§ 2799-gg. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue bonds, in\nconformity with applicable provisions of the uniform commercial code, in\nsuch principal amounts as it may determine to be necessary pursuant to\nsection twenty-seven hundred ninety-nine-ff of this title to pay the\ncost of any project and to fund reserves to secure such bonds, including\nincidental expenses in connection therewith.\n The aggregate principal amount of such bonds, notes or other\nobligations outstanding shall not exceed, beginning July first, two\nthousand twenty-four, twenty-one billion five hundred million dollars\n($21,500,000,000) and beginning July first, two thousand twenty-five,\nthirty billion five hundred million dollars ($30,500,000,000), excluding\nbonds, notes or other obligations issued pursuant to sections\ntwenty-seven hundred ninety-nine-ss and twenty-seven hundred\nninety-nine-tt of this title; provided, however, that upon any refunding\nor repayment of bonds (which term shall not, for this purpose, include\nbond anticipation notes), the total aggregate principal amount of\noutstanding bonds, notes or other obligations may be greater than,\nbeginning July first, two thousand twenty-four, twenty-one billion five\nhundred million dollars ($21,500,000,000), and beginning July first, two\nthousand twenty-five, thirty billion five hundred million dollars\n($30,500,000,000), only if the refunding or repayment bonds, notes or\nother obligations were issued in accordance with the provisions of\nsubparagraph (a) of subdivision two of paragraph b of section 90.10 of\nthe local finance law, as amended from time to time. Notwithstanding the\nforegoing, bonds, notes or other obligations issued by the authority may\nbe outstanding in an amount greater than the amount permitted by the\npreceding sentence, provided that such additional amount at issuance,\ntogether with the amount of indebtedness contracted by the city of New\nYork, shall not exceed the limit prescribed by section 104.00 of the\nlocal finance law. The authority shall have the power from time to time\nto refund any bonds of the authority 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 of the authority then outstanding and\npartly to pay the cost of any project pursuant to section twenty-seven\nhundred ninety-nine-ff of this title. Bonds issued by the authority\nshall be payable solely out of particular revenues or other moneys of\nthe authority as may be designated in the proceedings of the authority\nunder which the bonds shall be authorized to be issued, subject to any\nagreements entered into between the authority and the city, and subject\nto any agreements with the holders of outstanding bonds pledging any\nparticular revenues or moneys.\n 2. The authority is authorized to obtain insurance, letters of credit\nand other credit or liquidity facilities related to bonds in accordance\nwith paragraph a and paragraphs c through g of section 168.00 of the\nlocal finance law, as amended from time to time; provided, however, that\nthe board of directors of the authority shall make the determination as\nto "financially responsible parties" required under the local finance\nlaw.\n 3. (a) The authority (i) shall amortize its serial and term bonds in\naccordance with sections 11.00, 21.00 and 57.00 of the local finance law\nand its bond anticipation notes in accordance with section 23.00 of the\nlocal finance law, as amended from time to time, (ii) shall establish\nprovisions relating to redemption of its bonds that conform with section\n53.00 of the local finance law, as amended from time to time, (iii)\nsubject to the limitation set forth in paragraph (b) of this\nsubdivision, may issue bonds with variable rates of interest, and enter\ninto agreements related thereto, subject to the limitations prescribed\nin paragraphs a and c of section 54.90 of the local finance law, as\namended from time to time, other than the limitation therein on the\ntotal principal amount of such variable rate bonds, and (iv) shall not\nissue refunding bonds without meeting the standards of subparagraph (a)\nor (b) of subdivision two of paragraph b of section 90.10 of the local\nfinance law, as amended from time to time. In addition, except as\nprovided in this title, bonds of the authority shall be subject to all\nother provisions of the local finance law, as amended from time to time,\napplicable to bonds of the city of New York, except where application of\nsuch law to bonds of the authority would be inappropriate. Functions\nassigned by such law to the mayor, comptroller, finance board and chief\nfiscal officer shall, to the extent not performed by such officers\npursuant to this title, be reserved or delegated by the directors of the\nauthority.\n (b) The authority shall not issue variable rate bonds pursuant to this\nsection in an amount outstanding at issuance exceeding twenty percent of\nthe limit prescribed by subdivision one of this section, excluding bonds\n(i) bearing interest at rates and for periods of time that are specified\nwithout reference to future events or contingencies, or (ii) the\ninterest rate on which is reasonably expected to be equivalent to a\nfixed rate over time in conjunction with other bonds or by reason of\npayments made pursuant to agreements with financially responsible third\nparties.\n 4. The directors may delegate to the chairperson of the authority the\npower to set the final terms of bonds.\n 5. Whenever the authority shall determine that the issuance of its\nbonds is appropriate, which determination shall occur at a minimum\nwhenever necessary to reimburse the city for project capital costs\nincurred by the city, the mayor and the comptroller shall make a joint\nrecommendation as to the arrangements necessary for the issuance and\nsale of such bonds including the underwriting of such bonds through the\npublic or, subject to approval of the state comptroller, private sale of\nsuch bonds and such recommendation shall include compensation for\nservices rendered as they deem appropriate. Subject to the applicable\nprovisions of subdivision three of this section, the mayor and\ncomptroller shall recommend to the authority the price or prices,\ninterest rate or rates, maturities and other terms and conditions for\nthe issuance of the bonds. Following such recommendation, the bonds\nshall be authorized by resolution of the authority. The bonds shall bear\ninterest at such fixed or variable rates and shall be in such\ndenominations, be in such form, either coupon or registered, be sold at\nsuch public or private sale, be executed in such manner, be denominated\nin United States' currency, be payable in such medium of payment, at\nsuch place and be subject to such terms of redemption as the authority\nmay provide in such resolution. Such resolution and the minutes of the\nauthority related thereto shall be transmitted to the mayor and the\ncomptroller who shall then approve or disapprove the bond issuance.\nApproval of such bond issuance shall be indicated by the execution of\nthe resolution by the mayor and the comptroller whereupon such\nresolution shall come into full force and effect in accordance with its\nterms.\n 6. Any resolution or resolutions authorizing bonds or any issue of\nbonds may contain provisions which may be a part of the contract with\nthe holders of the bonds thereby authorized as to:\n (a) pledging all or part of its revenues, together with any other\nmoneys, securities or contracts, to secure the payment of the bonds,\nsubject to such agreements with bondholders as may then exist;\n (b) the setting aside of reserves and the creation of sinking funds\nand the regulation and disposition thereof;\n (c) limitations on the purpose to which the proceeds from the sale of\nbonds may be applied;\n (d) limitations on the issuance of additional bonds, the terms upon\nwhich additional bonds may be issued and secured and the refunding of\nbonds;\n (e) the procedure, if any, by which the terms of any contract with\nbondholders may be amended or abrogated, including the proportion of\nbondholders which must consent thereto and the manner in which such\nconsent may be given;\n (f) vesting in a trustee or trustees such properties, rights, powers\nand duties in trust as the authority may determine, which may include\nany or all of the rights, powers and duties of the trustee appointed by\nthe bondholders pursuant to section twenty-seven hundred ninety-nine-oo\nof this title and limiting or abrogating the rights of the bondholders\nto appoint a trustee under such section or limiting the rights, duties\nand powers of such trustee; and\n (g) defining the acts or omissions to act which may constitute a\ndefault in the obligations and duties of the authority to the\nbondholders and providing for the rights and remedies of the bondholders\nin the event of such default, including as a matter of right the\nappointment of a receiver; provided, however, that such rights and\nremedies shall not be inconsistent with the general laws of the state\nand other provisions of this title.\n 7. In addition to the powers herein conferred upon the authority to\nsecure its bonds, the authority shall have power in connection with the\nissuance of bonds to enter into such agreements for the benefit of the\nbondholders as the authority may deem necessary, convenient or desirable\nconcerning the use or disposition of its revenues or other moneys,\nincluding the entrusting, pledging or creation of any other security\ninterest in any such revenues, moneys and the doing of any act,\nincluding refraining from doing any act, which the authority would have\nthe right to do in the absence of such agreements. The authority shall\nhave power to enter into amendments of any such agreements within the\npowers granted to the authority by this title and to perform such\nagreements. The provisions of any such agreements may be made a part of\nthe contract with the holders of bonds of the authority.\n 8. Notwithstanding any provision of the uniform commercial code to the\ncontrary, any pledge of or other security interest in revenues, moneys,\naccounts, contract rights, general intangibles or other personal\nproperty made or created by the authority shall be valid, binding and\nperfected from the time when such pledge is made or other security\ninterest attaches without any physical delivery of the collateral or\nfurther act, and the lien of any such pledge or other security interest\nshall be valid, binding and perfected against all parties having claims\nof any kind in tort, contract or otherwise against the authority\nirrespective of whether or not such parties have notice thereof. No\ninstrument by which such a pledge or security interest is created nor\nany financing statement need be recorded or filed.\n 9. Whether or not the bonds of the authority are of such form and\ncharacter as to be negotiable instruments under the terms of the uniform\ncommercial code, the bonds are hereby made negotiable instruments within\nthe meaning of and for all the purposes of the uniform commercial code,\nsubject only to the provisions of the bonds for registration.\n 10. Neither the directors of the authority nor any person executing\nbonds shall be liable personally thereon or be subject to any personal\nliability or accountability solely by reason of the issuance thereof.\nThe bonds or other obligations of the authority shall not be a debt of\neither the state or the city, and neither the state nor the city shall\nbe liable thereon, nor shall they be payable out of any funds other than\nthose of the authority; and such bonds shall contain on the face thereof\na statement to such effect.\n 11. The authority, subject to such agreements with bondholders as then\nmay exist, shall have power to purchase bonds of the authority out of\nany moneys available therefore, which shall thereupon be cancelled.\n