§ 365. Notes or bonds of the authority. 1. (a) Subject to the\nprovisions of section three hundred sixty-six of this title, the\nauthority shall have the power and is hereby authorized from time to\ntime to issue its negotiable notes and bonds in conformity with\napplicable provisions of the uniform commercial code in such principal\namount as, in the opinion of the authority, shall be necessary to\nprovide sufficient moneys for achieving the corporate purposes thereof,\nincluding construction, reconstruction and improvement of the thruway\nsections and connections, and highway connections herein described,\ntogether with suitable facilities and appurtenances, the payment of all\nindebtedness to the state, the cost of acquisition of all real property,\nthe expense of maintenance and operation, interest on notes and bonds\nduring construction and for a reasonable period thereafter,\nestablishment of reserves to secure notes or bonds, and all other\nexpenditures of the authority incident to and necessary or convenient to\ncarry out its corporate purposes and powers.\n (b) The authority shall have power from time to time to issue renewal\nnotes, to issue bonds to pay notes, and 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 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 the notes or bonds shall be general obligations payable\nout of any moneys or revenues of the authority, subject only to any\nagreements with the holders of notes or bonds pledging any receipts or\nrevenues.\n 2. The notes and bonds shall be authorized by resolution of the board,\nshall bear such date or dates and mature at such time or times, in the\ncase of notes and any renewals thereof within five years after their\nrespective dates and in the case of bonds not exceeding forty years from\ntheir respective dates, as such resolution or resolutions may provide.\nThe notes and bonds shall bear interest at such rate or rates, be in\nsuch denominations, be in such form, either coupon or registered, carry\nsuch registration privileges, be executed in such manner, be payable in\nsuch medium of payment, at such place or places, and be subject to such\nterms of redemption as such resolution or resolutions may provide. Bonds\nand notes shall be sold by the authority, at public or private sale, at\nsuch price or prices as the authority may determine. Bonds and notes of\nthe authority shall not be sold by the authority at private sale unless\nsuch sale and the terms thereof have been approved in writing by the\ncomptroller, where such sale is not to the comptroller, or by 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 fees, charges, gifts, grants,\nrents, revenues or other moneys received or to be received and leases or\nagreements to secure the payment of the notes or bonds or of any issue\nthereof subject to such agreements with bondholders as may then exist;\n (b) The rates of the fees or charges to be established, and the\namounts to be raised in each year thereby and the use and disposition of\nthe fees, charges, gifts, grants, rents, revenues or other moneys\nreceived or to be received;\n (c) the setting aside of reserves or sinking funds, and the regulation\nand disposition thereof;\n (d) limitations on the purpose to which the proceeds of sale of any\nissue of notes or bonds then or thereafter to be issued may be applied\nand pledging such proceeds to secure th
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