§ 1230-m. 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 applicable provisions of the uniform commercial code in\nsuch principal amounts as it may determine to be necessary to pay the\ncost of any project or projects, or for any other corporate purpose,\nincluding reasonable and incidental expenses in connection therewith.\nThe authority shall have power from time to time to refund any bonds by\nthe issuance of new bonds whether the bonds to be refunded have or have\nnot matured, and may issue bonds partly to refund bonds then outstanding\nand partly for any other corporate purpose. Bonds issued by the\nauthority may be general obligation bonds secured by the faith and\ncredit of the authority or may be special obligations payable solely out\nof particular revenues or other moneys as may be designated in the\nproceedings of the authority under which the bonds shall be authorized\nto be issued, subject to any agreements entered into between the\nauthority and the city, and the authority, the water board and the city,\nand subject to any agreements with the holders of outstanding bonds\npledging any particular property, revenues or moneys.\n 2. The authority is authorized to obtain from any department or agency\nof the United States or the state or any non-governmental insurer or\nfinancial institution, any insurance, guaranty or other credit support\ndevice, 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 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 bonds or notes of the authority\nas may then exist.\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 of the date of their original\nissuance and notes and any renewal thereof shall mature within five\nyears of the date of their original issuance. Such bonds shall be\nsubject to such terms of redemption, bear interest at such rate or rates\npayable at such times, be in such form, carry such registration\nprivileges, be executed in such manner, be payable in such medium of\npayment at such place or places, and be subject to such terms and\nconditions as such resolution may provide. Bonds may be sold at public\nor private sale for such price or prices as the authority shall\ndetermine provided that no issue of bonds may be sold by the authority\nat private sale unless such sale and the terms thereof have been\napproved in writing by (a) the comptroller, where such sale is not to\nsuch comptroller, or (b) 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 or authority obligations.\n 4. The authority may also enter into loan agreements, lines of credit\nand other security agreements and obtain for or on its behalf letters of\ncredit, insurance, guarantees or other credit enhancements to the extent\nnow or hereafter available, in each case for securing its bonds or to\nprovide direct payment of any costs which the authority is authorized to\npay.\n 5. 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 part of the revenues, other monies or property of\nthe authority to secure the payment of the
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