§ 1196-f. Bonds and notes of an authority. 1. An authority shall have\nthe power 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 projects or for any other corporate\npurposes, including incidental expenses in connection therewith. An\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 an authority may\nbe general obligations secured by the faith and credit of the authority\nor may 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 with the holders of outstanding bonds pledging\nparticular revenues or moneys.\n 2. An authority is authorized to obtain from any department or agency\nof the United States of America or nongovernmental insurer any insurance\nor guaranty, to the extent now or hereafter available, as to, or for the\npayment or repayment of interest or principal, or both, or any part\nthereof, on any bonds or notes issued by the authority and to enter into\nany agreement or contract with respect to any such insurance or\nguaranty, except to the extent that the same would in any way impair or\ninterfere with the ability of the authority to perform and fulfill the\nterms of any agreement made with the holders of the bonds or notes of an\nauthority.\n 3. Bonds shall be authorized by resolution of an authority, be in such\ndenominations and bear such date or dates, mature at such time or times,\nexcept that bonds and any renewal thereof shall mature within forty\nyears of the date of their original issuance and notes and any renewal\nthereof shall mature within five years of the date of their original\nissuance. Such bonds shall be subject to such terms of redemption, bear\ninterest at such rate or rates payable at such times, be in such form,\ncarry such registration privileges, be executed in such manner, be\npayable in such medium of payment at such place or places, and be\nsubject to such terms and conditions as such resolution may provide.\nBonds may be sold at public sale or, upon the approval of the state\ncomptroller, at private sale for such price or prices as an authority\nshall determine, provided that no issue of bonds may be sold at private\nsale unless the terms of such sale shall have been approved by writing\nby (a) the comptroller, where such sale is not to the comptroller, or\n(b) the director of the division of the budget, where such sale is to\nthe comptroller.\n 4. Any resolution or resolutions authorizing bonds or any issue of\nbonds by an authority may contain provisions which may be part of the\ncontract with the 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\nbonds may be applied;\n (d) limitations on the right of the authority to restrict and regulate\nthe use of any 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 the refunding of outstanding or\nother bonds;\n (f) the procedure, if any, by which the terms of any contract with\nbondholders may be amended or abrogated, includin
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