§ 1570-h. 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, or for any\nother corporate purpose, 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.\nThe aggregate principal amount of such bonds, notes or other obligations\nshall not exceed twenty million dollars, excluding bonds, notes or other\nobligations issued to refund or repay bonds, notes or other obligations\ntherefore issued for such purposes; provided, however, that upon any\nsuch refunding or repayment the total aggregate principal amount of\noutstanding bonds, notes or other obligations may be greater than twenty\nmillion dollars, only if the present value of the aggregate debt service\nof the refunding or repayment of 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.\nFor the purpose of this section, the present value of the aggregate debt\nservice of the refunding or repayment bonds, notes or other obligations\nand the aggregate debt service of the bonds, notes or other obligations\nrefunded or repaid shall be calculated by utilizing the effective\ninterest rate of the refunding or repayment of 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 of\nbonds, notes or other obligations from payment of dates thereof to the\ndate of issue of the refunding or repayment of bonds, notes or other\nobligations and to the price bid including estimated accrued interest\nfrom the sale thereof. The authority shall have the power and is hereby\nauthorized to enter into such agreements and perform such acts as may be\nrequired under any applicable federal law, rule or regulation to secure\na federal guarantee to any bonds.\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 su
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