N.Y. Transp. Law § 55
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.
N.Y. Transp. Law § 55