New York Laws
Title 2 - New York State Bridge Authority
532 - Bonds of the Authority.

(a) Pledging the tolls and revenues of the bridges or any of them to
secure the payment of the bonds or notes;
(b) The rates of the tolls to be charged, and the amount to be raised
in each year by tolls, and the use and disposition of the tolls and
other revenues;
(c) The setting aside of reserves or sinking funds, and the regulation
and disposition thereof;
(d) Limitations on the right of the authority to restrict and regulate
the use of the bridges;
(e) Limitations on the purposes to which the proceeds of sale of any
issue of bonds or notes then or thereafter to be issued may be applied
and pledging such proceeds to secure the payment of the bonds or notes
or of any issue thereof;
(f) Limitations on the issuance of additional bonds or notes or on
other debt;
(g) The procedure, if any, by which the terms of any contract with
bondholders or noteholders may be amended or abrogated, the amount of
bonds or notes the holders of which must consent thereto, and the manner
in which such consent may be given;
(h) Limitations on the amount of moneys derived from any of the
bridges to be expended for operating, administrative or other expenses
of the authority;
(i) Vesting in a trustee or trustees such property, rights, powers and
duties in trust as the authority may determine which may include any or
all of the rights, powers and duties of the trustee appointed by the
bondholders pursuant to section five hundred thirty-seven hereof, and
limiting or abrogating the right of the bondholders to appoint a trustee
under said section or limiting the rights, duties and powers of such
trustee;
(j) Any other matters, of like or different character, which in any
way affect the security or protection of the bonds or notes.
7. Neither the members of the board nor any person executing such
bonds or notes shall be liable personally on said bonds or notes or be
subject to any personal liability or accountability by reason of the
issuance thereof.
8. The authority shall have power out of any funds available therefor
to purchase any bonds or notes issued by it. The authority may hold,
cancel, or resell such bonds or notes subject to and in accordance with
agreements with bondholders or noteholders.
9. It is the intention hereof that any pledge of tolls or other
revenues or other moneys made by the authority shall be valid and
binding from the time when the pledge is made; that the tolls or other
revenues or other moneys 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 is
created need be recorded.