§ 54. Bonds. 1. The Utica transit authority shall have the power, and is hereby authorized, from time to time to borrow money and issue bonds in such amounts and upon such terms as it may deem advisable for any of the purposes of this article. Bonds, except those for the acquisition of any omnibus for the acquisition, construction, reconstruction or improvement of any omnibus capital facility and any capital equipment used in connection therewith may be issued for periods not exceeding thirty years and for a period not exceeding the probable life of a municipal project which said period shall be calculated from the date of the bonds. Bonds for the acquisition of any omnibus may be issued for periods not exceeding ten years and for a period not exceeding the probable life of such equipment which said periods shall be calculated from the date of the bonds. The Utica transit authority shall also have power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it but no such refunding bonds shall mature later than the expiration of the maximum period permitted by this subdivision at the time of the issuance of the bonds to be refunded for the municipal project for which such bonds were issued. Such period shall be construed to commence from the date of issuance of the bonds to be refunded.

2. The Utica transit authority is authorized to issue, whenever it may deem it necessary to do so, notes at a rate of interest not exceeding seven and one-half per cent per annum in anticipation of the sale of bonds. Such notes shall mature within a period not to exceed one year from the date of their issue but may be made subject to the right of earlier payment. The proceeds of the sale of such notes shall be used only for the purposes for which may be used the proceeds of the sale of bonds. Any such notes may be renewed or may be refunded through the sale of similar notes but no such renewal or refunding notes shall be issued after the sale of bonds. Such notes, renewal notes or refunding notes shall not mature beyond one year after completion of the municipal project. Except as may be provided otherwise in this article, the Utica transit authority shall have the same powers in connection with the issuance and securing the payment of its notes as it has in connection with the issuance and securing payment of its bonds.

3. The Utica transit authority may issue its interim certificates, or other temporary obligations, to the purchaser of bonds pending the authorization, preparation, execution or delivery of definitive bonds. Such interim certificates, or other temporary obligations, shall be in such form, contain such terms, conditions and provisions, bear such date or dates, and evidence such agreements relating to their discharge or payment or to the delivery of definitive bonds as the authority may by resolution determine.