§ 1958 — Bonds of the authority

§ 1958. Bonds of the authority. 1. The authority shall have the power\nand is hereby authorized from time to time to issue its negotiable bonds\nin conformity with applicable provisions of the uniform commercial code\nfor any of its corporate purposes without limitation as to amount. The\nauthority shall have power from time to time and whenever it deems\nrefunding expedient, to refund any bonds by the issuance of new bonds,\nwhether the bonds to be refunded have or have not matured, and may issue\nbonds partly to refund bonds then outstanding and partly for any other\npurpose hereinabove described. The refunding bonds may be exchanged for\nthe bonds to be refunded, with such cash adjustments as may be agreed,\nor may be sold and the proceeds applied to the purchase or payment of\nthe bonds to be refunded. In computing the total amount of bonds of the\nauthority which may at any time be outstanding the amount of the\noutstanding bonds to be refunded from the proceeds of the sale of new\nbonds or by exchange of new bonds shall be excluded. Except as may\notherwise be expressly provided by the authority, the bonds of every\nissue shall be general obligations of the authority payable out of any\nmoneys or revenues of the authority, subject only to any agreements with\nthe holders of particular bonds pledging any particular moneys or\nrevenues.\n 2. The bonds shall be authorized by resolution of the authority and\nshall bear such date or dates, mature at such time or times, bear\ninterest at such rates, payable at such time or times, be in such\ndenominations, be in such form, either coupon or registered, 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 and\nbe subject to such terms of redemption, as such resolution or\nresolutions may provide. The bonds may be sold at public or private sale\nfor such price or prices as the authority shall determine.\n 3. Any resolution or resolutions authorizing any bonds or any issue of\nbonds may contain provisions, which shall be a part of the contract with\nthe holders of the bonds thereby authorized, as to\n (a) pledging all or any part of the revenues of a project or projects\nto secure the payment of the bonds, subject to such agreements with\nbondholders or the city as may then exist;\n (b) the rentals, fees and other charges to be charged, and the amounts\nto be raised in each year thereby, and the use and disposition of the\nrevenues;\n (c) the setting aside of reserves or sinking funds, and the regulation\nand disposition thereof;\n (d) limitations on the right of the authority to restrict and regulate\nthe use of a project;\n (e) limitations on the purpose to which the proceeds of sale of any\nissue of bonds then or thereafter to be issued may be applied and\npledging such proceeds to secure the payment of the bonds or any issue\nof the bonds;\n (f) limitations on the issuance of additional bonds; the terms upon\nwhich additional bonds may be issued and secured; the refunding of\noutstanding or other bonds;\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) limitations on the amount of moneys derived from a project to be\nexpended for operating, administrative or other expenses of the\nauthority;\n (i) vesting in a trustee or trustees such property, rights, powers and\nduties in trust as the authority may determine which may include any or\nall the rights, powers and duties of the trustees appointed by the\nbondholders pursuant to section nineteen hundred sixty-five of this\ntitle, and limiting or abrogating the right of the bondholders to\nappoint a trustee under said section or limiting the rights, duties and\npowers of trustee; and\n (j) any other matters, of like or different character, which in any\nway affect the security or protection of the bonds.\n