* § 1470-h. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue its negotiable\nbonds for any purpose mentioned in section fourteen hundred seventy-c\nhereof, including the acquisition, construction, reconstruction and\nrepair of personal and real property of all kinds deemed by the board to\nbe necessary or desirable to carry out such purpose, as well as to pay\nsuch expenses as may be deemed by the board necessary or desirable to\nthe financing thereof and placing the project or projects in operation\nin the aggregate principal amount of not exceeding fifteen million\ndollars outstanding at any one time. The authority shall have power from\ntime to time and whenever it deems refunding expedient, to refund any\nbonds by the issuance of new bonds, whether the bonds to be refunded\nhave or have not matured, and may issue bonds partly to refund bonds\nthen outstanding and partly for any other purpose hereinabove described.\nThe refunding bonds may be exchanged for the bonds to be refunded, with\nsuch cash adjustments as may be agreed, or may be sold and the proceeds\napplied to the purchase or payment of the bonds to be refunded. In\ncomputing the total amount of bonds of the authority which may at any\ntime be outstanding the amount of the outstanding bonds to be refunded\nfrom the proceeds of the sale of new bonds or by exchange for new bonds\nshall be excluded. Except as may otherwise be expressly provided by the\nauthority, the bonds of every issue shall be general obligations of the\nauthority payable out of any moneys or revenues of the authority,\nsubject only to any agreements with the holders of particular bonds\npledging any particular moneys or revenues. Notwithstanding the fact\nthat the bonds may be payable from a special fund, if they are otherwise\nof such form and character as to be negotiable instruments under article\neight of the uniform commercial code the bonds shall be and are hereby\nmade negotiable instruments within the meaning of and for all the\npurposes of article eight of the uniform commercial code, subject only\nto the provisions of the bonds for registration.\n 2. The bonds shall be authorized by resolution of the board and shall\nbear such date or dates, mature at such time or times not exceeding\nthirty years from their respective dates, bear interest at such rate or\nrates payable annually or semi-annually, be in such denominations, be in\nsuch form, either coupon or registered, carry such registration\nprivileges, be executed in such manner, be payable in lawful money of\nthe United States of America at such place or places and be subject to\nsuch terms of redemption, as such resolution or resolutions may provide.\nThe bonds may be sold at public or private sale for such price or prices\nas the authority shall determine.\n 3. Any resolution or resolutions authorizing any bonds or any issue of\nbonds may contain provisions, which shall 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 a project or projects\nto secure the payment of the bonds, subject to such agreements with\nbondholders as may then exist;\n (b) the rentals, fees and other charges to be charged, and the amounts\nto be raised in each year thereby, and the use and disposition of the\nrevenues;\n (c) the setting aside of reserves or sinking funds, and the regulation\nand disposition thereof;\n (d) limitations on the right of the authority to restrict and regulate\nthe use of a project;\n (e) limitations on the purpose to which the proceeds of sale of any\nissue of bonds then or thereafter to be issued may be applied and\npledging such proceeds to secure the payment of the bonds or of any\nissue of the bonds;\n (f) limitations on the issuance of additional bonds; the terms upon\nwhich additional bonds may be issued and secured; the refunding of\noutstanding or other bonds;\n (g)
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