§ 1335. Notes and bonds of the authority. 1. (a) The authority shall\nhave power and is hereby authorized from time to time to borrow money\nand issue its negotiable bonds and notes in such principal amount, as,\nin the opinion of the authority, shall be necessary to provide\nsufficient funds for achieving its purposes, including the acquisition,\nestablishment, construction, effectuation, operation, maintenance,\nrenovation, improvement, extension or repair of any transportation\nfacility, the payment of interest on bonds and notes of the authority,\nestablishment of reserves to secure such bonds and notes, the provision\nof working capital and all other expenditures of the authority and its\nsubsidiary corporations incident to and necessary or convenient to carry\nout their purposes 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\npurposes. 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 (d) Whether or not the notes or bonds are of such form and character\nas to be negotiable instruments under article eight of the uniform\ncommercial code, the notes or bonds shall be and hereby are made\nnegotiable instruments within the meaning of and for all the purposes of\narticle eight of the uniform commercial code, subject only to the\nprovisions of the notes or bonds for registration.\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, as specified therein and in the case of any such bond not\nexceeding fifty years from the date of issue, as such resolution or\nresolutions may provide. The notes and bonds shall bear interest at such\nrate or rates, be in such denominations, be in such form, either coupon\nor registered, carry such registration privileges, be executed in such\nmanner, be payable in such medium of payment, at such place or places\nand be subject to such terms of redemption as such resolution or\nresolutions may provide. The notes and bonds of the authority may be\nsold by the authority, at public or private sale, at such price or\nprices as the authority shall determine. No notes or bonds of the\nauthority may be sold by the authority at private sale, however, unless\nsuch sale and the terms thereof have been approved in writing by (a) the\ncomptroller, where such sale is not to the comptroller, or (b) the\ndirector of the budget where such sale is to 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\nnote
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