New York Laws
Title 7 - Nassau County Bridge Authority
661 - Bonds of the Authority.

(a) Pledging all or any part of the tolls and revenues of the project
to secure the payment of the bonds subject to such agreements with
bondholders as may then exist;
(b) the rates of the tolls to be charged, and the amounts 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 project in connection with which such bonds are issued;
(e) limitations on the purpose to which the proceeds of sale of any
issue of bonds then or thereafter to be issued may be applied and
pledging such proceeds to secure the payment of the bonds or of any
issue of the bonds;
(f) limitations on the issuance of additional bonds; the terms upon
which additional bonds may be issued and secured; the refunding of
outstanding or other bonds;
(g) the procedure, if any, by which the terms of any contract with
bondholders may be amended or abrogated, the amount of bonds 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 project 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 six hundred sixty-six hereof, and
limiting or abrogating the right of the bondholders to appoint a trustee
under said section hereof 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.
5. 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.
6. Neither the members of the authority nor any person executing the
bonds shall be liable personally on the bonds or be subject to any
personal liability or accountability by reason of the issuance thereof.
7. The authority shall have power out of any funds available therefor
to purchase bonds. The authority may hold, cancel or resell such bonds,
subject to and in accordance with agreements with bondholders.