§ 2799-gg. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue bonds, in\nconformity with applicable provisions of the uniform commercial code, in\nsuch principal amounts as it may determine to be necessary pursuant to\nsection twenty-seven hundred ninety-nine-ff of this title to pay the\ncost of any project and to fund reserves to secure such bonds, including\nincidental expenses in connection therewith.\n The aggregate principal amount of such bonds, notes or other\nobligations outstanding shall not exceed, beginning July first, two\nthousand twenty-four, twenty-one billion five hundred million dollars\n($21,500,000,000) and beginning July first, two thousand twenty-five,\nthirty billion five hundred million dollars ($30,500,000,000), excluding\nbonds, notes or other obligations issued pursuant to sections\ntwenty-seven hundred ninety-nine-ss and twenty-seven hundred\nninety-nine-tt of this title; provided, however, that upon any refunding\nor repayment of bonds (which term shall not, for this purpose, include\nbond anticipation notes), the total aggregate principal amount of\noutstanding bonds, notes or other obligations may be greater than,\nbeginning July first, two thousand twenty-four, twenty-one billion five\nhundred million dollars ($21,500,000,000), and beginning July first, two\nthousand twenty-five, thirty billion five hundred million dollars\n($30,500,000,000), only if the refunding or repayment bonds, notes or\nother obligations were issued in accordance with the provisions of\nsubparagraph (a) of subdivision two of paragraph b of section 90.10 of\nthe local finance law, as amended from time to time. Notwithstanding the\nforegoing, bonds, notes or other obligations issued by the authority may\nbe outstanding in an amount greater than the amount permitted by the\npreceding sentence, provided that such additional amount at issuance,\ntogether with the amount of indebtedness contracted by the city of New\nYork, shall not exceed the limit prescribed by section 104.00 of the\nlocal finance law. The authority shall have the power from time to time\nto refund any bonds of the authority by the issuance of new bonds\nwhether the bonds to be refunded have or have not matured, and may issue\nbonds partly to refund bonds of the authority then outstanding and\npartly to pay the cost of any project pursuant to section twenty-seven\nhundred ninety-nine-ff of this title. Bonds issued by the authority\nshall be payable solely out of particular revenues or other moneys of\nthe authority as may be designated in the proceedings of the authority\nunder which the bonds shall be authorized to be issued, subject to any\nagreements entered into between the authority and the city, and subject\nto any agreements with the holders of outstanding bonds pledging any\nparticular revenues or moneys.\n 2. The authority is authorized to obtain insurance, letters of credit\nand other credit or liquidity facilities related to bonds in accordance\nwith paragraph a and paragraphs c through g of section 168.00 of the\nlocal finance law, as amended from time to time; provided, however, that\nthe board of directors of the authority shall make the determination as\nto "financially responsible parties" required under the local finance\nlaw.\n 3. (a) The authority (i) shall amortize its serial and term bonds in\naccordance with sections 11.00, 21.00 and 57.00 of the local finance law\nand its bond anticipation notes in accordance with section 23.00 of the\nlocal finance law, as amended from time to time, (ii) shall establish\nprovisions relating to redemption of its bonds that conform with section\n53.00 of the local finance law, as amended from time to time, (iii)\nsubject to the limitation set forth in paragraph (b) of this\nsubdivision, may issue bonds with variable rates of interest, and enter\ninto agreements related thereto, subject to the limitations prescribed\nin paragraphs a and c
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