§ 1021-i. Bonds, notes and other obligations of the authority. 1. The\nauthority shall have power and is hereby authorized from time to time to\nissue its bonds, notes or other obligations, in an aggregate amount not\nto exceed one hundred twenty-five million dollars, for the purpose of\nfinancing any capital project authorized by this title, including but\nnot limited to, the acquisition of any real or personal property or\nfacilities deemed necessary by the authority, development and\nprofessional expenses, and funding any capital or other reserve funds\nestablished in connection with the authority's operations or issuances,\nin such principal amount as the directors shall determine necessary to\nperform its corporate duties and further its purposes as authorized in\nthis title. The maximum maturity of any such bond shall not exceed\nthirty years from its date of issuance. The maximum maturity of any such\nnote or other obligation shall not exceed five years from its date of\nissuance.\n 2. Except as may be otherwise expressly provided by the authority, the\nissuance of bonds, notes or other obligations, shall be general\nobligations of the authority payable out of any moneys or revenues of\nthe authority, subject only to any agreements with the holders of\nparticular bonds, notes or other obligations pledging any particular\nmoneys or revenues.\n 3. The authority shall have power from time to time, whenever it deems\nrefunding expedient, to refund any bonds, notes or other obligations by\nthe issuance of new bonds, notes or other obligations, up to one hundred\ntwenty-five million dollars in the aggregate, whether the bonds, notes\nor other obligations to be refunded have or have not matured, and may\nissue bonds, notes or other obligations partly to refund bonds, notes or\nother obligations then outstanding and partly for any other purpose\ndescribed in this section. Refunding bonds, notes or other obligations\nmay be exchanged for the bonds, notes or other obligations to be\nrefunded, with such cash adjustments as may be agreed, or may be sold\nwith the proceeds applied to the purchase or payment of the bonds to be\nrefunded.\n 4. Bonds may be issued either in a series with multiple discrete\nmaturity dates or as term bonds with a single maturity date. The bonds,\nnotes or other obligations shall be authorized by resolution of the\ndirectors and shall bear such date or dates, mature at such time or\ntimes, bear interest at such rate or rates, payable annually or\nsemi-annually, be in such denominations, be in such form, carry such\nregistration privileges, be executed in such manner, be payable in\nlawful money of the United States of America at such place or places,\nand be subject to such terms of redemption, as such resolution or\nresolutions may provide. In the event that term bonds, notes or other\nobligations are issued, the resolution authorizing the same may make\nsuch provisions for the establishment and management of adequate sinking\nfunds for the payment thereof, as the authority may deem necessary.\n 5. The bonds, notes or other obligations of the authority may be sold\nat public or private sale for such price or prices as the authority\nshall determine. For a private sale of its securities, the authority\nshall obtain the written approval of the terms of such sale from the\ncomptroller if such sale is to a party other than the comptroller, or\nfrom the director of the budget where such sale is to the comptroller,\nin either case prior to closing the issuance transaction.\n 6. Any resolution authorizing any issuance of bonds, notes or other\nobligations may contain provisions, which shall be a part of the\ncontract between the authority and the holders of the issued securities,\nas to:\n (a) pledging all or any part of the revenues of the authority or its\nprojects or any revenue producing contract or contracts made by the\nauthority with any individual, partnership, limited liability company,\ncorporation or association to secure the payment of the bonds, notes or\nother obligations, subject to such agreements with holders of securities\nof the authority;\n (b) pledging, assigning or creating a lien on all or any part of\nassets of the authority, including mortgages and obligations security\nmortgages, to secure the payment of the bonds, subject to such\nagreements with holders of securities of the authority;\n (c) the setting aside of reserves or sinking funds, and the regulation\nand disposition thereof;\n (d) establishment of special funds for deposit of moneys received from\nthe proceeds of the issuance of securities as the directors shall\ndetermine, consistent with the authorizing resolution and the provisions\nof this title;\n (e) limitations on the purpose to which the proceeds of sale of any\nissuance of bonds, notes or other obligations then or thereafter to be\nissued may be applied and pledging such proceeds to secure the payment\nof the bonds, notes or other obligations;\n (f) limitations of the issuance of additional bonds, notes or other\nobligations; the terms upon which additional bonds, notes or other\nobligations may be issued and secured; and the refunding of outstanding\nbonds, notes or other obligations;\n (g) the procedure, if any, by which the terms of any contract with\nbondholders may be amended or abrogated, the amount of bonds the holders\nof which must consent thereto, and the manner in which such consent may\nbe given;\n (h) providing for the appointment and powers of a trustee for holders\nof securities, and the rights, powers and duties of such trustee as the\ndirectors may determine;\n (i) limitations on the amount of moneys derived from a project to be\nexpended for operating, administrative or other expenses of the\nauthority;\n (j) defining the acts or omissions to act which shall constitute a\ndefault in the duties of the authority to holders of its obligations and\nproviding the rights and remedies of such holders in the event of a\ndefault provided, however, that such rights and remedies shall not be\ninconsistent with the laws of the state and the other provisions of this\narticle; and provided, further, however, that nothing contained in this\narticle shall be deemed to restrict the right of the state or of any\nmunicipality to amend, modify or otherwise alter statutes, local laws,\nordinances, resolutions or agreements imposing or relating to taxes or\nfees or appropriations relating thereto; and there shall not be included\nin any resolution or contract or agreement with the holders of the\nbonds, notes or other obligations authorized by this article any\nprovision which provides that a default shall occur as a result of the\nstate or of a municipality exercising its right to amend, modify or\notherwise alter laws, ordinances, resolutions or agreements imposing or\nrelating to taxes or fees or appropriations relating thereto; and\n (k) any other provisions not inconsistent with those enumerated in\nthis subdivision and necessary to effect its issuances of bonds, notes\nor other obligations and the rights of the holders of its securities, or\notherwise in furtherance of its corporate purposes.\n 7. Notwithstanding any other provision of this title, any such\nresolution or resolutions shall contain a covenant by the authority that\nit will at all times maintain rates, fees or charges sufficient to pay,\nand that any contracts entered into by the authority for the sale or\ndistribution of power shall contain rates, fees or charges sufficient to\npay the costs of operation and maintenance of the project, the principal\nof and interest on any obligations issued pursuant to such resolution as\nthe same severally become due and payable, and to maintain any debt\nservice coverage ratios and any reserves required by the terms of such\nresolution or resolutions. Provided however, that the total rates, fees,\nand charges shall not exceed the prevailing electric rate in the North\nCountry. The prevailing electric rate in the North Country shall mean\nthe average of the total rates, fees, and charges paid by customers of\nNational Grid and New York State Electric and Gas, or any successors, in\nSt. Lawrence, Franklin, and Jefferson counties. Compliance with the\nprevailing electric rates in the North Country shall be left to the sole\ndetermination of the public service commission.\n 8. It is the intent of this title that any pledge of revenues or other\nmoneys or of a revenue producing contract or contracts made by the\nauthority shall be valid and binding from the time when the pledge is\nmade; that the revenues or other moneys or proceeds of any contract or\ncontracts so pledged and thereafter received by the authority shall\nimmediately be subject to the lien of such pledge without any physical\ndelivery thereof or further act; and that the lien of any such pledge\nshall be valid and binding as against all parties having claims of any\nkind in tort, contract or otherwise against the authority irrespective\nof whether such parties have notice thereof. Neither the resolution nor\nany other instrument by which a pledge is created need be recorded.\n 9. Neither the directors of the authority nor any person executing the\nbonds, notes or other obligations shall be liable personally on the\nbonds, notes or other obligations or be subject to any personal\nliability or accountability by reason of the issuance thereof.\n 10. The authority shall have the power out of any funds available\ntherefor to purchase bonds, notes or other obligations. The authority\nmay hold, pledge, cancel or resell such bonds, notes or other\nobligations, subject to and in accordance with agreements with\nbondholders.\n 11. Any bonds, notes or other obligations issued by the authority are\nhereby made securities in which all public officers and bodies of this\nstate and all municipalities and municipal subdivisions, all insurance\ncompanies and associations and other persons carrying on an insurance\nbusiness, all banks, bankers, trust companies, savings banks and savings\nassociations, including savings and loan associations, building and loan\nassociations, investment companies and other persons carrying on a\nbanking business, and all other persons whatsoever who are authorized to\ninvest in bonds, notes or other obligations of the state, may properly\nand legally invest funds including capital in their control or belonging\nto them; subject to the provisions of any other general or special law\nto the contrary.\n 12. The authority is authorized to obtain from any department or\nagency of the United States of America or the state or any\nnongovernmental insurer or financial institution any insurance, guaranty\nor other credit support device, to the extent available, as to, or for\nthe payment or repayment of interest or principal, or both, or any part\nthereof, on any bonds, notes or other obligations issued by the\nauthority and to enter into any agreement or contract with respect to\nany such insurance or guaranty, except to the extent that the same would\nin any way impair or interfere with the ability of the authority to\nperform and fulfill the terms of any agreement made with the holders of\noutstanding bonds, notes or other obligations of the authority.\n 13. In addition to the powers conferred in this section upon the\nauthority to secure its bonds, notes or other obligations, the authority\nshall have the power in connection with the issuance of bonds, notes or\nother obligations to enter into such agreements as the authority may\ndeem necessary, convenient or desirable concerning the use or\ndisposition of its revenues or other moneys or property, and for the\nacquisition, alteration or disposition of its property, real and\npersonal, including the mortgaging of any of its properties and the\nentrusting, pledging or creation of any other security interest in any\nsuch revenues, moneys or properties and the doing of any act, including\nrefraining from doing any act, which the authority would have the right\nto do in the absence of such agreements. The authority shall have the\npower to enter into amendments of any such agreements within the powers\ngranted to the authority by this title and to perform such agreements.\nThe provisions of any such agreements may be made a part of the contract\nwith the holders of bonds, notes or other obligations of the authority.\n 14. All bonds, notes and other obligations issued by the authority\nunder the provisions of this title are hereby declared to have all the\nqualities and incidents of negotiable instruments under the applicable\nlaws of the state.\n 15. Nothing in this subdivision shall be deemed to allow the authority\nto exceed its one hundred twenty-five million dollar aggregate debt\nlimit.\n