§ 1199-h. 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 and is\nhereby authorized to enter into such agreements and perform such acts as\nmay be required under any applicable federal legislation to secure a\nfederal guarantee of any bonds. The authority shall have power from time\nto time to refund any bonds by the issuance of new bonds, whether the\nbonds 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 department or agency\nof the United States of America or the state or any nongovernmental\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 outstanding bonds of the\nauthority.\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 from the date of original\nissuance of any such bonds. Obligations with a maturity of five years or\nless from the date of their original issuance may be designated as\nnotes. Bonds shall be subject to such terms of redemption, bear interest\nat such rate or rates per annum 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 or private sale for such price or prices as\nthe authority shall determine, provided that no bonds of the authority,\nother than obligations designated as notes, may be sold by the authority\nat private sale unless such sale and the terms thereof have been\napproved in writing by the comptroller, where such sale is not to be to\nsuch comptroller, or by the state director of the budget, where such\nsale is to be to the comptroller. The authority may pay all expenses,\npremiums and commissions which it may deem necessary or advantageous in\nconnection with the issuance and sale of bonds.\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 any part of the revenues of the authority,\ntogether with any other moneys or property of the authority to secure\nthe payment of the bonds, including but not limited to any contracts,\nearnings or proceeds of any grant to the authority received from any\nprivate or public source;\n (b) the setting aside of reserves and the creation of sinking funds\nand the regulation and disposition thereof;\n (c) limitations on the p
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