§ 532. Bonds of the authority. 1. The authority shall have power and\nis hereby authorized from time to time to issue its negotiable bonds in\nconformity with applicable provisions of the uniform commercial code for\nany corporate purpose in the aggregate principal amount not to exceed\none hundred fifty-three million two hundred fifty-five thousand dollars.\n 2. In addition to the bonds authorized in subdivision one of this\nsection, the authority shall have power from time to time and whenever\nit deems refunding expedient, to issue bonds in such principal amount as\nthe authority may determine for the purpose of refunding bonds then\noutstanding and to issue such additional bonds as may be necessary to\npay the costs incurred in connection with said refunding, whether the\nbonds to be refunded have or have not matured. The refunding bonds may\nbe exchanged for the bonds to be refunded with such cash adjustments as\nmay be agreed, or may be sold and the proceeds applied to the purchase,\nredemption or payment of the bonds to be refunded, provided, however,\nthat upon any such refunding or repayment the aggregate principal amount\nof outstanding bonds may be greater than one hundred fifty-three million\ntwo hundred fifty-five thousand dollars only if the present value of the\naggregate debt service of the refunding or repayment bonds to be issued\nshall not exceed the present value of the aggregate debt service of the\nbonds so to be refunded or repaid. For purposes hereof, the present\nvalues of the aggregate debt service of the refunding or repayment bonds\nand of the aggregate debt service of the bonds so refunded or repaid,\nshall be calculated by utilizing the effective interest rate of the\nrefunding or repayment bonds, which shall be that rate arrived at by\ndoubling the semi-annual interest rate (compounded semi-annually)\nnecessary to discount the debt service payments on the refunding or\nrepayment bonds from the payment dates thereof to the date of issue of\nthe refunding or repayment bonds and to the price bid including\nestimated accrued interest or proceeds received by the authority\nincluding estimated accrued interest from the sale thereof.\n 3. Bonds shall be authorized by resolution of the board and shall bear\nsuch date or dates, mature at such time or times, not exceeding fifty\nyears from their respective dates, bear interest at such rate or rates,\npayable semi-annually, be in such denominations, be in such form, either\ncoupon or registered, carry such registration privileges, be executed in\nsuch manner, be payable in such medium of payment, at such place or\nplaces, and be subject to such terms of redemption (not inconsistent\nwith subdivision four of this section) as such resolution or resolutions\nmay provide. Any bonds of the authority may be sold at public or private\nsale for such price or prices as the authority shall determine.\n 4. Every issue of bonds shall be subject to redemption prior to\nmaturity at the election of the authority on notice by publication in a\nnewspaper published in the city of New York of not more than ninety\ndays, and if the state shall furnish the authority with sufficient money\ntherefor, the authority shall redeem the bonds in accordance with the\nterms of redemption then applicable.\n 5. Except as otherwise may be expressly provided by the authority\nevery issue of bonds and notes shall be general obligations payable out\nof any moneys or revenues of the authority, subject only to any\nagreement with the holders of particular bonds or notes pledging any\nparticular tolls or revenues.\n 6. Any resolution or resolutions authorizing any bonds or notes may\ncontain provisions, which shall be a part of the contract with the\nholders of the bonds or notes, as to\n (a) Pledging the tolls and revenues of the bridges or any of them to\nsecure the payment of the bonds or notes;\n (b) The rates of the tolls to be charged, and the amount to be raised\nin each year by tol
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