§ 581. Bonds and notes of the authority. 1. The authority shall have\nthe power and is hereby authorized from time to time to issue its\nnegotiable bonds and notes in conformity with applicable provisions of\nthe uniform commercial code in such amount as may be necessary to pay\nthe entire cost of financing any one or more of the purposes authorized\npursuant to section five hundred seventy-eight of this chapter, or for\nthe purpose of refunding any bonds or notes previously issued, and such\ncost of financing shall be deemed to include but not be limited to\nrefunding of any bonds or notes previously issued and then outstanding\nas well as any redemption premium thereon and any interest to accrue to\nthe date of redemption of such bonds or notes, such other expenses as\nmay be incident to the issuance of such new bonds or notes, interest\nprior to and during construction and for six months after completion\nthereof, and such other expenses as may be deemed necessary or incident\nthereto for placing the same in operation. The issuance of such bonds or\nnotes, the maturities and other details thereof, the rights of the\nholders thereof, and the rights, duties and obligations of the authority\nin respect of the same, shall be governed by the provisions of this\ntitle.\n 2. (a) Such bonds shall be authorized by resolution of the authority,\nsubject to the approval of the supervisors, and shall bear such date or\ndates, and shall mature at such time or times, not exceeding fifty years\nfrom the date of issue, bear interest at such rate or rates, be in such\ndenominations, be in such form, either coupon or registered, carry such\nregistration privileges, be executed in such manner, be payable in such\nmedium of payment, at such place or places, and be subject to such terms\nof redemption, as such resolution or resolutions may provide. Such bonds\nmay be sold at public or private sale for such price or prices as the\nauthority shall determine.\n (b) Whether or not the bonds or notes are of such form and character\nas to be negotiable instruments under article eight of the uniform\ncommercial code, the bonds or notes shall be and hereby are made\nnegotiable instruments within the meaning and for all purposes of\narticle eight of the uniform commercial code, subject only to the\nprovisions of the bonds for registration.\n 3. 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 authority to secure the\npayment of the bonds or notes;\n (b) the rates of the tolls to be charged for use of the bridges and\nroads and the amounts to be raised in each year by tolls and the use and\ndisposition of the tolls and other 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 and its successors to\nrestrict and regulate the use of the bridges hereby authorized;\n (e) limitations on the purpose to which the proceeds of sale of any\nissue of bonds or notes then or thereafter to be issued may apply;\n (f) limitations on the issuance of additional bonds or notes;\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 4. Neither the members of the board nor any person executing the bonds\nor notes shall be liable personally on the bonds or notes or be subject\nto any personal liability or accountability by reason of the issuance\nthereof.\n 5. In the discretion of the authority, the bonds may be secured by a\ntrust indenture by and between the authority and a corporate trustee,\nwhich may be any trust company or bank having the powers of a trust\ncompany in the state. Such trust indenture may contain such provisi
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