§ 1045-o. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue bonds, in\nconformity with applicable provisions of the uniform commercial code, in\nsuch principal amounts as it may determine to be necessary to pay the\ncost of any water project or water projects, or for any other corporate\npurposes, including incidental expenses in connection therewith. The\nauthority shall have power from time to time to refund any bonds by the\nissuance of new bonds whether the bonds to be refunded have or have not\nmatured, and may issue bonds partly to refund bonds then outstanding and\npartly for any other corporate purpose. Bonds issued by the authority\nshall be special obligations payable solely out of particular revenues\nor other moneys of the authority as may be designated in the proceedings\nof the authority under which the bonds shall be authorized to be issued,\nsubject to any agreements entered into between the authority and the\ncity, and the authority, the water board and the city, and subject to\nany agreements with the holders of outstanding bonds pledging any\nparticular revenues or moneys.\n 2. The authority is authorized to obtain from any department or agency\nof the United States of America or non-governmental insurer any\ninsurance or guaranty, to the extent now or hereafter available, as to,\nor for the payment or repayment of interest or principal, or both, or\nany part thereof, on any bonds or notes issued by the authority, or on\nany municipal obligations of governmental units purchased or held by the\nauthority; and to enter into any agreement or contract with respect to\nany such insurance or guaranty, except to the extent that the same would\nin any way impair or interfere with the ability of the authority to\nperform and fulfill the terms of any agreement made with the holders of\nthe bonds or notes of the authority.\n * 3. Bonds shall be authorized by resolution of the authority, be in\nsuch denominations and bear such date or dates, mature at such time or\ntimes, except that bonds and any renewal thereof shall mature within\nforty years of the date of their original issuance and notes and any\nrenewal thereof shall mature within five years of the date of their\noriginal issuance. Such bonds shall be subject to such terms of\nredemption, bear interest at such rate or rates payable at such times,\nbe in such form, carry such registration privileges, be executed in such\nmanner, be payable in such medium of payment at such place or places,\nand be subject to such terms and conditions as such resolution may\nprovide. Bonds may be sold at public or private sale for such price or\nprices as the authority shall determine, provided that no issue of bonds\nmay be sold at private sale unless the terms of such sale shall have\nbeen approved in writing by (i) the comptroller, where such sale is not\nto such comptroller, or (ii) the director of management and budget,\nwhere such sale is to such comptroller.\n * NB There are 2 sub 3's\n * 3. Whenever the authority shall determine that the issuance of its\nbonds is appropriate, the mayor and the comptroller shall make a joint\nrecommendation as to the arrangements necessary for the issuance and\nsale of such bonds including the underwriting of such bonds through\nnegotiated agreement or public letting or the private sale of such bonds\nand such recommendation shall include compensation for services rendered\nas they deem appropriate. The mayor and the comptroller shall recommend\nto the authority the price or prices, interest rate or rates, maturities\nand other terms and conditions for the issuance of the bonds, except\nthat bonds and any renewal thereof shall mature within forty years of\nthe date of their original issuance and notes and any renewal thereof\nshall mature within five years of the date of their original issuance.\nFollowing such recommendation, bonds shall be authorized by resolution\nof the
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