§ 2676-h. Bonds of the authority. 1. The authority shall have the
power and is hereby authorized from time to time to issue bonds, notes
or other obligations to pay the cost of any project or for any other
corporate purpose, including the establishment of reserves to secure the
bonds, the payment of principal of, premium, if any, and interest on the
bonds and the payment of incidental expenses in connection therewith.
The aggregate principal amount of such bonds, notes, or other
obligations outstanding shall not exceed eighty million dollars,
excluding bonds, notes, or other obligations issued to refund or
otherwise repay bonds, notes, or other obligations theretofore issued
for such purposes; provided, however, that upon any such refunding or
repayment the total aggregate principal amount of outstanding bonds,
notes, or other obligations may be greater than eighty million dollars
only if the present value of the aggregate debt service of the refunding
or repayment bonds, notes, or other obligations to be issued shall not
exceed the present value of the aggregate debt service of the bonds,
notes, or other obligations so to be refunded or repaid. For purposes
hereof, the present values of the aggregate debt service of the
refunding or repayment bonds, notes, or other obligations and of the
aggregate debt service of the bonds, notes, or other obligations so
refunded or repaid, shall be calculated by utilizing the effective
interest rate of the refunding or repayment bonds, notes, or other
obligations, which shall be that rate arrived at by doubling the
semi-annual interest rate (compounded semi-annually) necessary to
discount the debt service payments on the refunding or repayment bonds,
notes, or other obligations from the payment dates thereof to the date
of issue of the refunding or repayment bonds, notes, or other
obligations and to the price bid including estimated accrued interest or
proceeds received by the authority including estimated accrued interest
from the sale thereof. 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.

2. The authority shall have power from time to time to renew bonds or
to issue renewal bonds for such purpose, to issue bonds to pay bonds,
and, whenever it deems refunding expedient, to refund any bond 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 of the authority. Bonds, other
than notes or other evidence of indebtedness, issued for refunding
purposes, which have a final maturity date longer than the maturity of
the bonds being refunded, shall be approved by a resolution of the
county legislature adopted by a majority vote and approved by the county
executive. Bonds issued for refunding purposes shall be sold and the
proceeds applied to the purchase, redemption, or payment of the bonds or
notes to be refunded.

3. Bonds issued by the authority may be general obligations 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,
subject as to priority only to any agreements with the holders of
outstanding bonds pledging any particular property, 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, insurance, guarantees, or other credit enhancements to the
extent now or hereafter available, in each case for securing its bonds
or to provide direct payment of any costs which the authority is
authorized to pay.

4. (a) Bonds shall be authorized by resolution of the authority, be in
such denominations and bear such date or dates and mature at such time
or times, as such resolution may provide, provided that bonds and
renewals thereof shall mature within forty years from the date of
original issuance of any such bonds.

(b) Bonds shall be subject to such terms of redemption, bear interest
at such rate or rates, be 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. Notwithstanding any other provision of law, the bonds of
the authority issued pursuant to this section shall be sold to the
bidder offering the lowest true interest cost, taking into consideration
any premium or discount not less than four nor more than fifteen days,
Sundays excepted, after a notice of such sale has been published at
least once in a newspaper of general circulation in the area served by
the authority, which shall state the terms of the sale. The terms of the
sale shall not change unless notice of such change is published in such
newspaper at least one day prior to the date of the sale as set forth in
the original notice of sale. Advertisements shall contain a provision to
the effect that the authority, in its discretion, may reject any or all
bids made in pursuance of such advertisements, and in the event of such
rejection, the authority is authorized to negotiate a private or public
sale or readvertise for bids in the form and manner above described as
many times as, in its judgment, may be necessary to effect satisfactory
sale.

(c) Notwithstanding paragraph (b) of this subdivision, whenever in the
judgment of the authority the interests of the authority will be served
thereby, the members of the authority, on the written recommendation of
the chairperson, may authorize the sale of such bonds at private or
public sale on a negotiated basis or on either a competitive or
negotiated basis. The authority shall set guidelines governing the terms
and conditions of any such private or public sales. The private or
public bond sale guidelines set by the authority shall include, but not
be limited to, a requirement that where the interests of the authority
will be served by a private or public sale of bonds, the authority shall
select underwriters for each private or public bond sale conducted
pursuant to a request for proposal process and consideration of
proposals from qualified underwriters taking into account, among other
things, qualifications of underwriters as to experience, their ability
to structure and sell authority bond issues, anticipated costs to the
authority, the prior experience of the authority with the firm, if any,
the capitalization of such firms, participation of qualified minority
and women-owned business enterprise firms in such private or public
sales of bonds of the authority and the experience and ability of firms
under consideration to work with minority and women-owned business
enterprises so as to promote and assist participation by such
enterprises.

(d) The authority shall have the power from time to time to amend such
private bond sale guidelines in accordance with the provisions of this
subdivision.

(e) No private or public bond sale on a negotiated basis shall be
conducted by the authority without prior approval of the state
comptroller and the county comptroller. The authority shall annually
prepare and approve a bond sale report which shall include the private
or public bond sale guidelines as specified in this subdivision,
amendments to such guidelines since the last private or public bond sale
report, an explanation of the bond sale guidelines and amendments, and
the results of any sale of bonds conducted during the fiscal year. Such
bond sale report may be a part of any other annual report that the
authority is required to make.

(f) The authority shall annually submit its bond sale report to the
state comptroller and the county comptroller and copies thereof to the
senate finance committee and the assembly ways and means committee.

(g) The authority shall make available to the public copies of its
bond sale report upon reasonable request thereof.

(h) Nothing contained in this subdivision shall be deemed to alter,
affect the validity of, modify the terms of or impair any contract or
agreement made or entered into in violation of, or without compliance
with, the provisions of this subdivision.

5. 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 part of the revenues, other monies or property of
the authority to secure the payment of the bonds, or any costs of
issuance thereof, including but not limited to any contracts, earnings,
or proceeds of any grant to the authority received from any private or
public source subject to such agreements with bond holders 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
bond holders shall be amended or abrogated, the amount of bonds the
holders of which shall consent thereto, and the manner in which such
consent shall be given;

(h) the creation of special funds into which any revenues or monies
shall be deposited;

(i) the terms and provisions of any trust, mortgage, deed or indenture
securing the bonds under which the bond shall 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 bond holders to appoint a trustee pursuant to this title or limiting
the rights, duties, and powers 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 bond
holders and providing for the rights and remedies of the bond holders in
the event of such default, including as a matter of right 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 monies to be
expended for operating, administrative or other expenses of the
authority;

(n) the payment of the proceeds of bonds, revenues, and other monies
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.

6. In addition to the powers conferred upon the authority to secure
its bonds under this section, the authority shall have power in
connection with the issuance of bonds to adopt resolutions and enter
into such trust indentures, agreements or other instruments as the
authority may deem necessary, convenient or desirable concerning the use
or disposition of its revenues or other monies or property, including
the mortgaging of any property and the entrusting, pledging, or creation
of any other security interest in any such revenues, monies, 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
resolutions, trust indentures, agreements, or other instruments. The
authority shall have power to enter into amendments of any such
resolutions, trust indentures, agreements, or other instruments. The
provisions of any such resolutions, trust indentures, agreements, or
other instruments may be made a part of the contract with the holders of
bonds of the authority.

7. Notwithstanding any provision of the uniform commercial code to the
contrary, any pledge of or other security interest in revenues, monies,
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 interest is created, nor
any financing statement need be recorded or filed.

8. Regardless of whether 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.

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

10. Subject to such agreements with bondholders as may then exist, the
authority shall have power out of any funds 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. Bonds so purchased shall thereupon be
cancelled.