* § 2059. 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 its corporate purposes in the aggregate principal amount of not
exceeding one million dollars. 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. 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 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 five per centum per annum payable annually or
semi-annually, 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 prior
to maturity, at par or a price not exceeding one hundred five per centum
of the face value, as such resolution or resolutions may provide. The
bonds of the authority may be sold at public or private sale. The bonds
shall be sold for a price not less than ninety-eight per centum of the
par value thereof, plus accrued interest, provided always that the
interest cost on such bonds shall not exceed 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 the project 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 the 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 the 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 of the rights, powers and duties of the trustee appointed by the
bondholders pursuant to section seventeen 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 shall cancel such bonds.

* NB Authority dissolved September 1, 1977