§ 54. Bonds. 1. The Utica transit authority shall have the power, and
is hereby authorized, from time to time to borrow money and issue bonds
in such amounts and upon such terms as it may deem advisable for any of
the purposes of this article. Bonds, except those for the acquisition of
any omnibus for the acquisition, construction, reconstruction or
improvement of any omnibus capital facility and any capital equipment
used in connection therewith may be issued for periods not exceeding
thirty years and for a period not exceeding the probable life of a
municipal project which said period shall be calculated from the date of
the bonds. Bonds for the acquisition of any omnibus may be issued for
periods not exceeding ten years and for a period not exceeding the
probable life of such equipment which said periods shall be calculated
from the date of the bonds. The Utica transit authority shall also have
power to issue refunding bonds for the purpose of paying or retiring
bonds previously issued by it but no such refunding bonds shall mature
later than the expiration of the maximum period permitted by this
subdivision at the time of the issuance of the bonds to be refunded for
the municipal project for which such bonds were issued. Such period
shall be construed to commence from the date of issuance of the bonds to
be refunded.

2. The Utica transit authority is authorized to issue, whenever it may
deem it necessary to do so, notes at a rate of interest not exceeding
seven and one-half per cent per annum in anticipation of the sale of
bonds. Such notes shall mature within a period not to exceed one year
from the date of their issue but may be made subject to the right of
earlier payment. The proceeds of the sale of such notes shall be used
only for the purposes for which may be used the proceeds of the sale of
bonds. Any such notes may be renewed or may be refunded through the sale
of similar notes but no such renewal or refunding notes shall be issued
after the sale of bonds. Such notes, renewal notes or refunding notes
shall not mature beyond one year after completion of the municipal
project. Except as may be provided otherwise in this article, the Utica
transit authority shall have the same powers in connection with the
issuance and securing the payment of its notes as it has in connection
with the issuance and securing payment of its bonds.

3. The Utica transit authority may issue its interim certificates, or
other temporary obligations, to the purchaser of bonds pending the
authorization, preparation, execution or delivery of definitive bonds.
Such interim certificates, or other temporary obligations, shall be in
such form, contain such terms, conditions and provisions, bear such date
or dates, and evidence such agreements relating to their discharge or
payment or to the delivery of definitive bonds as the authority may by
resolution determine.