N.Y. Public Authorities Law § 1812: Special purpose bonds and notes

§ 1812. Special purpose bonds and notes. 1. The authority shall have

the power and is hereby authorized to issue at one time or in series

from time to time special purpose bonds in an aggregate principal amount

which shall not at any one time exceed seven hundred fifty million

dollars, excluding special purpose bonds issued to refund outstanding

special purpose bonds, and special purpose notes in anticipation of the

issuance of such special purpose bonds.

2. The authority shall have power from time to time to renew special

purpose notes or to issue renewal notes for such purpose, to issue

special purpose bonds to pay special purpose notes, and whenever it

deems refunding expedient, to refund any special purpose bond by the

issuance of new special purpose bonds, whether the bonds to be refunded

have or have not matured, and may issue special purpose bonds partly to

refund special purpose bonds then outstanding and partly for the

purposes specified in this subtitle. The bonds issued for refunding

purposes shall be sold and the proceeds applied to the purchase,

redemption or payment of the bonds to be refunded.