§ 55. Provisions of bonds. Bonds of the Utica transit authority shall
be authorized by its resolution and may be issued singly or in one or
more series, and shall bear such date or dates, mature at such time or
times, bear interest at such rate or rates, not exceeding seven per cent
per annum, be in such denomination or denominations, interchangeable or
otherwise, be in such form, either coupon or registered, carry such
conversion or registration privileges, have such rank or priority, be
executed in such manner with or without authentication, and be subject
to such terms of redemption with or without premium, and be secured in
such manner, as such resolution may provide. The bonds may be sold by
the authority at public or private sale at such price or prices as the
Utica transit authority may determine.