§ 2020. Bonds of the authority. 1. The authority shall have the power\nand is hereby authorized from time to time to issue its negotiable bonds\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.\nNotwithstanding the fact that the bonds may be payable from a special\nfund, if they are otherwise of such form and character as to be\nnegotiable instruments under the terms of negotiable instruments law\n(constituting chapter thirty-eight of the consolidated laws) the bonds\nshall be and are hereby made negotiable instruments within the meaning\nof and for all the purposes of the negotiable instruments law, subject\nonly to the provisions of the bonds for registration.\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 the\nbest possible interest rate per annum as may be obtainable, be in such\ndenominations, be in such form either coupon or registered, carry such\nregistration privileges, be executed in such manner, be payable in\nlawful money of the United States of America, at such place or places\nand be subject to such terms of redemption, as such resolution or\nresolutions may provide.\n All bonds of the authority shall be sold at public or private sale as\nthe authority shall determine. No bonds of the authority may be sold at\nprivate sale, however, unless such sale and the terms thereof have been\napproved by the county legislature. If such bonds are sold at public\nsale, such sale shall be upon sealed bids to the bidder who shall offer\nthe lowest interest cost to the authority to be determined by the\nauthority. Notice of any public sale shall be published at least once,\nnot less than ten nor more than forty days before the date of sale, in a\nfinancial newspaper published and circulated in the city of New York and\ndesignated by the authority. The notice shall call for the receipt of\nsealed bids and shall fix the date, time and place of sale.\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
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