N.Y. Transportation Law § 55: Provisions of bonds

§ 55. Provisions of bonds. Bonds of the Utica transit authority shall

be authorized by its resolution and may be issued singly or in one or

more series, and shall bear such date or dates, mature at such time or

times, bear interest at such rate or rates, not exceeding seven per cent

per annum, be in such denomination or denominations, interchangeable or

otherwise, be in such form, either coupon or registered, carry such

conversion or registration privileges, have such rank or priority, be

executed in such manner with or without authentication, and be subject

to such terms of redemption with or without premium, and be secured in

such manner, as such resolution may provide. The bonds may be sold by

the authority at public or private sale at such price or prices as the

Utica transit authority may determine.