* § 1599-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 for any purpose mentioned in section fifteen hundred ninety-nine-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 twenty\nmillion dollars outstanding at any one time. The authority shall have\npower from time to time and whenever it deems refunding expedient, to\nrefund any bonds by the issuance of new bonds, whether the bonds to be\nrefunded have or have not matured, and may issue bonds partly to refund\nbonds then outstanding and partly for any other purpose hereinabove\ndescribed. The refunding bonds may be exchanged for the bonds to be\nrefunded with such cash adjustments as may be agreed, or may be sold and\nthe proceeds applied to the purchase or payment of the bonds to be\nrefunded. In computing the total amount of bonds of the authority which\nmay at any time be outstanding the amount of the outstanding bonds to be\nrefunded from the proceeds of the sale of new bonds or by exchange for\nnew bonds shall be excluded; provided, however, that bonds issued or to\nbe issued shall be excluded from such limitation if such bonds are\nissued to refund bonds of the authority issued in connection with such\npurposes and the present value of the aggregate debt service on the\nrefunding bonds does not exceed the present value of the aggregate debt\nservice on the bonds refunded thereby. For purposes hereof, the present\nvalue of the aggregate debt service of the refunding bonds and the\naggregate debt service of the bonds refunded, shall be calculated by\nutilizing the true interest cost of the refunding bonds, which shall be\nthat rate arrived at by doubling the semi-annual interest rate\n(compounded semi-annually) necessary to discount the debt service\npayments on the refunding bonds from the payment dates thereof to the\ndate of issue of the refunding bonds to the purchase price of the\nrefunding bonds, including interest accrued thereon prior to the\nissuance thereof. 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. Whether or not the bonds are\nof such form and character as to be negotiable instruments under the\nterms of the general obligations law (constituting chapter twenty-four-a\nof the consolidated laws) the bonds shall be and are hereby made\nnegotiable instruments within the meaning of and for all the purposes of\nthe general obligations law, subject only to the provisions of the bonds\nfor 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\ntwenty years from their respective dates, bear interest at such rate or\nrates, not exceeding the rate of interest prescribed for serial bonds by\nthe local finance law, be in such denominations, be in such form, either\ncoupon or registered, carry such registration privileges, be executed in\nsuch manner, be payable in lawful money of the United States of America\nat such place or places, and be subject to such terms of redemption, as\nsuch resolution or resolutions may provide. The bonds may be sold at\npublic or private sale for such price or prices as the authority shall\ndetermine, but which shall not at the time of sale yield more than the\nrate of interest prescribed for serial bonds by the local finance law
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