§ 1299-i. Notes and bonds of the authority. 1. (a) The authority shall\nhave power and is hereby authorized from time to time to issue its\nnegotiable bonds and notes in conformity with applicable provisions of\nthe uniform commercial code in such principal amount as, in the opinion\nof the authority, shall be necessary to provide sufficient funds for\nachieving its purposes, including the acquisition, establishment,\nconstruction, effectuation, operation, maintenance, renovation,\nimprovement, extension or repair of any transportation facility, the\npayment of interest on bonds and notes of the authority, establishment\nof reserves to secure such bonds and notes, the provision of working\ncapital and all other expenditures of the authority and its subsidiary\ncorporations incident to and necessary or convenient to carry out their\npurposes and powers;\n (b) The authority shall have power, from time to time, to issue\nrenewal notes, to issue bonds to pay notes 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 to issue\nbonds partly to refund bonds then outstanding and partly for any other\npurpose. The refunding bonds shall be sold and the proceeds applied to\nthe purchase, redemption or payment of the bonds to be refunded;\n (c) Except as may otherwise be expressly provided by the authority,\nevery issue of its notes or bonds shall be general obligations of the\nauthority payable out of any revenues or moneys of the authority,\nsubject only to any agreements with the holders of particular notes or\nbonds pledging any particular receipts or revenues;\n 2. The notes and bonds shall be authorized by resolution approved by\nnot less than a majority of the whole number of members of the authority\nthen in office, shall bear such date or dates, and shall mature at such\ntime or times, in the case of any such note or any renewals thereof not\nexceeding five years from the date of issue of such original note, and\nin the case of any such bond not exceeding fifty years from the date of\nissue, as such resolution or resolutions may provide. The notes and\nbonds shall bear interest at such rate or rates, be in such\ndenominations, be in such form, either coupon or registered, carry such\nregistration privileges, be executed in such manner, be payable in such\nmedium of payment, at such place or places and be subject to such terms\nof redemption as such resolution or resolutions may provide. The notes\nand bonds of the authority may be sold by the authority, at public or\nprivate sale, at such price or prices as the authority shall determine.\nNo notes or bonds of the authority may be sold by the authority at\nprivate sale, however, unless such sale and the terms thereof have been\napproved in writing by (a) the comptroller, where such sale is not to\nthe comptroller, or (b) the director of the budget, where such sale is\nto the comptroller.\n 3. Any resolution or resolutions authorizing any notes or bonds or any\nissue thereof may contain provisions, which shall be a part of the\ncontract with the holders thereof, as to:\n (a) pledging all or any part of the fares, tolls, rentals, rates,\ncharges and other fees made or received by the authority or any of its\nsubsidiary corporations, and other moneys received or to be received, to\nsecure the payment of the notes or bonds or of any issue thereof,\nsubject to such agreements with bondholders or noteholders as may then\nexist;\n (b) pledging all or any part of the assets of the authority or of any\nof its subsidiary corporations to secure the payment of the notes or\nbonds or of any issue of notes or bonds, subject to such agreements with\nnoteholders or bondholders as may then exist;\n (c) the use, and disposition of fares, tolls, rentals, rates, charges\nand other fees made or received by the authority or any of its\nsubsidiary corporations;\n (d) the setting aside of rese
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