§ 1156. 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, including incidental expenses in\nconnection therewith, and to secure the payment of the same by a lien or\npledge covering all or part of its contract, earnings or revenues. The\nauthority shall have power from time to time whenever it deems refunding\nexpedient, to refund any bonds by the issuance of new bonds, whether the\nbonds to be refunded have or have not matured, and may issue bonds\npartly to refund bonds then outstanding and partly for any of its\ncorporate purposes. Except as may be otherwise expressly provided by the\nauthority, every issue of bonds by the authority shall be general\nobligations payable out of any moneys, earnings or revenues of the\nauthority, subject only to any agreements with the holders of particular\nbonds pledging any particular moneys, earnings or revenues.\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 not\nexceeding forty years from their respective dates, bear interest at such\nrates per annum not exceeding six per centum per annum payable at such\ntimes, be in such denominations, be in such form either coupon or\nregistered, carry such registration privileges, be executed in such\nmanner, be payable in lawful money of the United States of America, at\nsuch place or places and be subject to such terms of redemption, as such\nresolution or resolutions may provide.\n Bonds of the authority shall be sold at public sale upon sealed bids\nto the bidder who shall offer the lowest interest cost to the authority\nto be determined by the authority. The notice of sale shall be published\nat least once, not less than ten nor more than forty days before the\ndate of sale, in a financial newspaper published and circulated in the\ncity of New York and designated by the authority. The notice shall call\nfor the receipt of sealed bids and shall fix the date, time and place of\nsale. Bonds may also be sold at private sale. Such bonds, whether\npublicly or privately sold, shall be sold for a price not less than\nninety-six per centum of the par value thereof, plus accrued interest,\nprovided always that the interest cost to maturity of the moneys\nrealized from the sale of such bonds shall not exceed six per centum per\nannum. The terms of private sale shall be approved by the comptroller,\nor by the division of the budget when the sale is to the comptroller.\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 moneys, earnings, income and\nrevenues derived from all or any part of the properties of the authority\nto secure the payment of the bonds or of any issue of the bonds subject\nto such agreements with bondholders as may then exist;\n (b) the rates, rentals, fees and other charges to be fixed and\ncollected and the amounts to be raised in each year thereby, and the use\nand disposition of the earnings and other revenues;\n (c) the setting aside of reserves and the creation of sinking funds\nand the regulation and disposition thereof;\n (d) limitations on the right of the authority to restrict and regulate\nthe use of the properties in connection with which such bonds are\nissued;\n (e) limitations in the purposes to which and the manner in which the\nproceeds of sale of any issue of bonds may be applied;\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,
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