55 Pa. Stat. § 554
The bonds of the authority, hereinabove referred to and authorized to be issued, shall be authorized by resolution of the board and shall be of such series, bear such date or dates, mature at such time or times, bear interest at such rate or rates, not exceeding six percent per annum, except that for a period of one year after the effective date of this amendatory act, the rate or rates of interest may be in excess of six percent per annum as shall be determined by the board of the authority as necessary to issue and sell said bonds, except that no bonds shall be sold at less than ninety-eight percent of their principal amount plus interest charges, payable semiannually, be in such denominations, be in such form, either coupon or fully registered without coupons, carry such registration, exchangeability and interchangeable privileges, be payable in such medium of payment and at such place or places, be subject to such terms of redemption, at such prices not exceeding one hundred five percent of the principal amount thereof, and be entitled to such priorities in the revenues, rentals or receipts of the authority as such resolution or resolutions may provide. The bonds shall be signed by such officers as the authority shall determine, and coupon bonds shall have attached thereto interest coupons bearing the facsimile signature of the treasurer of the authority, all as may be prescribed in such resolution or resolutions. The bonds may be issued and delivered, notwithstanding that one or more of the officers signing the bonds or the treasurer, whose facsimile signature shall be upon the coupon, or any officer thereof, shall have ceased to be such officer at the time when the bonds shall actually be delivered.
The bonds may be sold at public or private sale, for such price or prices as the authority shall determine, except that no bonds shall be sold at less than ninety-eight percent of their principal amount plus interest charges, but the interest cost to maturity of any money received for any issue of said bonds shall not exceed six percent per annum, except that for a period of one year after the effective date of this amendatory act, the interest cost to maturity of any money received on any issue of said bonds may exceed six percent per annum as shall be determined by the board of the authority as necessary to issue and sell said bonds. Pending the preparation of the definitive bonds, interim receipts or temporary bonds may be issued to the purchaser or purchasers of the bonds and may contain such terms and conditions as the authority may determine.
Any resolution or resolutions, authorizing any bonds, may contain provisions which shall be part of the contract with the holders thereof as to (1) pledging the full faith and credit of the authority for such obligations, or restricting the same to all or any of the revenues, rentals or receipts of the authority from all or any facilities, (2) the construction, improvement, operation, extension, enlargement, maintenance and repair of the facilities and the duties of the authority with reference thereto, (3) the terms and provisions of the bonds, (4) limitations on the purposes to which the proceeds of the bonds, then or thereafter to be issued, or of any loan or grant of the United States may be applied, (5) the rate of tolls, rentals and other charges for use of the facilities of or for the services rendered by the authority, including limitations upon the power of the authority to modify any lease or other agreement, pursuant to which tolls, rentals or other charges are payable, (6) the setting aside of reserves or sinking funds and the regulations and disposition thereof, (7) limitations on the issuance of additional bonds, (8) the terms and provisions of any deed of trust or indenture securing the bonds or under which the same may be issued, and (9) any other or additional agreements with holders of the bonds.
The authority may enter into any deeds of trust indentures or other agreements with any bank or trust company or any person or persons in the United States having power to enter into the same, including any Federal agency as security for such bonds, and may assign and pledge any or all of the revenues, rentals or receipts of the authority thereunder. The deed of trust indenture or other agreement may contain such provisions as may be customary in such instruments or as the authority may authorize, including, but without limitation, provision as to (1) the construction, improvement, operation, maintenance and repair of facilities and the duties of the authority with reference thereto, (2) the application of funds and the safeguarding of funds on hand or on deposit, (3) the rights and remedies of said trustees and the holders of the bonds (which may include restrictions upon the individual right of action upon such bondholders), and (4) the terms and provisions of the bonds or the resolutions authorizing the issuance of the same.
The bonds shall have all the qualities of negotiable instruments under the law of merchants and the Uniform Commercial Code of the Commonwealth of Pennsylvania.
55 P.S. § 554