§ 1226-l. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue bonds, notes\nor other obligations to pay the cost of any project or for any other\ncorporate purpose, including the establishment of reserves to secure the\nbonds, the payment of principal of, premium, if any, and interest on the\nbonds and the payment of incidental expenses in connection therewith.\n (a) The aggregate principal amount of such bonds, notes or other\nobligations shall not exceed one hundred fifty million dollars\n($150,000,000), excluding bonds, notes or other obligations issued to\nrefund or otherwise repay bonds, notes or other obligations theretofore\nissued for such purposes; provided, however, that upon any such\nrefunding or repayment the total aggregate principal amount of\noutstanding bonds, notes or other obligations may be greater than one\nhundred fifty million dollars ($150,000,000) only if the present value\nof the aggregate debt service of the refunding or repayment bonds, notes\nor other obligations to be issued shall not exceed the present value of\nthe aggregate debt service of the bonds, notes or other obligations so\nto be refunded or repaid.\n (b) Provided further that no such bonds, notes or other obligations\nthat such board has determined to be reasonably necessary to service\nmanufacturing facilities constructed or to be constructed in the service\narea after January first, two thousand fourteen shall be issued if such\nissuance would cause the aggregate principal amount of such bonds, notes\nor other obligations outstanding to exceed one hundred fifty million\ndollars. Provided, however, that upon any such refunding or repayment\nthe total aggregate principal amount of outstanding bonds, notes or\nother obligations may be greater than one hundred million fifty dollars\n($150,000,000) only if the present value of the aggregate debt service\nof the refunding or repayment bonds, notes or other obligations to be\nissued shall not exceed the present value of the aggregate debt service\nof the bonds, notes or other obligations so to be refunded or repaid.\n For purposes hereof, the present values of the aggregate debt service\nof the refunding or repayment bonds, notes or other obligations and of\nthe aggregate debt service of the bonds, notes or other obligations so\nrefunded or repaid, shall be calculated by utilizing the effective\ninterest rate of the refunding or repayment bonds, notes or other\nobligations, which shall be that rate arrived at by doubling the\nsemi-annual interest rate (compounded semi-annually) necessary to\ndiscount the debt service payments on the refunding or repayment bonds,\nnotes or other obligations from the payment dates thereof to the date of\nissue of the refunding or repayment bonds, notes or other obligations\nand to the price bid including estimated accrued interest or proceeds\nreceived by the authority including estimated accrued interest from the\nsale thereof. The authority shall have power and is hereby authorized to\nenter into such agreements and perform such acts as may be required\nunder any applicable federal legislation to secure a federal guarantee\nof any bonds.\n 2. The authority shall have power from time to time to renew bonds or\nto issue renewal bonds for such purpose, to issue bonds to pay bonds,\nand, whenever it deems refunding expedient, to refund any bond 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 of the authority. Bonds (other\nthan notes or other evidence of indebtedness) issued for refunding\npurposes, which have a final maturity date longer than the maturity of\nthe bonds being refunded, shall be approved by a resolution of the\ncounty legislature adopted by a majority vote and approved by the county\nexecutive. Bonds issued for refunding purposes shall
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