New York Laws
Title 1-A - Long Island Power Authority
1020-K - Bonds of the Authority.

(ii) the rates, fees and other charges to be charged, and the amounts
to be raised in each year thereby, and the use and disposition of the
revenues;
(iii) the setting aside of reserves or sinking funds, and the
regulation and disposition thereof;
(iv) limitations on the right of the authority to restrict and
regulate the use of any of its property;
(v) limitations on the purpose to which the proceeds of sale of any
issue of bonds then or thereafter to be issued may be applied;
(vi) limitations on the issuance of additional bonds, the terms upon
which additional bonds may be issued and secured, and the refunding of
outstanding bonds;
(vii) the procedure, if any, by which the terms of any contract with
bondholders may be amended, the amount or percentage of outstanding
bonds the holders of which must consent thereto, and the manner in which
such consent may be given;
(viii) defining the acts or omissions to act which shall constitute a
default in the duties of the authority to holders of its obligations and
providing the rights and remedies of such holders or of a trustee acting
on their behalf in the event of a default; and
(ix) any other matters of like or different character, which in any
way may affect the security and protection of the bonds and the rights
of the holders thereof.
6. Notwithstanding any other provisions of this title, any such
resolution or resolutions shall contain a covenant by the authority that
it will at all times maintain rates, fees or charges sufficient to pay,
and that any contracts entered into by the authority for the sale,
transmission or distribution of electricity shall contain rates, fees or
charges sufficient to pay, the costs of operation and maintenance of the
facilities owned or operated by the authority, payments in lieu of
taxes, renewals, replacements and capital additions, the principal of
and interest on any obligations issued pursuant to such resolution as
the same severally become due and payable, and to establish or maintain
any reserves or other funds or accounts required or established by or
pursuant to the terms of such resolution or resolutions.
7. It is the intention of the legislature that any pledge of moneys,
revenues or property or of a revenue producing contract or contracts
made by the authority shall be valid and binding from the time when the
pledge is made; that the moneys, revenues or proceeds so pledged and
thereafter received by the authority shall immediately be subject to the
lien of such pledge without any physical delivery thereof or further
act; and that the lien of any such pledge shall be valid and binding as
against all parties having claims of any kind in tort, contract or
otherwise against the authority irrespective of whether such parties
have notice thereof. Neither the resolution nor any other instrument by
which a pledge or lien is created pursuant to this subdivision need be
recorded in order to perfect such pledge or lien.
8. Neither the trustees of the authority nor any person executing the
bonds or notes shall be liable personally on the bonds or notes or be
subject to any personal liability or accountability by reason of the
issuance thereof.
9. The authority shall have power out of any funds available therefor
to purchase bonds or notes at such price or prices as it deems
advisable. The authority may hold, pledge, cancel or resell such bonds,
subject to agreements with bondholders.
10. All bonds, notes and other obligations issued by the authority
under the provisions of this title are hereby declared to have all the
qualities and incidents of negotiable instruments under the applicable
laws of the state.
* NB There are 2 § 1020-k's