§ 2053-j. Bonds of the authority. 1. The authority shall have the
power and is hereby authorized from time to time to issue bonds or notes
in such principal amounts as it may determine to be necessary to pay the
cost of any project or for any other corporate purpose, including
incidental expenses in connection therewith. The authority shall have
power and is hereby authorized to enter into such agreements and perform
such acts as may be required under any applicable federal legislation to
secure a federal guarantee of any bonds. 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 purpose. Bonds issued by the authority may be general
obligations secured by the faith and credit of the authority or may be
special obligations payable solely out of particular revenues or other
moneys as may be designated in the proceedings of the authority under
which the bonds shall be authorized to be issued and subject to any
agreements with the holders of outstanding bonds pledging any particular
revenues or moneys. The authority may also enter into loan agreements,
lines of credit and other security agreements and obtain for or on its
behalf letters of credit in each case for securing its bonds or to
provide direct payment of any costs which the authority is authorized to
pay.

2. Bonds shall be authorized by resolution of the authority, be in
such denominations, bear such date or dates and mature at such time or
times as such resolution shall provide, except that notes and any
renewals thereof shall mature within five years from the date of the
original issuance and bonds and any renewals thereof shall mature within
thirty years from the date of the original issuance of any such bonds or
notes. The bonds and notes shall be subject to such terms of redemption,
bear interest at such rate or rates payable at such times, 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 and conditions as such
resolution may provide. Bonds may be sold at public or private sale for
such price or prices as the authority shall determine. Bonds of the
authority shall not be sold by the authority at private sale unless such
sale and the terms thereof have been approved in writing by the state
comptroller where such sale is not to be to such comptroller, or by the
state director of the budget where such sale is to said comptroller. The
authority may pay all expenses, premiums and commissions which it may
deem necessary or advantageous in connection with the issuance and sale
of bonds.

3. Any resolution or resolutions authorizing bonds or any issue of
bonds may contain provisions which may 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, other moneys or property
of the authority to secure the payment of the bonds, including but not
limited to, any assets, contracts, investment securities, earnings or
proceeds of any grant to the authority received from any private or
public source, subject to such agreements with bondholders as may then
exist;

(b) the setting aside of reserves and the creation of sinking funds
and the regulation and disposition thereof;

(c) limitations on the purpose to which the proceeds from the sale of
bonds may be applied;

(d) the rates, rents, fees and other charges to be fixed and collected
by the authority and the amount to be raised in each year thereby and
the use and disposition of revenues;

(e) limitations on the right of the authority to restrict and regulate
the use of the project or part thereof in connection with which bonds
are issued;

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

(i) the terms and provisions of any trust, deed or indenture securing
the bonds 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 trustees appointed by
the bondholders pursuant to section two thousand fifty-three-i of this
title and limiting or abrogating the rights of the bondholders to
appoint a trustee under such section or limiting the rights, duties and
powers of the trustee;

(k) 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;

(l) limitations on the power of the authority to sell or otherwise
dispose of any project or any part thereof;

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

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

(o) any other matters of like or different character which in any way
affect the security or protection of the bonds or the rights and
remedies of bondholders.

4. 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, consistent or desirable concerning the use of
disposition of its revenues or other moneys or property, including the
mortgaging of any property and the entrusting, pledging or creation of
any other security interest in any such revenues, moneys or property 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.

5. Any provision of the uniform commercial code to the contrary
notwithstanding, any pledge of or other security interest in revenues,
moneys, accounts, contract rights, general intangibles or other personal
property made or created by the authority shall be valid, binding and
perfected from the time when such pledge is made or other security
interest attaches without any physical delivery of the collateral or
further act, and the lien of any such pledge or other security interest
shall be valid, binding and perfected against all parties having claims
of any kind in tort, contract or otherwise against the authority
irrespective of whether or not such parties have notice thereof. No
instrument by which such a pledge or security is created nor any
financing statement need be recorded or filed.

6. Whether or not the bonds are of such form and character as to be
negotiable instruments under the terms of the uniform commercial code,
the bonds are hereby made negotiable instruments within the meaning of
and for all the purposes of the uniform commercial code, subject only to
the provisions of the bonds for registration.

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

8. The authority, subject to such agreements with bondholders as then
may exist, shall have power out of any moneys available therefor to
purchase bonds of the authority, which shall thereupon be cancelled, at
a price not exceeding (a) if the bonds are then redeemable, the
redemption price then applicable, plus accrued interest to the next
interest payment date or (b) if the bonds are not then redeemable, the
redemption price applicable on the first date after such purchase upon
which the bonds become subject to redemption plus accrued interest to
the next interest payment date.