§ 1622-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, in the aggregate principal amount not to exceed ten million\ndollars outstanding at one time, for any of its corporate purposes and\nto pay such expenses, costs and payments as may be deemed by the board\nnecessary or desirable to or in connection with the acquisition,\nconstruction, reconstruction, improving, equipping and furnishing of any\nproject and the financing thereof, including surveys, planning,\nprovisions for capitalized interest, reserve funds and appropriate\nfeasibility studies, and for the placing of the project or projects in\noperation. The authority shall have power from time to time and whenever\nit deems refunding expedient, to refund any bonds by the issuance of new\nbonds, whether the bonds to be refunded have or have not matured, and\nmay issue bonds partly to refund bonds then outstanding and partly for\nany other purpose hereinabove described. The refunding bonds may be\nexchanged for the bonds to be refunded with such cash adjustments as may\nbe agreed, or may be sold and the proceeds applied to the purchase,\npayment or redemption of the bonds to be refunded. 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. Whether or not the bonds are of such form and character as to\nbe negotiable 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,\nwhere such 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 terms upon\nwhich additional bonds may be issued and secured; the refunding of\noutstanding or other bonds;\n (g) the procedure, if an
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