§ 10-A. Subject to the provisions of section three of article eight of
the constitution and section six-a of the general municipal law,
notwithstanding the provisions of any other general, special or local
laws: (a) With the approval of and on terms and conditions prescribed by
the state comptroller, the commission may refund the principal of and
issue bonds of the district to pay the interest on any bonded
indebtedness or portion thereof contracted before the first day of
January, nineteen hundred thirty-nine. The consent of the state
comptroller shall be executed under his hand and seal in duplicate. One
of such duplicates shall be filed in the office of the department of
audit and control and the other in the office of the chief fiscal
officer of the commission. Both of such duplicates shall be public
records. All such bonds shall contain a recital that they are issued
pursuant to this section, which recital shall be conclusive evidence of
their validity and of the regularity of the issue. The validity of the
bonds hereby authorized shall in no wise be affected by the invalidity
of, or any irregularity in any proceeding authorizing the issuance of,
the obligations the principal of or interest on which is to be paid with
the proceeds thereof except that bonds shall not be issued to pay the
principal of or interest on bonds of the district adjudged invalid by
the final judgment of a court of competent jurisdiction. No bonds issued
pursuant to this section shall be refunded. Such bonds may be authorized
at any general or special meeting of the commission by the vote of a
majority of the commission. Such bonds shall show upon their face that
the payment thereof is secured by general tax in the several
municipalities in the Albany Port District under the provisions of this
act, reciting the title and chapter number hereof, and that the proceeds
of such tax are hereby pledged for the payment of such bonds. Such bonds
shall not be construed in any event as bonds or indebtedness of the
state, and the state shall not be obligated to pay the principal or
interest, or either, nor shall such bonds be considered obligations of
cities and subject to the provisions of section four of article eight of
the constitution of the state of New York. Such bonds shall bear
interest at a rate of not exceeding six per centum per annum, payable
semi-annually. Such bonds, as issued from time to time, shall be paid in
annual installments, the first of which shall be payable not more than
five years and the last of which shall be payable not later than the
year nineteen hundred and sixty-one. None of such installments shall be
more than twice the amount of any prior installment. Such bonds shall be
exempt from taxation except for transfer and inheritance taxes. They
shall be signed by the chairman of the commission, attested by its
secretary and have the seal of the district affixed thereto. The coupons
shall bear the facsimile signature of the treasurer of the commission.
They shall be sold at not less than par. The commission shall sell such
bonds to the highest bidder after advertisement for a period of five
consecutive days, Sundays and holidays excepted, in at least two daily
newspapers published in the city of Albany. Advertisements shall contain
a provision to the effect that the commission, in its discretion, may
reject any or all bids made in pursuance of such advertisement and in
the event of such rejection, the commission is authorized to readvertise
for bids in the form and manner above described as many times as in its
judgment may be necessary to effect a sale. In the event that at any
time prior to April first, nineteen hundred forty-three no bids are
received on the date named in such advertisement, the commission may,
within sixty days thereafter at a regular or special meeting at which
not less than four members are present and acting by the affirmative
vote of not less than three members, sell such bonds or any part thereof
at private sale, with or without competition on any bid which it could
have legally accepted had it been received on the date named in such
advertisement. Such bonds shall be lawful investments for trustees and
savings banks of the state, and may be accepted as investments for any
of the sinking funds or other funds or moneys of the state or of any of
the agencies, municipalities or political subdivisions of the state.

(b) The amount of any bonds issued hereunder for any purpose, except
to pay the principal on maturing bonds, shall be included in
ascertaining the power of each of the cities within the district to
contract indebtedness; the portion of the total to be included in
computing the debt of each city to be determined in accordance with
general law.

(c) Any provisions of this chapter inconsistent with the provisions of
this section ten-A shall not apply to the bonds hereby authorized to be
issued.