§ 1860. Bonds and notes. 1. The authority shall have the power and is\nhereby authorized to issue at one time or in series from time to time\nits negotiable bonds and notes in conformity with applicable provisions\nof the uniform commercial code in such principal amounts as, in the\nopinion of the authority, shall be necessary to provide sufficient\nmoneys for achieving the authority's corporate purposes, including the\nestablishment of reserves to secure the bonds and notes and the payment\nof interest on bonds and notes.\n 2. The authority shall have power from time to time to renew bonds or\nnotes or to issue renewal bonds or notes for such purpose, to issue\nbonds or notes to pay bonds or notes, and, whenever it deems refunding\nexpedient, to refund any bond or note by the issuance of new bonds or\nnotes, whether the bonds or notes to be refunded have or have not\nmatured, and may issue bonds or notes partly to refund bonds or notes\nthen outstanding and partly for any other corporate purpose of the\nauthority. Bonds or notes issued for refunding purposes shall be sold\nand the proceeds applied to the purchase, redemption or payment of the\nbonds or notes to be refunded.\n 3. Except as may otherwise be expressly provided by the authority,\nevery issue of bonds or notes shall be general obligations payable out\nof any moneys or revenues of the authority, subject only to any\nagreements with the holders of bonds or notes pledging any receipts or\nrevenues.\n 4. The bonds and notes shall be authorized by resolution of the\nauthority, shall bear such date or dates and mature at such time or\ntimes as such resolution shall provide, except that notes and any\nrenewals thereof shall mature within five years from their respective\ndates of issuance or renewal, as the case may be, and bonds shall mature\nwithin forty years from their respective dates of issuance or renewal,\nas the case may be. The bonds and notes shall bear interest at such rate\nor rates, be in such denomination, be in such form, either coupon or\nregistered, carry such registration privileges, be executed in such\nmanner, be payable in such medium of payment at such place or places,\nand be subject to such terms of redemption as such resolution or\nresolutions may provide.\n 5. Bonds and notes shall be sold by the authority, at public or\nprivate sale, at such price or prices as the authority may determine.\nBonds and notes of the authority shall not be sold by the authority at\nprivate sale unless such sale and the terms thereof have been approved\nin writing by the comptroller, where such sale is not to the\ncomptroller, or by the director of the budget, where such sale is to the\ncomptroller.\n 6. In the discretion of the authority any bonds or issue of bonds or\nnotes or issue of notes may be secured by such resolution or by a trust\nindenture by and between the authority and a corporate trustee which may\nbe any trust company or bank having the powers of a trust company in the\nstate or by a secured loan agreement or other instrument. Such\nresolution, trust indenture, loan agreement or other instrument may\ncontain any usual or customary provisions, covenants or limitations for\nbonds or notes of similar nature which shall be a part of the contract\nwith the holders thereof, including such provisions for protecting and\nenforcing the rights and remedies of bondholders and noteholders as may\nbe reasonable and proper and not in violation of law.\n 7. Any resolution or resolutions authorizing any notes or bonds or any\nissue thereof may contain provisions, which shall be a part of the\ncontract with the holders thereof, as to:\n (a) pledging all or part of the fees, charges, gifts, grants, rents,\nrevenues or other moneys received or to be received and leases or\nagreements to secure the payment of the notes or bonds or of any issue\nthereof subject to such agreements with bondholders as may then exist;\n (b) the rates of the fees or charges to be es
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