* § 1621-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 of its corporate purposes and to pay such expenses, costs\nand payments as may be deemed by the board necessary or desirable to or\nin connection with the acquisition, construction, reconstruction,\nimproving, equipping and furnishing of any project and the financing\nthereof, including surveys, planning, provisions for capitalized\ninterest, reserve funds and appropriate feasibility studies, and for the\nplacing of the project or projects in operation. The aggregate principal\namount of such bonds outstanding at any one time shall not exceed\ntwenty-five percent of the bonded indebtedness limitation from time to\ntime imposed by section 104.00 of the local finance law. The authority\nshall have power from time to time and 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 partly\nto refund bonds then outstanding and partly for any other purpose\ndescribed in this subdivision. The refunding bonds may be exchanged for\nthe bonds to be refunded with such cash adjustments as may be agreed, or\nmay be sold and the proceeds applied to the purchase, payment or\nredemption of the bonds to be refunded. Except as may otherwise be\nexpressly provided by the authority, the bonds of every issue shall be\ngeneral obligations of the authority payable out of any moneys or\nrevenues of the authority, subject only to any agreements with the\nholders of particular bonds pledging any particular moneys or revenues.\nWhether or not the bonds are of such form and character as to be\nnegotiable instruments under article eight of the uniform commercial\ncode, the bonds shall be, and are hereby made, negotiable instruments\nwithin the meaning of and for all the purposes of the uniform commercial\ncode, subject only 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, 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\nand revenues and income of the authority to secure the payment of the\nbonds, subject to such agreements with bondholders 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 te
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