* § 1128. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue bonds in such\nprincipal amounts as it may determine to be necessary to pay the cost of\nany project or for any other corporate purpose, including incidental\nexpenses in connection therewith. The authority shall have power from\ntime to time to refund any bonds by the issuance of new bonds, whether\nthe bonds to be refunded have or have not matured, and may issue bonds\npartly to refund bonds then outstanding and partly for any other\ncorporate purpose. Bonds issued by the authority may be general\nobligations secured by the faith and credit of the authority or may 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 only to any\nagreements with the holders of outstanding bonds pledging any particular\nrevenues, earnings or moneys.\n 2. The authority is authorized to obtain from any insurer or financial\ninstitution any insurance, guaranty or other credit support device, to\nthe extent now or hereafter available, as to, or for the payment or\nrepayment of interest or principal, or both, or any part thereof, on any\nbonds issued by the authority and to enter into any agreement or\ncontract with respect to any such insurance, guaranty or other credit\nsupport device, except to the extent that the same would in any way\nimpair or interfere with the ability of the authority to perform and\nfulfill the terms of any agreement made with the holders of outstanding\nbonds of the authority.\n 3. (a) 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 from the date of their original\nissuance and notes and any renewals thereof shall mature within five\nyears from the date of their original issuance. Bonds shall be subject\nto such terms of redemption, bear interest at such rate or rates per\nannum, which may vary from time to time, as may be necessary to effect\nthe sale thereof and shall be payable at such times, be in such form,\ncarry such registration privileges, be executed in such manner, be\nsubject to tender to the authority, with or without extinction or\ncancellation, be payable in such medium of payment at such place or\nplaces, and be subject to such terms and conditions as such resolution\nmay provide. Bonds may be sold at public or private sale for such price\nor prices as the authority shall determine, provided that no bonds of\nthe authority may be sold by the authority at private sale unless such\nsale and the terms thereof have been approved in writing by the\ncomptroller, where such sale is not to be to such comptroller, or by the\nstate director of the budget, where such sale is to be to the\ncomptroller.\n (b) The state comptroller shall promulgate rules in conformance with\nthe state administrative procedure act governing the sale on a\nnegotiated basis of bonds, notes and certificates of participation by\npublic authorities and public benefit corporations made subject to such\nrules by law. No such sale by the authority on a negotiated basis shall\nbe conducted without prior approval of the state comptroller except as\nprovided in such rules, which shall set forth the circumstances under\nwhich such approval shall not be required. Such rules shall be reviewed\nat least annually and updated as may be necessary. The corporation shall\nannually deliver to the senate finance committee, the assembly ways and\nmeans committee and the director of the division of the budget a report\nlisting all such sales conducted in the previous year, including but not\nlimited to the name of the issuer, the amount of the issue, the interest\nrate and interest cost
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