§ 1232-g. 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, not to exceed three hundred fifty million dollars\n($350,000,000), as it may determine to be necessary to pay the cost of\nany project or for any other of its corporate purposes, including the\nestablishment of reserves to secure the bonds, the payment of principal\nof, premium, if any, and interest on the bonds and the payment of\nincidental expenses in connection therewith. The aggregate principal\namount of such bonds, notes or other obligations shall exclude bonds,\nnotes or other obligations issued to refund or otherwise repay bonds,\nnotes or other obligations theretofore issued for such purpose. The\nauthority shall have power from time to time to refund any bond,\nincluding bonds of the county issued to pay the cost of any project, 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 of the authority. Bonds\nissued by the authority may be general obligations secured by the faith\nand credit of the authority or may be special obligations payable solely\nout of 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 priority only to any agreements with the\nholders of outstanding bonds pledging any particular property, revenues,\nearnings or moneys. The authority may also enter into loan agreements,\nlines of credit and other security agreements and obtain for or on its\nbehalf letters of credit, insurance, guarantees or other credit\nenhancements to the extent available, in each case for securing its\nbonds or to provide direct payment of any costs that the authority is\nauthorized to pay.\n 2. 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 or within the applicable period of probable\nusefulness of the object or purpose financed as set forth in the local\nfinance law assuming such provision was applicable, whichever is less.\nBonds shall be subject to such terms of redemption, bear interest at\nsuch rate or rates, be payable at such times, be in such form, either\ncoupon or registered, carry such registration privileges, be executed in\nsuch manner, be payable in such medium of payment at such place or\nplaces, and be subject to such terms and conditions as such resolution\nmay provide. Bonds may be sold at public or private sale for such price\nor prices as the authority shall determine, provided that no bonds of\nthe authority, other than obligations designated as notes, shall be sold\nby the authority at private sale unless such sale and the terms thereof\nhave been approved in writing by the comptroller, or by the state\ndirector of the budget, where such sale is to be to the comptroller. The\nauthority may pay all expenses, premiums and commissions which it may\ndeem necessary or advantageous in connection with the issuance and sale\nof bonds.\n 3. The authority shall have the power and is hereby authorized to\nassume any bonds of the county issued and sold to the New York state\nenvironmental facilities corporation and in connection therewith to\nissue its bonds to the New York state environmental facilities\ncorporation in substitution therefor.\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
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