§ 1115-n. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue bonds in\nconformance 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 project or projects, or for any other corporate purpose,\nincluding incidental expenses in connection therewith. The authority\nshall have power from time to time to refund any bonds by the issuance\nof new bonds whether the bonds to be refunded have or have not matured,\nand may issue bonds partly to refund bonds then outstanding and partly\nfor any other corporate purpose. Bonds issued by the authority shall be\nspecial obligations payable solely out of particular revenues or other\nmoneys as may be designated in the proceedings of the authority under\nwhich the bonds shall be authorized to be issued, subject to any\nagreements entered into between the authority and the city, and the\nauthority, the water board and the city, and subject to any agreements\nwith the holders of outstanding bonds pledging any particular revenues\nor moneys.\n 2. The authority is authorized to obtain from any department or agency\nof the United States of America or the state or any non-governmental\ninsurer or financial institution any insurance, guaranty or other credit\nsupport device, to the extent now or hereafter available, as to, or for\nthe payment or repayment of interest or principal, or both, or any part\nthereof, on any bonds issued by the authority and to enter into any\nagreement or contract with respect to any such insurance or guaranty,\nexcept to the extent that the same would in any way impair or interfere\nwith the ability of the authority to perform and fulfill the terms of\nany agreement made with the holders of bonds or notes of the authority\nas may then exist.\n 3. Bonds shall be authorized by resolution of the authority, be in\nsuch denominations, bear such date or dates and mature at such time or\ntimes as such resolution may provide, except that bonds and any renewals\nthereof shall mature within forty years of the date of their original\nissuance and notes and any renewal thereof shall mature within five\nyears of the date of their original issuance. Such bonds shall be\nsubject to such terms of redemption, bear interest at such rate or rates\npayable at such times, be in such form, 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 and\nconditions as such resolution may provide. Bonds may be sold at public\nor private sale for such price or prices as the authority shall\ndetermine provided that no issue of bonds may be sold by the authority\nat private sale unless such sale and the terms thereof have been\napproved in writing by (i) the comptroller, where such sale is not to\nsuch comptroller, or (ii) by the state director of the budget, where\nsuch sale is to be to the comptroller.\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 holders of bonds or notes of the\nauthority 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\nbonds may be applied;\n (d) limitations on the right of the authority to restrict and regulate\nthe use of the project or part thereof in connection with which bonds\nare issued;\n (e) limitations on the issuance of additional bonds, the terms upon\nwhich additional bonds may be issued and secured and the refunding of\noutstanding
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