* § 1020-k. Bonds of the authority. 1. The authority shall have power\nand is hereby authorized from time to time to issue its negotiable bonds\nin conformity with applicable provisions of the uniform commercial code\nfor any purpose authorized by this title, including without limitation\n(a) to acquire any real or personal property or facilities deemed\nnecessary by the authority, (b) to pay interest on bonds or notes of the\nauthority, (c) to establish reserves to secure such bonds and notes, (d)\nto establish or maintain such other funds or accounts for such purpose\nor purposes as the authority may deem necessary or desirable, and (e) to\npay all other expenses of the authority incident to the issuance of such\nbonds or notes.\n 2. Except as may be otherwise expressly provided by the authority, the\nbonds and notes of every issue shall be general obligations of the\nauthority payable out of any moneys or revenues of the authority,\nsubject only to any agreements with the holders of particular bonds or\nnotes, or any trustee therefor, pledging any particular moneys or\nrevenues.\n 3. The authority shall have power from time to time, whenever it deems\nrefunding expedient, to refund any bonds by the issuance of new bonds,\nwhether the bonds to be refunded have or have not matured, and may issue\nbonds partly to refund bonds then outstanding and partly for any other\ncorporate purpose of the authority. Refunding bonds may be exchanged for\nthe bonds to be refunded, with such cash adjustments as may be agreed,\nor may be sold with the proceeds applied to the purchase, payment or\nprovision for payment of the bonds to be refunded.\n 4. Bonds may be issued, payable in annual installments or as term\nbonds or both. Bonds shall be authorized by resolution of the board of\nthe authority and shall bear such date or dates, mature at such time or\ntimes, not exceeding fifty years from their respective dates, bear\ninterest at such rate or rates, be in such denominations, be in such\nform, either coupon or registered, carry such registration privileges,\nbe executed in such manner, be payable in lawful money of the United\nStates of America or by check at such place or places, and be subject to\nsuch terms of redemption, as such resolution or resolutions may provide.\nIn the event that term bonds are issued, the resolution authorizing the\nsame may make such provisions for the establishment and maintenance of\nsinking funds for the payment thereof as the authority may deem\nnecessary or appropriate. Bonds or notes may be sold at public or\nprivate sale at such price or prices as the authority shall determine\nbut shall not be sold by the authority at private sale unless such sale\nand terms thereof have been approved in writing by the state\ncomptroller. Pending preparation of definitive bonds or notes, the\nauthority may issue bonds or notes in temporary form which shall be\nexchanged for bonds or notes in definitive form when available.\n 5. Any resolution or resolutions authorizing any bonds or any issue of\nbonds may (a) delegate to an officer or officers of the authority the\npower to approve the issuance of bonds from time to time and to fix the\ndetails of any such bonds or issues of bonds by an appropriate\ncertificate of such authorized officer or officers and (b) contain\nprovisions, which shall be a part of the contract with the holders of\nthe bonds to be authorized as to: (i) pledging or creating a lien on all\nor any part of the moneys, revenues or properties of the authority to\nsecure the payment of the bonds or of any particular issue of bonds or\nany portion of any issue of bonds, subject to such agreements with\nbondholders as may then exist;\n (ii) the rates, fees and other charges to be charged, and the amounts\nto be raised in each year thereby, and the use and disposition of the\nrevenues;\n (iii) the setting aside of reserves or sinking funds, and the\nregulation and disposition thereof;\n (iv) limitation
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