* § 1599-iii. 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 purposes mentioned in section one thousand five hundred\nninety-nine-ddd of this title, including the acquisition, construction,\nreconstruction and repair of personal and real property of all kinds\ndeemed by the board to be necessary or desirable to carry out such\npurpose, as well as to pay such expenses as may be deemed by the board\nnecessary or desirable to the financing thereof and placing the project\nor projects in operation in the aggregate principal amount of not\nexceeding three million dollars outstanding at any one time. The\nauthority shall have power from time to time whenever it deems refunding\nexpedient, to refund any bonds by the issuance of new bonds whether the\nbonds to be refunded have or have not matured, and may issue bonds\npartly to refund bonds then outstanding and partly for any other purpose\nhereinabove described. The refunding bonds may be exchanged for the\nbonds to be refunded, with such cash adjustments as may be agreed, or\nmay be sold and the proceeds applied to the purchase or payment of the\nbonds to be refunded. In computing the total amount of bonds of the\nauthority which may at any time be outstanding the amount of the\noutstanding bonds to be refunded from the proceeds of the sale of new\nbonds 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. Notwithstanding the fact that the bonds may be payable from a\nspecial fund, if they are otherwise of such form and character as to be\nnegotiable instruments under the terms of the negotiable instruments law\n(constituting chapter thirty-seven of the consolidated laws) the bonds\nshall be and are hereby made negotiable instruments within the meaning\nof and for all the purposes of the negotiable instruments law, subject\nonly to 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 seven per centum per annum payable annually or\nsemi-annually, be in such denominations, be in such forms, 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\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.\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 or 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 bond or of any issue\nof the bonds;\n (f) limitations on the issuance of additional bonds; the terms
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