§ 1596-i. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue its negotiable\nbonds in conformity with applicable provisions of the uniform commercial\ncode for any purpose mentioned in section fifteen hundred ninety-six-d\nof this title, including the acquisition, construction, reconstruction\nand repair of personal and real property of all kinds deemed by the\nboard to be necessary or desirable to carry out such purpose, as well as\nto pay such expenses as may be deemed by the board necessary or\ndesirable to the financing thereof and placing the project or projects\nin operation in the aggregate principal amount of not exceeding sixty\nmillion dollars. Said bonds must be issued no later than June thirtieth,\ntwo thousand thirty-one. The authority shall have power from time to\ntime and whenever it deems refunding expedient, to refund any bonds,\nincluding the unpaid balance of the authority's revenue bonds, Series\n1999A, dated June twenty-ninth, nineteen hundred ninety-nine, the\nissuance of which is hereby ratified and confirmed, by the issuance of\nnew bonds, whether the bonds to be refunded have or have not matured,\nand may issue bonds partly to refund bonds then outstanding and partly\nfor any other purpose hereinabove described. The refunding bonds may be\nexchanged for the bonds to be refunded with such cash adjustments as may\nbe agreed, or may be sold and the proceeds applied to the purchase or\npayment of the bonds to be refunded. In computing the total amount of\nbonds of the authority which may at any time be outstanding the amount\nof the outstanding bonds to be refunded from the proceeds of the sale of\nnew bonds or by exchange for new bonds shall be excluded. Except as may\notherwise be expressly provided by the authority, the bonds of every\nissue shall be general obligations of the authority payable out of any\nmoneys or revenues of the authority, subject only to any agreements with\nthe holders of particular bonds pledging any particular moneys or\nrevenues.\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\nin such 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; provided, however, that any private\nsale shall be subject to the approval of the state comptroller where\nsuch sale is not to the comptroller, or the director of the budget where\nsuch sale is to the comptroller.\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
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