1938 - Bonds of the authority.
§ 1938. Bonds of the authority. 1. The authority shall not have the power to issue bonds, unless approved in advance by a vote in excess of seventy-five percent of the members of the common council in office. If approved by the common council, the authority shall have the power and is hereby authorized to issue its negotiable bonds in conformity with the applicable provisions of the uniform commercial code for its corporate purposes in the aggregate principal amount of not exceeding one million dollars ($1,000,000). The bonds shall be general obligations of the authority payable out of any moneys or revenues of the authority. 2. Neither the members of the authority nor any person executing the bonds shall be subject to any personal liability or accountability by reason of the issuance thereof. 3. The city shall remain liable for the payment of all principal and interest on bonds issued by the city for the purpose of financing the Glens Falls civic center prior to the effective date of this article.