* § 1599-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 1599-c hereof, including the\nacquisition, construction, reconstruction and repair of personal and\nreal property of all kinds deemed by the board to be necessary or\ndesirable to carry out such purpose, as well as to pay such expenses as\nmay be deemed by the board necessary or desirable to the financing\nthereof and placing the project or projects in operation in the\naggregate principal amount of not exceeding twenty million dollars\noutstanding at any one time. The authority shall have power from time to\ntime and whenever it deems refunding expedient, to refund any bonds 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 purpose hereinabove described. The refunding\nbonds may be exchanged for the bonds to be refunded, with such cash\nadjustments as may be agreed, or may be sold and the proceeds applied to\nthe purchase or payment of the bonds to be refunded. In computing the\ntotal amount of bonds of the authority which may at any time be\noutstanding the amount of the outstanding bonds to be refunded from the\nproceeds of the sale of new bonds or by exchange for new bonds shall be\nexcluded. 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, not exceeding five per centum per annum payable annually or\nsemi-annually, be in such denominations, be in such form, either coupon\nor registered, carry such registration privileges, be executed in such\nmanner, be payable in lawful money of the United States of America at\nsuch place or places and be subject to such terms of redemption, as such\nresolution or resolutions may provide. The bonds may be sold at public\nor private sale for such price or prices as the authority shall\ndetermine, but which shall not at the time of sale yield more than five\nper centum per annum.\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 (a) pledging all or\nany part of the revenues of a project or projects to secure the payment\nof the bonds, subject to such agreements with bondholders as may then\nexist;\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
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