§ 706. 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 in
such amount as may be necessary to pay the cost of the bridge and
approach roads herein authorized and the cost of all land, property,
rights, easements and franchises deemed necessary for the construction
thereof, and to pay interest prior to and during construction and for
one year after completion of construction, for reconstruction and
upgrades to the bridge, the purchase price of the ferry or ferries
authorized to be acquired, the repayment of any advances or
appropriations made by the state of New York to the authority and such
other expenses as may be deemed necessary or incident to the financing
and to the construction of the bridge and approach roads, and to placing
the same in operation, and infrastructure, upgrade and expansion at the
Ogdensburg international airport.

2. 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 the purpose of refunding
bonds of the authority theretofore issued, but the aggregate principal
amount of such refunding bonds shall not exceed the aggregate principal
amount of the bonds to be refunded and the amount of the accrued
interest and the premium required to be paid upon such bonds by reason
of redemption before maturity.

3. The bonds shall be authorized by resolution of the board. The bonds
shall be dated, shall bear interest at such rate or rates not exceeding
six per centum per annum, shall mature at such time or times all as may
be determined by the authority and may be made redeemable before
maturity, at the option of the authority, at such price or prices and
under such terms and conditions as may be fixed by the authority prior
to the issuance of the bonds. The authority shall determine the form and
the manner of execution of the bonds, including any interest coupons to
be attached thereto, and shall fix the denomination or denominations of
the bonds and the place or places of payment of principal and interest,
which may be at any bank or trust company within or without the state.
In case any officer whose signature or a facsimile of whose signature
shall appear on any bonds or coupons shall cease to be such officer
before the delivery of such bonds, such signature or such facsimile
shall nevertheless be valid and sufficient for all purposes the same as
if he had remained in office until such delivery, and any bond may bear
the facsimile signature of, or may be signed by, such person as at the
actual time of the execution of such bond shall be duly authorized to
sign such bond although at the date of such bond such person may not
have been such officer. The bonds may be issued in coupon form or in
registered form or both coupon form and registered form as the authority
may determine, and provisions may be made by the authority for the
registration of any coupon bond as to principal alone and also as to
both principal and interest, for the reconversion into coupon bonds of
any bonds registered as to both principal and interest, and for the
exchange of either coupon bonds or registered bonds without coupons for
an equal aggregate principal amount of other coupon bonds or registered
bonds without coupons or both of any denomination or denominations.
Notwithstanding any other provisions of this title or any recitals in
the bonds issued under the provisions of this title, all such bonds
shall be deemed to be negotiable instruments under the laws of the state
of New York. The authority may sell such bonds at public or private
sale, to the bidders who shall offer the lowest interest cost to the
authority, at such a price, not less than ninety-five per centum of
their value, that the interest cost to maturity for the money received
for any issue of such bonds shall not exceed six per centum per annum.
Prior to the preparation of definitive bonds, the authority may, under
like restrictions, issue interim receipts or temporary bonds, with or
without coupons, exchangeable for definitive bonds when such bonds shall
have been executed and are available for delivery. The authority may
also provide for the replacement of any bonds which shall become
mutilated or shall be destroyed or lost. Bonds may be issued by the
authority under the provisions of this title without any other
proceedings or the happenings of any other conditions or things than
those proceedings, conditions or things which are specifically required
by this title.

4. Any resolution or resolutions authorizing any bonds may contain
provisions, which shall be a part of the contract with the holders of
the bonds thereby authorized, as to

(a) pledging the tolls and revenues of the authority to secure the
payment of the bonds;

(b) the rates of the tolls to be charged for use of the bridge, the
amounts to be raised in each year by tolls, and the use and disposition
of the tolls and other revenues;

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

(d) limitations on the rights of the authority to restrict and
regulate the use of the bridge;

(e) limitations on the purpose to which the proceeds of sale of any
issue of bonds then or thereafter to be issued may be applied;

(f) limitations on the issuance of additional 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; and

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

5. 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 bridge and the ferry or ferries, and the custody,
safeguarding and application of all moneys, and may provide that the
bridge and approach roads shall be constructed and paid for under the
supervision and approval of consulting engineers. Notwithstanding any
other provisions 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 bridge and the ferry or ferries 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 repair of the bridge.
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, in
addition to other powers granted by such trust indenture, all of the
powers which are conferred by section seven hundred seven of this title
upon a trustee appointed by bondholders.

6. 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 tolls or other 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.

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

8. The authority shall have power out of any funds available therefor
to purchase any of the outstanding bonds at a cost not exceeding the
redemption price of the bonds purchased as fixed by the resolution of
the authority which authorized their issuance. All bonds so purchased
shall be cancelled.

9. No bonds shall be issued by the authority, except with the approval
and consent of the comptroller of the state of New York, until and
unless assurance, by appropriate legislation, agreements, or otherwise,
shall have been obtained that Canada, the province of Ontario and the
municipality or municipalities in which the Canadian terminal of the
bridge is to be located will exempt the property and income of the
authority from taxation so long as such bonds are outstanding.