§ 2049-hh. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue bonds in such\nprincipal amounts as it may determine to be necessary to pay the cost of\nany project or for any other corporate purpose, including incidental\nexpenses in connection therewith. The authority shall have power from\ntime to time to refund any bonds by the issuance of new bonds whether\nthe bonds to be refunded have or have not matured, and may issue bonds\npartly to refund bonds then outstanding and partly for any other\ncorporate purpose. Bonds issued by the authority may be general\nobligations secured by the faith and credit of the authority or may be\nspecial obligations payable solely out of particular revenues or other\nmoneys as may be designated in the proceedings of the authority under\nwhich the bonds shall be authorized to be issued, subject as to priority\nonly to any agreements with the holders of outstanding bonds pledging\nany particular property, revenues or moneys. The authority may also\nenter into loan agreements, lines of credit and other security\nagreements and obtain for or on its behalf letters of credit, insurance,\nguarantee or other credit support to the extent now or hereafter\navailable, in each case for securing its bonds or to provide direct\npayment of any costs which the authority is authorized to pay.\n 2. Bonds shall be authorized by resolution of the authority, be in\nsuch denominations and bear such date or dates and mature at such time\nor times, as such resolution may provide, provided that bonds shall\nmature within thirty years from the date of original issuance of any\nsuch bonds. Obligations with a maturity of five years or less from the\ndate of their original issuance may be denominated as notes. Bonds shall\nbe subject to such terms of redemption, bear interest at such rate or\nrates, which may vary from time to time, be payable at such times, be in\nsuch form, carry such registration privileges, be executed in such\nmanner, be payable in such medium of payment at such place or places,\nshall be subject to tender to the authority with or without extinction\nor cancellation and be subject to such terms and conditions as such\nresolution may provide. Bonds may be sold at public or private sale for\nsuch price or prices as the authority shall determine, provided that no\nbonds of the authority shall be sold by the authority at private sale\nunless such sale and the terms thereof have been approved in writing by\nthe state comptroller, which such sale is not to the comptroller, or by\nthe state director of the budget, where such sale is to the comptroller.\nThe authority may pay all expenses, premiums and commissions which it\nmay deem necessary or advantageous in connection with the issuance and\nsale of bonds.\n 3. Any resolution or resolutions authorizing bonds or any issue of\nbonds may contain provisions which may 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, other moneys or\nproperty, of the authority to secure the payment of the bonds, including\nbut not limited to any contracts, earnings or proceeds of any grant to\nthe authority received from any private or public source, subject to\nsuch agreements as may then exist;\n (b) The setting aside of reserves and the creation of sinking funds\nand the regulations and disposition thereof;\n (c) Limitations on the purpose to which the proceeds from the sale of\nthe bonds may be applied;\n (d) The rates, rents, fees and other charges to be fixed and collected\nby the authority and the amount to be raised in each year thereby and\nthe use and disposition of revenues;\n (e) Limitations on the right of the authority to restrict and regulate\nthe use of the project or part thereof in connection with which bonds\nare issued;\n (f) Limitations on the issuance of additional bonds, the terms upon\nwhich additional
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