§ 829 — Bonds of the authority

§ 829. Bonds of the authority. 1. The authority shall have power and\nis hereby authorized from time to time to issue negotiable bonds in\nconformity with applicable provisions of the uniform commercial code.\n 2. Such bonds shall be authorized by resolution of the board and shall\nbear such date or dates, mature at such time or times, not exceeding\nthirty years from their respective dates, bear interest at such rate or\nrates, not exceeding six per centum per annum payable annually or\nsemiannually, be in such denomination or denominations, be in such form,\neither coupon or registered, carry such registration privileges, be\nexecuted in such manner, be payable in such medium of payment, at such\nplace or places, and be subject to such terms of redemption, with or\nwithout premium, as such resolution or resolutions may provide. Such\nbonds may be sold at public or private sale for such price or prices as\nthe board shall determine, provided that the interest cost to maturity\nof the money received for any issue of such bonds shall not exceed six\nper centum per annum.\n 3. Such bonds may be issued for any corporate purpose of the\nauthority.\n 4. Any resolution or resolutions authorizing any bonds may contain\nprovisions which shall be a part of the contract with the holders of the\nbonds as to\n (a) pledging all or any part of the gross or net revenues of the\nauthority to secure the payment of the bonds;\n (b) the rentals and license fees to be charged for use of the market\nfacilities and the amounts to be raised in each year by rentals and\nlicense fees and the use and disposition of such rentals and other\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 and its successors to\nrestrict and regulate the use of the market facilities;\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;\n (f) limitations on the issuance of other or additional 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 give consent thereto, and the manner in which such consent\nmay be given.\n 5. Neither the members of the board nor any person executing the bonds\nshall be liable personally on the bonds or be subject to any personal\nliability by reason of the issuance thereof.\n 6. The authority shall have power out of any funds available therefor\nto purchase any bonds issued by it at a price not more than the\nprincipal amount thereof and accrued interest. All bonds so purchased\nshall be cancelled.\n 7. The authority shall have power, subject to the rights and with the\nconsent of the holders of any outstanding bonds issued under the\nprovisions of this title, to issue and sell or exchange its negotiable\nbonds to refund or to refinance all or any part of such outstanding\nbonds. All bonds issued by virtue of this section shall be authorized by\nresolution of the board and shall be issued upon such terms, not\ninconsistent with the provisions of this title, as the board may\ndetermine. Such bonds may be authorized in combination with and as part\nof an issue of bonds authorized to refund or to refinance and to be sold\nto provide funds for any purpose for which the authority is now\nauthorized to issue bonds.\n