* § 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\nhereof, as well as to pay such expenses, premiums and commissions as may\nbe deemed by the board necessary or desirable to or in connection with\nthe acquisition, construction, reconstruction, improving, equipping and\nfurnishing of any project and the financing thereof, including surveys,\nplanning, provisions for capitalized interest, reserve funds and\nappropriate feasibility studies, and for the placing of the project or\nprojects in operation and to secure the payment of the same by,\nincluding but not limited to, a pledge of the revenues of the authority\nor by a lien on the property of the authority. 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\nand the proceeds applied to the purchase, payment or redemption of the\nbonds to be refunded. The amount of bonds issued by the authority shall\nnot exceed twenty-five million dollars outstanding at any one time. In\ncomputing the total amount of bonds of the authority which may at any\ntime be outstanding the amount of the outstanding bonds to be refunded\nfrom the proceeds of the sale of new bonds or by exchange for new bonds\nshall be excluded. 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 any 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 authority is authorized to obtain from any department or agency\nof the United States of America or the state or any nongovernmental\ninsurer or financial institution any insurance, guaranty or other credit\nsupport device, to the extent now or hereafter available, as to, or for\nthe payment or repayment of interest of principal, or both, or any part\nthereof, on any bonds issued by the authority and to enter into any\nagreement or contract with respect to any such insurance or guaranty,\nexcept to the extent that the same would in any way impair or interfere\nwith the ability of the authority to perform and fulfill the terms of\nany agreement made with the holders of outstanding bonds of the\nauthority.\n 3. The bonds shall be authorized by resolution of the board and shall\nbear such date or dates, mature at such time or times, except that bonds\nand any renewal thereof shall mature within thirty years of the date of\ntheir original issuance, bear interest at such rate or rates as such\nresolution or resolutions may provide, be payable at such times, be in\nsuch denominations, be in such form, either coupon or registered, carry\nsuch privileges, be executed in a 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 no issue o
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