N.Y. Transp. Law § 55

§ 55. Provisions of bonds. Bonds of the Utica transit authority shall\nbe authorized by its resolution and may be issued singly or in one or\nmore series, and shall bear such date or dates, mature at such time or\ntimes, bear interest at such rate or rates, not exceeding seven per cent\nper annum, be in such denomination or denominations, interchangeable or\notherwise, be in such form, either coupon or registered, carry such\nconversion or registration privileges, have such rank or priority, be\nexecuted in such manner with or without authentication, and be subject\nto such terms of redemption with or without premium, and be secured in\nsuch manner, as such resolution may provide. The bonds may be sold by\nthe authority at public or private sale at such price or prices as the\nUtica transit authority may determine.\n