§ 706. 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 in\nsuch amount as may be necessary to pay the cost of the bridge and\napproach roads herein authorized and the cost of all land, property,\nrights, easements and franchises deemed necessary for the construction\nthereof, and to pay interest prior to and during construction and for\none year after completion of construction, for reconstruction and\nupgrades to the bridge, the purchase price of the ferry or ferries\nauthorized to be acquired, the repayment of any advances or\nappropriations made by the state of New York to the authority and such\nother expenses as may be deemed necessary or incident to the financing\nand to the construction of the bridge and approach roads, and to placing\nthe same in operation, and infrastructure, upgrade and expansion at the\nOgdensburg international airport.\n 2. The authority shall have power and is hereby authorized from time\nto time to issue its negotiable bonds in conformity with applicable\nprovisions of the uniform commercial code for the purpose of refunding\nbonds of the authority theretofore issued, but the aggregate principal\namount of such refunding bonds shall not exceed the aggregate principal\namount of the bonds to be refunded and the amount of the accrued\ninterest and the premium required to be paid upon such bonds by reason\nof redemption before maturity.\n 3. The bonds shall be authorized by resolution of the board. The bonds\nshall be dated, shall bear interest at such rate or rates not exceeding\nsix per centum per annum, shall mature at such time or times all as may\nbe determined by the authority and may be made redeemable before\nmaturity, at the option of the authority, at such price or prices and\nunder such terms and conditions as may be fixed by the authority prior\nto the issuance of the bonds. The authority shall determine the form and\nthe manner of execution of the bonds, including any interest coupons to\nbe attached thereto, and shall fix the denomination or denominations of\nthe bonds and the place or places of payment of principal and interest,\nwhich may be at any bank or trust company within or without the state.\nIn case any officer whose signature or a facsimile of whose signature\nshall appear on any bonds or coupons shall cease to be such officer\nbefore the delivery of such bonds, such signature or such facsimile\nshall nevertheless be valid and sufficient for all purposes the same as\nif he had remained in office until such delivery, and any bond may bear\nthe facsimile signature of, or may be signed by, such person as at the\nactual time of the execution of such bond shall be duly authorized to\nsign such bond although at the date of such bond such person may not\nhave been such officer. The bonds may be issued in coupon form or in\nregistered form or both coupon form and registered form as the authority\nmay determine, and provisions may be made by the authority for the\nregistration of any coupon bond as to principal alone and also as to\nboth principal and interest, for the reconversion into coupon bonds of\nany bonds registered as to both principal and interest, and for the\nexchange of either coupon bonds or registered bonds without coupons for\nan equal aggregate principal amount of other coupon bonds or registered\nbonds without coupons or both of any denomination or denominations.\nNotwithstanding any other provisions of this title or any recitals in\nthe bonds issued under the provisions of this title, all such bonds\nshall be deemed to be negotiable instruments under the laws of the state\nof New York. The authority may sell such bonds at public or private\nsale, to the bidders who shall offer the lowest interest cost to the\nauthority, at such a price, not less than ninety-five per centum of\ntheir value, that the interest
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