§ 54. Bonds.
1.The Utica transit authority shall have the power, and\nis hereby authorized, from time to time to borrow money and issue bonds\nin such amounts and upon such terms as it may deem advisable for any of\nthe purposes of this article. Bonds, except those for the acquisition of\nany omnibus for the acquisition, construction, reconstruction or\nimprovement of any omnibus capital facility and any capital equipment\nused in connection therewith may be issued for periods not exceeding\nthirty years and for a period not exceeding the probable life of a\nmunicipal project which said period shall be calculated from the date of\nthe bonds. Bonds for the acquisition of any omnibus may be issued for\nperiods not exceeding ten years and for a period not exceeding the\nprobable life of su
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§ 54. Bonds. 1. The Utica transit authority shall have the power, and\nis hereby authorized, from time to time to borrow money and issue bonds\nin such amounts and upon such terms as it may deem advisable for any of\nthe purposes of this article. Bonds, except those for the acquisition of\nany omnibus for the acquisition, construction, reconstruction or\nimprovement of any omnibus capital facility and any capital equipment\nused in connection therewith may be issued for periods not exceeding\nthirty years and for a period not exceeding the probable life of a\nmunicipal project which said period shall be calculated from the date of\nthe bonds. Bonds for the acquisition of any omnibus may be issued for\nperiods not exceeding ten years and for a period not exceeding the\nprobable life of such equipment which said periods shall be calculated\nfrom the date of the bonds. The Utica transit authority shall also have\npower to issue refunding bonds for the purpose of paying or retiring\nbonds previously issued by it but no such refunding bonds shall mature\nlater than the expiration of the maximum period permitted by this\nsubdivision at the time of the issuance of the bonds to be refunded for\nthe municipal project for which such bonds were issued. Such period\nshall be construed to commence from the date of issuance of the bonds to\nbe refunded.\n 2. The Utica transit authority is authorized to issue, whenever it may\ndeem it necessary to do so, notes at a rate of interest not exceeding\nseven and one-half per cent per annum in anticipation of the sale of\nbonds. Such notes shall mature within a period not to exceed one year\nfrom the date of their issue but may be made subject to the right of\nearlier payment. The proceeds of the sale of such notes shall be used\nonly for the purposes for which may be used the proceeds of the sale of\nbonds. Any such notes may be renewed or may be refunded through the sale\nof similar notes but no such renewal or refunding notes shall be issued\nafter the sale of bonds. Such notes, renewal notes or refunding notes\nshall not mature beyond one year after completion of the municipal\nproject. Except as may be provided otherwise in this article, the Utica\ntransit authority shall have the same powers in connection with the\nissuance and securing the payment of its notes as it has in connection\nwith the issuance and securing payment of its bonds.\n 3. The Utica transit authority may issue its interim certificates, or\nother temporary obligations, to the purchaser of bonds pending the\nauthorization, preparation, execution or delivery of definitive bonds.\nSuch interim certificates, or other temporary obligations, shall be in\nsuch form, contain such terms, conditions and provisions, bear such date\nor dates, and evidence such agreements relating to their discharge or\npayment or to the delivery of definitive bonds as the authority may by\nresolution determine.\n