N.Y. Public Authorities Law § 829: Bonds of the authority

§ 829. Bonds of the authority. 1. The authority shall have power and

is hereby authorized from time to time to issue negotiable bonds in

conformity with applicable provisions of the uniform commercial code.

2. Such bonds shall be authorized by resolution of the board and shall

bear such date or dates, mature at such time or times, not exceeding

thirty years from their respective dates, bear interest at such rate or

rates, not exceeding six per centum per annum payable annually or

semiannually, be in such denomination or denominations, 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 of redemption, with or

without premium, as such resolution or resolutions may provide. Such

bonds may be sold at public or private sale for such price or prices as

the board shall determine, provided that the interest cost to maturity

of the money received for any issue of such bonds shall not exceed six

per centum per annum.

3. Such bonds may be issued for any corporate purpose of the

authority.

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 as to

(a) pledging all or any part of the gross or net revenues of the

authority to secure the payment of the bonds;

(b) the rentals and license fees to be charged for use of the market

facilities and the amounts to be raised in each year by rentals and

license fees and the use and disposition of such rentals and other

revenues;

(c) the setting aside of reserves or sinking funds and the regulation

and disposition thereof;

(d) limitations on the right of the authority and its successors to

restrict and regulate the use of the market facilities;

(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 other or 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 give consent thereto, and the manner in which such consent

may be given.

5. Neither the members of the board nor any person executing the bonds

shall be liable personally on the bonds or be subject to any personal

liability by reason of the issuance thereof.

6. The authority shall have power out of any funds available therefor

to purchase any bonds issued by it at a price not more than the

principal amount thereof and accrued interest. All bonds so purchased

shall be cancelled.

7. The authority shall have power, subject to the rights and with the

consent of the holders of any outstanding bonds issued under the

provisions of this title, to issue and sell or exchange its negotiable

bonds to refund or to refinance all or any part of such outstanding

bonds. All bonds issued by virtue of this section shall be authorized by

resolution of the board and shall be issued upon such terms, not

inconsistent with the provisions of this title, as the board may

determine. Such bonds may be authorized in combination with and as part

of an issue of bonds authorized to refund or to refinance and to be sold

to provide funds for any purpose for which the authority is now

authorized to issue bonds.