New York Unconsolidated|SECTION 15

                                                

  § 15. Security for bonds or notes; construction and acquisition of
projects. (1) The principal of and interest on any bonds or notes issued
by corporation may be secured by a pledge of any revenues and receipts
of the corporation and may be secured by a mortgage or other instrument
covering all or any part of a project, including any additions,
improvements, extensions to or enlargements of any projects thereafter
made.

(2) Bonds or notes issued for the acquisition, construction,
reconstruction, rehabilitation, or improvement of a project may also be
secured by an assignment of any lease of or mortgage on such project and
by an assignment of the revenues and receipts derived by the corporation
from any such lease or mortgage.

(3) The resolution under which the bonds or notes are authorized to be
issued and any such mortgage, lease or other instrument may contain
agreements and provisions respecting the maintenance of the projects
covered thereby, the fixing and collection of rents or other revenues
therefrom, including monies received in repayment of mortgage loans, and
interest thereon, the creation and maintenance of special funds from
such rents or other revenues and the rights and remedies available in
the event of default, all as the corporation shall deem advisable.

(4) Each pledge, agreement, mortgage or other instrument made for the
benefit or security of any of the bonds or notes of the corporation
shall continue effective until the principal of and interest on the
bonds or notes for the benefit of which the same were made shall have
been fully paid, or until provision shall have been made for such
payment in the manner provided in the resolution or resolutions under
which the same may be authorized.

(5) The corporation may provide that any proceedings under which bonds
or notes may be authorized that any project or part thereof may be
constructed, reconstructed, rehabilitated or improved by the
corporation, any subsibidiary or any lessee or any designee of the
corporation and may also provide in such proceedings for the time and
manner of and requisites for disbursements to be made for the cost of
such construction, and for all such certificates and approvals of
construction and disbursements as the corporation shall deem necessary
and provide for in such proceedings.