to lease or let such facilities or any one or more of them to such tenant or tenants, for such term or terms, at such compensation or rental and subject to such provisions, limitations and conditions as the authority may require or approve; (9) to issue interest bearing revenue bonds payable from the limited sources hereinafter referred to; (10) to pledge for payment of such bonds any revenues and funds from which such bonds are made payable; (11) to make and enter into contracts, leases and agreements incidental to or necessary for the accomplishment of any purpose or purposes for which the authority was organized; (12) to appoint, employ, contract with and provide for compensation of such officers, employees and agents, including engineers, attorneys, consultants, fiscal advisers and such other employees as the business of the authority may require, including the power to fix working conditions by general rule and other conditions of employment and, subject to the provisions of the certificate of incorporation of such authority, the power at its option to provide a system of disability pay, retirement compensation and pensions, or any of them, and to hire and fire servants, agents, employees and officers at will; (13) to fix, establish, collect and alter parking fees, tolls, rents and other charges for the use of any parking facility or other property owned or controlled by the authority; (14) to make and enforce rules and regulations governing the use of any parking facility owned or controlled by the authority; (15) to secure such insurance, including use and occupancy insurance and liability insurance, as the board may deem advisable; (16) to invest any funds of the authority that the board may determine are not presently needed for its corporate purposes in any obligations which are direct general obligations of the United States of America or which are unconditionally guaranteed as to both principal and interest by the United States of America, or in bonds of the state or any county, city or town therein; (17) to cooperate with the state, any county, city, town, public corporation, agency, department, or political subdivision of the state, and to make such contracts with them or any of them as the board may deem advisable to accomplish the purposes for which the authority was established; (18) subject to the approval of the governing bodies of the authorizing subdivisions, to sell and convey any of its properties that may have become obsolete or worn out or that may no longer be needed or useful; and (19) to receive and accept grants for or in aid of the construction, extension, improvement, maintenance or operation of any parking facility from the United States of America or any agency thereof, and from the state, any department or agency thereof and any political subdivision thereof, and to receive and accept money, property, labor or other things of value from any source whatever; and (20) to purchase equipment and supplies necessary

or convenient for the exercise of any power of the authority. Nothing herein shall be construed to authorize the acquisition by eminent domain of any real property or rights owned or held by railroads or utilities, both public or private.

Section 9. Leases of Parking Facilities. In the event the board of directors cf the authority determines that it is in the best interest of the authority to lease one or any number of its parking facilities, such authority shall by published notice invite the submission of bids for the lease and operation of said facility by the highest satisfactory bidder. The notice of the invitation for such bids shall be published at least once a week for three successive weeks preceding the date required for submission of bids, in a newspaper of general circulation in the county in which is located the principal office of the authority. Said published notice shall set out such terms, provisions, and conditions for the lease of the facility as the board may deem necessary or desirable to be included in the lease agreement. The board shall have the power to reject all bids in the event no bid is received which conforms to the provisions, terms and conditions set out in the published notice provided for hereinabove, but in that event the authority shall promptly advertise, in the manner prescribed hereinabove for new bids to be submitted not more than three months after the date prescribed for the original submission. Prior to leasing any such parking facility, the board must determine and find the following: (1) The amount necessary in each year to pay the principal of and interest on any bonds of the authority issued hereunder or proposed to be issued hereunder to finance the acquisition and construction of said facility; (2) the amount necessary to be paid each year into any reserve funds which the board may deem it advisable to establish in connection with the retirement of said bonds and the maintenance of said parking facility; and, unless the terms under which said facility is to be leased provided that the lessee shall maintain said facility and carry all insurance (including liability insurance) deemed proper by the board with respect thereto; (3) the estimated cost of maintaining said facility in good repair and securing such insurance. The agreement for the lease of any such parking facility by an authority hereunder shall provide for payment of rentals, based on such findings and determinations, as are sufficient (a) to pay the principal of and interest on any bonds of the authority issued hereunder to finance the acquisition and construction of that facility, (b) to build up and maintain any reserves deemed by the board to be advisable in connection therewith, and (c) unless the agreement of lease provides that the lessee shall maintain and carry all insurance (including liability insurance) deemed proper by the board with respect to said facility, to pay the

cost of maintaining said facility in good repair and paying for such insurance. The lease agreement may, at the discretion of the board, contain provisions prescribing minimum operating hours, maximum charges to be collected by the operator, and other terms to be observed by the lessee.

Section 10. Federal and State Aid. The authority is hereby authorized to accept, receive, receipt for, disburse and expend federal and state moneys and other moneys, public or private, made available by grant or loan or both, to accomplish, in whole or in part, any of the purposes of this act. All federal moneys accepted under this section shall be accepted and expended by the authority upon such terms and conditions as are prescribed by the United States and as are not inconsistent with the laws of this state, and all state moneys accepted under this section shall be accepted and expended by the authority upon such terms and conditions as are prescribed by law.

Section 11. Cooperation. For the purpose of aiding and cooperating with the authority in the planning, development, undertaking, construction, extension, improvement or operation of parking facilities, any county, city, town or other political subdivision, public corporation, agency or instrumentality of this state may, upon such terms and with or without consideration, as it may determine:

(a) Lend or donate money to the authority;

(b) Donate, transfer, assign, sell or convey to the authority any right, title or interest which it may have in any lease, contract, agreement, license or property;

(c) Do any and all things, whether or not specifically authorized in this section and not otherwise prohibited by law, that are necessary or convenient to aid and cooperate with the authority in the planning, undertaking construction, acquisition or operation of parking facilities.

Section 12. Bonds of the Authority. Subject to approval of the governing body of the authorizing subdivision, the authority shall have the power and is hereby authorized at any time and from time to time to issue and sell its interest bearing revenue bonds for any of its corporate purposes. The principal of and the interest on all such bonds shall be payable solely from, and may be secured by a pledge of, the revenues derived by the authority from the operation of any or all of its parking facilities and other property. None of the bonds issued or contracts entered into by the authority shall ever constitute or create an obligation or debt of the state, or of any county, city or town within the state, or a charge against the credit or taxing powers of the state, or of any county, city

or town within the state. Bonds of the authority may be issued at any time and from time to time, may be in such form and denominations, may be of such tenor, may be payable in such installments and at such time or times not exceeding forty years from their date, may be payable at such place or places whether within or without the state, and may bear interest at such rate or rates payable and evidenced in such manner, all as shall not be inconsistent with the provisions of this act and as may be provided in the proceedings of the board wherein the bonds shall be authorized to be issued. Any bond having a stated maturity more than ten years after its date shall be made subject to the redemption at the option of the authority not later than the expiration of ten years from its date and on any interest payment date thereafter at such price or prices and after such notice or notices and on such terms and in such manner as may be provided in the proceedings of the board wherein it is authorized to be issued. Bonds of the authority may be sold at public or private sale in such manner and from time to time as may be determined by the board. The authority may pay all reasonable expenses, premiums, fees and commissions that the board may deem necessary or advantageous in connection with the authorization, sale and issuance of its bonds. All bonds shall contain a recital that they are issued pursuant to the provisions of this act, which recital shall be conclusive that they have been duly authorized pursuant to the provisions of this act. Neither a public hearing nor consent of the State Department of Finance shall be prerequisite to the issuance of bonds by any authority. Notwithstanding the fact that they are payable solely from a specified source, all bonds issued under the provisions of this act shall be deemed negotiable instruments within the meaning of the negotiable instruments law of the state if they otherwise possess all the characteristics of negotiable instruments under the laws of the state.

Section 13. Execution of bonds. All bonds shall be signed by the chairman or vice-chairman and the secretary or treasurer of the authority and the seal of the authority shall be affixed thereto provided that a facsimile of the signature of one, but not both, of the officers whose signatures will appear on the bonds may be imprinted or otherwise reproduced thereon in lieu of his manually signing the same; and provided further, that a facsimile of the seal of the authority may be imprinted or otherwise reproduced on the bonds in lieu of being manually affixed thereto. Coupons shall be assigned by the chairman or vice-chairman and the secretary or treasurer of the authority, but a facsimile of the signature of such chairman or vicechairman and such secretary or treasurer may be impressed or otherwise reproduced on any such interest coupons in lieu of

their manually signing the same. Delivery of bonds so executed shall be valid notwithstanding any changes in officers or in the seal of the authority after the signing and sealing of the bonds.

Section 14. Security for Bonds. In the discretion of the authority any bonds may be issued under and secured by an indenture between the authority and a trustee. Said trustee may be a private person or corporation, including but not limited to any trust company or bank having trust powers, whether such bank or trust company is located within or without the state. In any such indenture or resolution providing for the issuance of bonds the authority may pledge, for payment of the principal of and the interest on such bonds, any of its revenues to which its right then exists or may thereafter come into existence and may assign, as security for such payment, any of its leases, franchises, permits and contracts; and in any such indenture, the authority may with the approval of the governing body of the authorizing subdivision mortgage any of its properties, including any that may be thereafter acquired by it. Any such pledge of revenues shall be valid and binding from the time it is made, and the revenues so pledged and thereafter received by the authority shall immediately become subject to the lien of such pledge without any physical delivery thereof or further act. The lien of such pledge shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the authority, irrespective of whether the parties have actual notice thereof, from the time a statement is filed in the office of the Judge of Probate of the county in which is located the principal office of the authority. Such notice need state only the date on which the resolution authorizing the issuance of the bonds was adopted by the board, the principal amount of bonds issued, a brief description of the revenues so pledged and a brief description of any property the revenues from which are so pledged. In any indenture or resolution authorizing the issuance of bonds and pledging for the benefit thereof revenues from any one or more of its parking facilities, the authority shall have the power to include provisions customarily contained in instruments securing evidence of indebtedness, including without limiting the generality of the foregoing, provisions respecting the collection, segregation and application of any rental or other revenues due to or to become due to the authority, the terms to be incorporated in any lease agreement respecting any property of the authority, the maintenance and insurance of any building or structure owned by the authority, the creation and maintenance of special funds from any revenue of the authority and the rights and remedies available in the event of default to the holder of the bonds or the trustee under