§ 2050-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 the\nestablishments of reserves to secure the bonds, the payment of principal\nof, premium, if any, and interest on the bonds and the payment of\nincidental expenses in connection therewith. The authority shall have\npower and is hereby authorized to enter into such agreements and perform\nsuch acts as may be required under any applicable federal legislation to\nsecure a federal guarantee of any bonds. The aggregate principal amount\nof such bonds, notes or other obligations shall not exceed fifty million\ndollars ($50,000,000), excluding bonds, notes or other obligations\nissued to refund or otherwise repay bonds, notes or other obligations\ntheretofore issued for such purposes; provided, however, that upon any\nsuch refunding or repayment the total aggregate principal amount of\noutstanding bonds, notes or other obligations may be greater than fifty\nmillion dollars ($50,000,000) only if the present value of the aggregate\ndebt service of the refunding or repayment bonds, notes or other\nobligations to be issued shall not exceed the present value of the\naggregate debt service of the bonds, notes or other obligations so to be\nrefunded or repaid. For purposes hereof, the present values of the\naggregate debt service of the refunding or repayment bonds, notes or\nother obligations and of the aggregate debt service of the bonds, notes\nor other obligations so refunded or repaid, shall be calculated by\nutilizing the effective interest rate of the refunding or repayment\nbonds, notes or other obligations, which shall be that rate arrived at\nby doubling the semi-annual interest rate (compounded semi-annually)\nnecessary to discount the debt service payments on the refunding or\nrepayment bonds, notes or other obligations from the payment dates\nthereof to the date of issue of the refunding or repayment bonds, notes\nor other obligations and to the price bid including estimated accrued\ninterest or proceeds received by the authority including estimated\naccrued interest from the sale thereof. The authority 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. The authority shall have power\nfrom time to time to refund any bonds by the issuance of new bonds\nwhether the bonds to be refunded have or have not matured, and may issue\nbonds partly 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 to any\nagreements with the holders of outstanding bonds pledging any particular\nproperty, revenues or moneys. The authority may also enter into bank\nloan agreements, lines of credit and other security agreements and\nobtain for or on its behalf letters of credit in each case for securing\nits bonds or to provide direct payment of any costs which the authority\nis 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 and\nrenewals thereof shall mature within thirty years from the date of\noriginal issuance of any such bonds. Obligations with a maturity of five\nyears or less from the date of their original issuance may be designated\nas notes.\n Bonds and notes shall be subject to such terms of redemption, bear\ninteres
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