§ 2046-g. Bonds and notes. 1. The agency shall have the power and is\nhereby authorized from time to time to issue bonds and notes, in\nconformity with applicable provisions of the uniform commercial code, in\nsuch principal amounts as it may determine to be necessary to pay the\ncost of any project or for any other corporate purpose, including\nincidental expenses in connection therewith provided such bonds and\nnotes shall in no event exceed fifty million dollars in outstanding\nindebtedness at any time, except as any such higher amount has been\napproved in advance of issuance by the qualified voters of the town of\nIslip at a public referendum conducted pursuant to the rules and\nregulations of the state board of elections. The agency shall have power\nand is hereby authorized to enter into such agreements and perform such\nacts as may be required under any applicable federal legislation to\nsecure a federal guarantee of any bonds or notes. The agency shall have\npower from time to time to refund any bonds or notes by the issuance of\nnew bonds or notes whether the bonds or notes to be refunded have or\nhave not matured, and may issue bonds or notes partly to refund bonds or\nnotes then outstanding and partly for any other corporate purpose. Bonds\nor notes issued by the agency may be general obligations secured by the\nfaith and credit of the agency or may be special obligations payable\nsolely out of particular revenues or other moneys as may be designated\nin the proceedings of the agency under which the bonds or notes shall be\nauthorized to be issued and subject to any agreements with the holders\nof outstanding bonds and notes pledging any particular revenues or\nmoneys.\n 2. The bonds and notes shall be authorized by resolution of the\ngoverning body, shall bear such date or dates, shall mature at such time\nor times, shall bear interest at such rate or rates, be in such\ndenominations, be in such form, either coupon or registered, carry such\nregistration privileges, be executed in such manner, be payable in such\nmedium of payment at such place or places and be subject to such terms\nof redemption as such resolution or resolutions may provide, provided\nthat no note or any renewal thereof shall mature more than five years\nafter the date of issue of the original note and provided that no bond\nshall mature more than forty years after the date of the original\nissuance. The bonds and notes of the agency may be sold by the agency at\npublic or private sale at such price or prices as the agency shall\ndetermine, provided that the terms of any private sale of bonds shall be\napproved in writing by the state comptroller where such sale is not to\nthe state comptroller, or by the director of the division of the budget\nwhere such sale is to the state comptroller. The agency may pay all\nexpenses, premiums and commissions which it may deem necessary or\nadvantageous in connection with the issuance and sale thereof.\n 3. Any resolution or resolutions authorizing any bonds or notes 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 any part of the moneys or revenues derived by the\nagency from the ownership or operation of, or otherwise in connection\nwith, any project or projects or any part or parts thereof to secure the\npayment of the bonds or notes or of any issue thereof, subject to such\nagreements with bondholders or noteholders as may then exist;\n (b) the amount, use and disposition of the rates, rentals, fees and\nother charges to be fixed and collected by the agency;\n (c) the setting aside of reserves and the creation of sinking funds\nand the regulation and disposition thereof;\n (d) limitations on the right of the agency to restrict and regulate\nthe use of the properties in connection with which such bonds or notes\nare issued;\n (e) limitations on the purpose to which the proceeds of sale of bonds\nor notes may
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