§ 6. Bonds and notes of the agency.\n 1. (a) The agency shall have power and is hereby authorized from time\nto time to issue its negotiable or non-negotiable bonds and notes in\nsuch principal amount as, in the opinion of the agency, shall be\nnecessary to provide sufficient funds for achieving its corporate\npurposes, including the making of eligible purchases and eligible loans,\nthe payment of interest on bonds and notes of the agency, establishment\nof reserves to secure such bonds and notes, and all other expenditures\nof the agency incident to and necessary or convenient to carry out its\ncorporate purposes and powers;\n (b) The agency shall have power, from time to time, to issue renewal\nnotes, to issue bonds to pay notes and, whenever it deems refunding\nexpedient, to refund any bonds by the issuance of new bonds, whether the\nbonds to be refunded have or have not matured, and to issue bonds partly\nto refund bonds then outstanding and partly for any other purpose. The\nrefunding bonds shall be sold and the proceeds applied to the purchase,\nredemption or payment of the bonds to be refunded;\n (c) Except as may otherwise be expressly provided by the agency, every\nissue of its notes or bonds shall be general obligations of the agency\npayable out of any revenues or monies of the agency, subject only to any\nagreements with the holders of particular notes or bonds pledging any\nparticular receipts or revenues or other property.\n 2. The notes and bonds shall be authorized by resolution of the\nmembers, shall bear such date or dates, and shall mature at such time or\ntimes, in the case of any such note, or any renewals thereof, not\nexceeding ten years from the date of issue of such original note, and in\nthe case of any such bond not exceeding fifty years from the date of\nissue, as such resolution or resolutions may provide. The notes and\nbonds shall bear interest at such rates, be in such denominations, be in\nsuch form, either coupon or registered, carry such registration\nprivileges, be executed in such manner, be payable in such medium of\npayment, at such place or places and be subject to such terms of\nredemption as such resolution or resolutions may provide. The notes and\nbonds of the agency may be sold by the agency, at public or private\nsale, at such price or prices as the agency shall determine. No notes or\nbonds of the agency may be sold by the agency at private sale, however,\nunless such sale and the terms thereof have been approved in writing by\n(a) the comptroller, where such sale is not to the comptroller, or (b)\nthe director of the budget, where such sale is to the comptroller.\n 3. Any resolution or resolutions authorizing any notes or bonds or any\nissue thereof may contain provisions, which shall be a part of the\ncontract with the holders thereof, as to:\n (a) pledging all or any part of the fees and charges made or received\nby the agency, and all or any part of the payments to be received in\nrespect of corporation first mortgages purchased by the agency or in\nrespect of eligible loans, and any amounts realized on account of the\ncorporation first mortgages and other assets or revenues pledged or\nassigned as security for such eligible loans, and other monies received\nor to be received, to secure the payment of bonds or notes or of any\nissue thereof, subject to such agreements with bondholders or\nnoteholders as may then exist;\n (b) pledging all or any part of the assets or revenues of the agency,\nincluding mortgages and other obligations, owned by or pledged or\nassigned to the agency, to secure the payment of the bonds or notes,\nsubject to such agreements with bondholders or noteholders as may then\nexist;\n (c) the use and disposition of payments received on account of\nmortgages and other obligations owned by or pledged or assigned to the\nagency;\n (d) the setting aside of reserves or sinking funds and the regulation\nand disposition thereof;\n (e) limitations on the
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