or dates, mature at such time or times, bear
interest at such rate or rates, 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 prior to
maturity as such resolution or resolutions may provide.

3. All bonds of the authority shall be sold at public or private sale
as may be determined by the authority.

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 moneys, earnings, income and
revenues derived from the project to secure the payment of the bonds or
of any issue of the bonds, subject to such agreements with bondholders
as may then exist;

(b) the rates, rentals, fees and other charges to be fixed,
established and collected and the amounts to be raised in each year
thereby, and the use and disposition of the earnings and 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 the project;

(e) limitations on the purposes to which and the manner in which the
proceeds of sale of any bonds or any issue of bonds may be applied;

(f) limitations on the issuance of additional bonds, the terms upon
which additional bonds may be issued and secured, and the refunding of
outstanding bonds 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) the creation of special funds into which any earnings or revenues
of the authority may be deposited;

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

(j) 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 nineteen hundred eighty-three of this
title, and limiting or abrogating the right of the bondholders to
appoint a trustee under such section or limiting the rights, powers and
duties of such trustee;

(k) defining the acts or omissions to act which shall constitute a
default in the obligations and duties of the authority to the
bondholders and providing 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 this state
and other provisions of this title;

(l) limitations on the power of the authority to sell or otherwise
dispose of its properties;

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

(n) the protection and enforcement of the rights and remedies of the
bondholders;

(o) the obligations of the authority in relation to the construction,
maintenance, operation, repairs and insurance of the project and the
safeguarding and application of all moneys;

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

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

5. It is the intention of the legislature that any pledge of earnings,
revenues or other moneys made by the authority shall be valid and
binding from the time when the pledge is made; that the earnings,
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 authority nor any person executing the
bonds or other obligations shall be liable personally on the bonds or
other obligations or be subject to any personal liability or
accountability by reason of the issuance thereof.

7. The authority shall have power out of any funds available therefor
to purchase (as distinguished from the power of redemption hereinabove
provided) any bonds, and all bonds so purchased shall be cancelled.

8. 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, and the custody, safeguarding and application
of all moneys. The authority may provide by such trust indenture for the
payment of the proceeds of the bonds and the revenues of the project 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. If the bonds shall be secured by a trust
indenture the bondholders shall have no authority to appoint a separate
trustee to represent them.