§ 1475-i. Bonds or notes of the authority. 1. The authority shall have\nthe power and is hereby authorized from time to time to issue bonds,\nnotes or other obligations in conformity with applicable provisions of\nthe uniform commercial code to pay the cost of any project, 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 not exceed fifty\nmillion dollars, excluding bonds, notes or other obligations issued to\nrefund or repay bonds, notes or other obligations therefor issued for\nsuch purposes; provided, however, that upon any such refunding or\nrepayment the total aggregate principal amount of outstanding bonds,\nnotes or other obligations may be greater than three million dollars,\nonly if the present value of the aggregate debt service of the refunding\nor repayment of bonds, notes or other obligations to be issued shall not\nexceed the present value of the aggregate debt service of the bonds,\nnotes or other obligations so to be refunded or repaid. For the purpose\nof this section, the present value of the aggregate debt service of the\nrefunding or repayment bonds, notes or other obligations and the\naggregate debt service of the bonds, notes or other obligations refunded\nor repaid shall be calculated by utilizing the effective interest rate\nof the refunding or repayment of bonds, notes or other obligations,\nwhich shall be that rate arrived at by doubling the semi-annual interest\nrate (compounded semi-annually) necessary to discount the debt service\npayments on the refunding or repayment of bonds, notes or other\nobligations from payment of dates thereof to the date of issue of the\nrefunding or repayment of bonds, notes or other obligations and to the\nprice bid including estimated accrued interest from the sale thereof.\nThe authority shall have the power and is hereby authorized to enter\ninto such agreements and perform such acts as may be required under any\napplicable federal legislation to secure a federal guarantee to any\nbonds.\n 2. The authority shall have the power from time to time to renew bonds\nor to 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\nand partly for any other purpose of the authority. Bonds issued for\nrefunding purposes shall be sold and the proceeds applied to the\npurchase, redemption or payment of the bonds or notes to be refunded.\n 3. Bonds issued by the authority may be general obligations secured by\nthe faith and credit of the authority or may be special obligations\npayable solely out of particular revenues or other monies as may be\ndesignated in the proceedings of the authority under which the bonds\nshall be authorized to be issued, subject as to priority only to any\nagreements with the holders of outstanding bonds pledging any particular\nproperty, revenues or monies. The authority may also enter into loan\nagreements, lines of credit and other security agreements and obtain for\nor on its behalf letters of credit, insurance, guarantees or other\ncredit enhancements to the extent now or hereafter available, in each\ncase for securing its bonds or to provide direct payment of any costs\nwhich the authority is authorized to pay.\n 4. (a) Bonds shall be authorized by resolution of the authority, be in\nsuch denominations and bear such date or dates and mature at such time\nor times, as such resolution may provide, provided that bonds and\nrenewals thereof shall mature within thirty years from the date of\noriginal issuance of any such bonds.\n (b) Bonds shall be subject to such terms of redemption, bear interest\nat such rate
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