§ 561. Bonds of the authority. 1. The authority shall have the power\nand is hereby authorized from time to time to issue its negotiable bonds\nin conformity with applicable provisions of the uniform commercial code\nfor any corporate purpose or power. The authority shall have power from\ntime to time and whenever it deems refunding advantageous or desirable,\nto refund, redeem or otherwise pay, including by purchase or tender any\nbonds by the issuance of new bonds, whether the bonds to be refunded\nhave or have not matured, and may issue bonds partly to refund bonds\nthen outstanding and partly for any other corporate purpose or power.\nThe refunding bonds may be exchanged for the bonds to be refunded, with\nsuch cash adjustments as may be agreed, or may be sold and the proceeds\napplied to the purchase or payment of the bonds to be refunded. The\nauthority may issue general or special obligation bonds. Every issue of\ngeneral obligation bonds shall be payable out of any moneys or revenues\nof the authority, subject only to any agreements with the holders of\nparticular bonds pledging any particular tolls or revenues. Every issue\nof special obligation bonds shall be payable out of any revenues,\nreceipts, monies or assets of the authority, the metropolitan\ntransportation authority and its subsidiary corporations and the New\nYork city transit authority and its subsidiary corporations identified\nfor such purposes in accordance with agreements with the holders of\nparticular bonds.\n 2. The bonds shall be authorized by resolution of the board and shall\nbear such date or dates, mature at such time or times, not exceeding\nfifty years from their respective dates, bear interest at such rate or\nrates, be payable at such time or times, be in such denominations, be in\nsuch form either coupon or registered, carry such registration\nprivileges, be executed in such manner, be payable in such medium of\npayment, at such place or places, and be subject to such terms of\nredemption, as such resolution or resolutions may provide. The bonds may\nbe sold at public or private sale for such price or prices as the\nauthority shall determine. Notwithstanding the foregoing provisions,\nsuch bonds as may be authorized by resolution of the board and issued on\nor before June thirtieth, nineteen hundred sixty-five, shall bear\ninterest at such rate or rates as such resolution may provide.\n 3. The bonds may be issued for any corporate purpose of the authority.\n 4. 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 tolls and revenues of the project\nor of all or any part of any or all such projects to secure the payment\nof the bonds or of any issue of the bonds subject to such agreements\nwith bondholders as may then exist;\n (b) the rates of the tolls to be charged, and the amounts to be raised\nin each year by tolls, and the use and disposition of the tolls and\nother revenues;\n (c) the setting aside of reserves or sinking funds, and the regulation\nand disposition thereof;\n (d) limitations on the right of the authority to restrict and regulate\nthe use of the project in connection with which such bonds are issued;\n (e) limitations on the purpose to which the proceeds of sale of any\nissue of bonds then or thereafter to be issued may be applied and\npledging such proceeds to secure the payment of the bonds or of any\nissue of the bonds;\n (f) limitations on the issuance of additional bonds; the terms upon\nwhich additional bonds may be issued and secured; the refunding of\noutstanding or other bonds;\n (g) the procedure, if any, by which the terms of any contract with\nbondholders may be amended or abrogated, the amount of bonds the holders\nof which must consent thereto, and the manner in which such consent may\nbe given;\n (h) limitations on the a
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