§ 559. Bonds of an agency. 1. (a) An agency shall have power and is\nhereby authorized from time to time to issue its negotiable bonds and\nnotes in conformity with applicable provisions of the uniform commercial\ncode in such principal amount as, in the opinion of the agency, shall be\nnecessary to provide sufficient funds for achieving its corporate\npurposes.\n (b) An agency shall have power, from time to time, to refund any bonds\nby the issuance of new bonds, whether the bonds to be refunded have or\nhave not matured, and to issue bonds partly to refund bonds then\noutstanding and partly for any other purpose. The refunding bonds shall\nbe sold and the proceeds applied to the purchase, redemption or payment\nof the bonds to be refunded.\n 2. Except as may otherwise be expressly provided by the agency, every\nissue of its notes and bonds shall be general obligations of the agency\npayable out of any revenues or moneys of the agency, subject only to any\nagreements with the holders of particular notes or bonds pledging any\nparticular receipts or revenues, provided, however, that the payment of\nsuch bonds and notes, both as to principal and interest, may be further\nsecured by a pledge of any loan, grant, or contribution from the federal\ngovernment or other source, in aid of any urban renewal program or part\nthereof, or by a mortgage of any such urban renewal program, or part\nthereof, title to which is in the agency, or that payment of such bonds\nand notes, both as to principal and interest, or only as to interest,\nmay be guaranteed by the municipality.\n 3. Bonds and notes of an agency shall be authorized by its resolution,\nshall bear such date or dates, mature at such time or times, in the case\nof any such note, or any renewals thereof, not exceeding seven years\nfrom the date of issue of such original note, and in the case of any\nsuch bond not exceeding fifty years from the date of issue, as such\nresolution or resolutions shall provide. The notes and bonds shall bear\ninterest at such rate or rates, be in such denomination or\ndenominations, be in such form, either coupon or registered, carry such\nregistration privileges, be executed in such manner, be payable in such\nmedium of payment, at such place or places and be subject to such terms\nof redemption with or without premium, and be secured in such manner, as\nsuch resolution or resolutions may provide. The bonds and notes may be\nsold by the agency at public or private sale, at such price or prices as\nthe agency may determine.\n 4. Bonds and notes of an agency are hereby made securities in which\nall public officers and bodies of this state and all municipalities and\nmunicipal subdivisions, all insurance companies and associations and\nother persons carrying on an insurance business, all banks, bankers,\ntrust companies, savings banks and savings associations, including\nsaving and loan associations, building and loan associations, investment\ncompanies and other persons carrying on a banking business, all\nadministrators, guardians, executors, trustees and other fiduciaries,\nand all other persons whatsoever who are now or may hereafter be\nauthorized to invest in bonds or other obligations of the state, may\nproperly and legally invest funds, including capital, in their control\nor belonging to them, provided that such bonds and notes (1) are secured\nby an agreement between the agency and the federal government in which\nthe agency agrees to borrow from the federal government and the federal\ngovernment agrees to lend to the agency, prior to the maturity of such\nbonds or notes, monies in an amount which (together with any other\nmonies irrevocably committed to the payment of principal and interest on\nsuch bonds or notes) will suffice to pay the principal on such bonds or\nnotes with interest to maturity thereon, which monies under the terms of\nsaid agreement are required to be used for the purpose of paying the\nprincipal of and the interest o
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