§ 1682. Bonds of the authority. 1. The authority shall have power as\nhereby authorized from time to time to issue negotiable bonds in\nconformity with applicable provisions of the uniform commercial code.\nThe authority shall have power from time to time to refund any bonds by\nthe issuance of new bonds, whether the bonds to be refunded have or have\nnot matured, and may issue bonds partly to refund bonds then outstanding\nand partly for any other corporate purpose. In computing the total\namount of bonds of the authority which may at any time be outstanding\nthe amount of the outstanding bonds to be refunded from the proceeds of\nthe sale of new bonds or by exchange for new bonds shall be excluded.\nExcept as may otherwise be expressly provided by the authority, every\nissue of the bonds shall be general obligations 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.\n 2. Such bonds shall be authorized by resolution of the board, be in\nsuch denominations and shall bear such date or dates, mature at such\ntime or times not exceeding forty years from their respective dates,\nbear interest at such rate or rates payable at such times, be in such\nform, either coupon or registered, carry such registration privileges,\nbe executed in such manner, be payable in such medium of payment at such\nplace or places, and be subject to such terms of redemption as such\nresolution or resolutions may provide. Such bonds may be sold at public\nor private sale for such price or prices as the authority shall\ndetermine.\n 3. Such bonds may be issued for any corporate purposes of the\nauthority.\n 4. Any resolution or resolutions authorizing any bonds may contain\nprovisions which may be a part of the contract with the holders of the\nbonds, as to\n (a) pledging all or any part of the moneys or property of the\nauthority to secure the payment of its bonds, including, but not limited\nto, the revenues of designated dormitories, the proceeds of any grant in\naid of the authority received from any private or public source, any\nfederally guaranteed security and moneys received therefrom whether such\nsecurity is initially acquired by the authority or an educational\ninstitution, any moneys received under the terms of any lease, loan or\nother agreement executed pursuant to section sixteen hundred\nseventy-eight, section sixteen hundred eighty or sixteen hundred\neighty-a of this chapter or any other revenues, state aid, local\nassistance payments, user charges or surcharges made available in\naccordance with law for such purpose;\n (b) the setting aside of reserves or sinking funds and the regulation\nor disposition thereof;\n (c) the purpose and limitations thereon to which the proceeds of sale\nof any issue of bonds then or thereafter to be issued may be applied,\nincluding as authorized purposes, all costs and expenses necessary or\nincidental to the issuance of bonds, to the acquisition of or commitment\nto acquire any federally guaranteed security and to the issuance and\nobtaining of any federally insured mortgage note;\n (d) 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 (e) the procedure, if any, by which the terms of any contract with\nbondholders may be amended or abrogated, the amount of bonds the holders\nof which must consent thereto and the manner in which such consent may\nbe given;\n (f) the creation of special funds into which any moneys of the\nauthority may be deposited;\n (g) vesting in a trustee or trustees such properties, rights, powers\nand duties in trust as the authority may determine which may include any\nor all of the rights, powers and duties of the trustee appointed by the\nbondholders pursuant to section sixteen hundred eighty-six of this\nchapter, and limiting or abrogating t
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