* § 1199-hh. 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 the applicable provisions of the uniform commercial\ncode in such principal amounts as it may determine to be necessary to\npay the cost of any water project or 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 with the holders of outstanding bonds pledging\nparticular revenues 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 nongovernmental insurer\nor financial institution any insurance, guaranty, or other credit\nenhancement arrangement, to the extent now or hereafter available, as\nto, or for the payment or repayment of interest or principal, or both,\nor any part thereof, on any bonds or notes issued by the authority and\nto enter into any agreement or contract with respect to any such\ninsurance, guaranty or credit enhancement arrangement, except to the\nextent that the same would in any way impair or interfere with the\nability of the authority to perform and fulfill the terms of any\nagreement made with the holders of the bonds or notes of the authority.\n 3. Bonds shall be authorized by resolution of the authority, and may\nbe in such denominations and bear such date or dates and mature at such\ntime or times as such resolution may provide, except that bonds and any\nrenewals thereof shall mature within forty years of the date of their\noriginal issuance and notes and any renewals thereof shall mature within\nfive years of the date of their original issuance. Such bonds shall be\nsubject to such terms of redemption, bear interest at such rate or\nrates, 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\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 at private sale for such price or\nprices as the authority shall determine, provided that no issue of bonds\nmay be sold by the authority at private sale unless such sale and the\nterms thereof have been approved in writing by the comptroller, where\nsuch sale is not to the comptroller, or by the state director of the\nbudget, where such sale is to be to the comptroller.\n Any bonds or other obligations issued by the Wayne county water\nauthority shall be continued as an obligation by the authority.\n 4. Any resolution or resolutions authorizing bonds or any issue of\nbonds by the 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 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, subject to such agreements with bondholders as\nmay then exist;\n (b) the rates, rentals, fees and other charges to be fixed and\ncollected by the authority and the amounts to be raised in each year\nthereby, and the use and disposition of revenues;\n (c) the setting aside of
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