1.

1. (a) Authorized issuers shall have the power and are hereby authorized from time to time to issue revenue bonds, in such principal amount or amounts, subject to subdivision eight of this section and as the director of the budget shall determine to be necessary, to provide sufficient funds for authorized purposes, the establishment of reserves to secure such revenue bonds, the payment of amounts required under revenue bonds or agreements relating thereto, and the payment of all costs of issuance of their revenue bonds.
2. (b) The authorized issuers shall have the power and are hereby authorized from time to time to issue (i) revenue bonds to renew notes, (ii) revenue bonds to pay notes, and (iii) whenever it deems refunding expedient, to refund any bonds, notes or other obligations issued for an authorized purpose or purposes, including bonds, notes or other obligations that were issued prior to the effective date of this article, by the issuance of new revenue bonds, whether the bonds, notes, or other obligations to be refunded have or have not matured, and to issue revenue bonds in part to refund bonds, notes, or other obligations then outstanding and in part for any of its other authorized purposes. The refunding revenue bonds may be exchanged for bonds, notes, or other obligations to be refunded, or sold and the proceeds applied to the purchase, redemption or payment of such bonds, notes, or other obligations.
3. (c) Except as may otherwise be expressly provided by an authorized issuer, every issue of revenue bonds of an authorized issuer pursuant to this section shall be special obligations of the authorized issuer payable solely out of any revenues paid over to such authorized issuer from the sales tax revenue bond tax fund, established pursuant to section ninety-two-h of this chapter.
4. (d) All of the provisions of the enabling acts of the authorized issuers relating to bonds and notes, which are not inconsistent with the provisions of this section, may, at the discretion of the authorized issuer, apply to revenue bonds authorized by this section.
5. (e) The revenue bonds of the authorized issuers authorized by this section shall not be a debt of the state and the state shall not be liable thereon, nor shall they be payable out of any funds other than those of the authorized issuers pledged therefor; and such revenue bonds shall contain on the face thereof a statement to such effect. In addition, any agreements entered into by any entity pursuant to sections sixty-nine-o and ninety-two-h of this chapter on behalf of the state to effect the implementation of any of the activities financed in whole or in part with proceeds of the revenue bonds of the authorized issuers, authorized in this section do not constitute or create a debt of the state, nor a contractual obligation in excess of the amounts appropriated therefor, and the state has no continuing legal or moral obligation to appropriate money for payments due under any such agreement.

6. (f)

   1. (i) Revenue bonds shall be authorized by resolution of the authorized issuers, be in such denominations, bear such date or dates and mature at such time or times, as such resolution or other agreement may provide.
   2. (ii) Revenue bonds shall be subject to such terms of redemption, bear interest at such rate or rates, be payable at such times, be in such form, either coupon, registered or book entry form, carry such registration privileges, be executed in such manner, be payable in such medium of payment at such place or places, and be subject to such terms and conditions as such resolution may provide.
7. (g) Revenue bonds authorized hereunder shall be sold by authorized issuers, at public or private sale, at such price or prices as the authorized issuers may determine. Revenue bonds of the authorized issuers shall not be sold by the authorized issuers at private sales unless such sale and the terms thereof have been approved by the state comptroller.

2. Consistent with the provisions of this article, and subject to the approval of the director of the budget, any resolution or other agreement authorizing revenue bonds or any issue thereof may contain provisions, which shall be a part of the contract with the holders thereof, as to:

1. (a) pledging all or any part of the revenues received by the authorized issuers pursuant to section sixty-nine-o of this article to secure the payment of the bonds or notes or of any issue thereof, subject to such agreements with holders of revenue bonds as may then exist;
2. (b) pledging all or any part of the assets of the authorized issuers to secure the payment of the revenue bonds or of any issue of revenue bonds subject to such agreements with holders of revenue bonds as may then exist;
3. (c) the setting aside of reserves or sinking funds and the regulation and disposition thereof;
4. (d) limitations on the purposes to which the proceeds of sale of revenue bonds, may be applied and pledging such proceeds to secure the payment of the revenue bonds or of any issue thereof;
5. (e) limitations on the issuance of additional revenue bonds, the terms upon which additional revenue bonds may be issued and secured and the refunding of outstanding or other revenue bonds;
6. (f) the procedure, if any, by which the terms of any contract with holders of revenue bonds may be amended or abrogated, the amount of revenue bonds the holders of which must consent thereto and the manner in which such consent may be given;
7. (g) vesting in a trustee, as described in subdivision six of this section, such property, rights, powers and duties in trust as the authorized issuers may determine, which may include any or all of the rights, powers and duties of the trustee appointed by the holders of revenue bonds of the respective authorized issuers pursuant to this article, and limiting or abrogating the right of such revenue bond holders to appoint a trustee under this title or limiting the rights, powers, and duties of such trustee;
8. (h) the acts or omissions to act which shall constitute a default in the obligations and duties of the authorized issuers to the holders of the revenue bonds and providing for the rights and remedies of the holders of the revenue bonds in event of such default, including the right to appointment of a receiver; provided, however, that such rights and remedies shall not be inconsistent with the other provisions of this article;
9. (i) any other matters, of like or different character, which in any way affect the security or protection of the holders of the revenue bonds; and
10. (j) the application of any of the foregoing provisions to any provider of any applicable bond, note or other financial facility. Notwithstanding the foregoing, the authorized issuers shall not be authorized to make any covenant, pledge, promise, or agreement purporting to bind the state except as otherwise specifically authorized by this article.

5. The authorized issuers, subject to such agreements with holders of revenue bonds as may then exist, or with the providers of any applicable bond or note or other financial or agreement facility, shall have power out of any funds available therefor to purchase revenue bonds of the authorized issuers, which may or may not thereupon be canceled, at a price not exceeding:

1. (a) If the revenue bonds are then redeemable, the redemption price then applicable, including any accrued interest; or
2. (b) If the revenue bonds are not then redeemable, the redemption price and accrued interest applicable on the first date after such purchase upon which the revenue bonds become subject to redemption; or
3. (c) Whether or not the revenue bonds are then redeemable, at a redemption price that provides present value savings to the state, as certified in writing by an independent financial advisor. No later than seven days after a redemption pursuant to paragraph (c) of this subdivision, the director of the budget shall provide such written certification to the chair of the senate finance committee and the chair of the assembly ways and means committee.