§ 1048-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. Whenever the authority shall determine that the issuance of its\nbonds is appropriate, the comptroller shall make a recommendation as to\nthe arrangements necessary for the issuance and sale of such bonds\nincluding the underwriting of such bonds through negotiated agreement or\npublic letting or the private sale of such bonds and such recommendation\nshall include compensation for services rendered as he deems\nappropriate. The comptroller shall recommend to the authority the price\nor prices, interest rate or rates, maturities and other terms and\nconditions for the issuance of the bonds, except that bonds and any\nrenewal thereof shall mature within forty years of the date of their\noriginal issuance and notes and any renewal thereof shall mature within\nfive years of the date of their original issuance. Following such\nrecommendation, bonds shall be authorized by bond resolution of the\nauthority which shall set forth the arrangements for the issuance of the\nbonds, the price or prices, the interest rate or rates, maturities,\nterms of redemption, form and other terms of the bonds. Such bond\nresolution and the minutes of the authority related thereto shall be\ntransmitted to the comptroller for his approval or disapproval thereof.\nApproval of such bond resolution shall be indicated by the execution of\nthe bond resolution by the comptroller whereupon such bond resolution\nshall come into full force and effect in accordance with its terms.\n 4. Any resolution or resolutions authorizing bonds or any issue of\nbonds may contain provisions which may be a part of the contract with\nthe holders of the bonds thereby authorized as to:\n (a) pledging all or part of its revenues, together with any other\nmoneys, securities, contracts or property, to secure the payment of the\nbonds, subject to such agreements with bondholders as may then exist;\n (b) the setting aside of reserves and the creation of sinking funds\nand the regulation and disposition thereof;\n (c) limitations on the purpose to which the proceeds from the sale of\n
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