§ 2406. Bonds and notes of the agency. (1) Subject to the approval of\nthe New York public authorities control board in accordance with the\nprovisions of chapter thirty-nine of the laws of nineteen hundred\nseventy-six, as amended and subject to the provisions of section two\nthousand four hundred seven of this title, the agency shall have the\npower and is hereby authorized from time to time to issue its negotiable\nbonds and notes in conformity with applicable provisions of the uniform\ncommercial code in such principal amounts as, in the opinion of the\nagency, shall be necessary to provide sufficient funds for achieving the\ncorporate purposes thereof, including the purchase of mortgages from\nbanks, the payment of interest on bonds and notes of the agency,\nestablishment of reserves to secure such bonds and notes, the transfer\nof money to the state as described in subdivision twenty-seven of\nsection twenty-four hundred four of this chapter, and all other\nexpenditures of the agency incident to and necessary or convenient to\ncarry out its corporate purposes and powers, except the operating\nexpenses of the agency.\n (2) Except as may otherwise be expressly provided by the agency, all\nbonds and notes issued by the agency shall be general obligations of the\nagency, secured by the full faith and credit of the agency and payable\nout of any moneys, assets, or revenues of the agency, subject only to\nany agreement with bondholders or noteholders pledging any particular\nmoneys, assets or revenues.\n (3) Bonds and notes shall be authorized by a resolution or resolutions\nof the agency adopted as provided by this title; provided, however, that\nany such resolution authorizing the issuance of bonds or notes may\ndelegate to an officer of the agency the power to issue such bonds or\nnotes from time to time and to fix the details of any such issues of\nbonds or notes by an appropriate certificate of such authorized officer.\n (4) Such bonds or notes shall bear such date or dates, shall mature at\nsuch time or times, shall bear interest at such rate or rates, shall be\nof such denominations, shall be in such form, carry such registration\nprivileges, be executed in such manner, be payable in lawful money of\nthe United States of America at such place or places within or without\nthe state, be subject to such terms of redemption prior to maturity as\nmay be provided by such resolution or resolutions or such certificate\nwith respect to such bonds or notes, as the case may be; provided,\nhowever, that the maximum maturity of bonds shall not exceed forty years\nfrom the date thereof and the maximum maturity of notes or any renewals\nthereof shall not exceed seven years from the date of the original issue\nof such notes.\n (5) Any bonds or notes of the agency may be sold at such price or\nprices, at public or private sale, in such manner and from time to time\nas may be determined by the agency, and the agency may pay all expenses,\npremiums and commissions which it may deem necessary or advantageous in\nconnection with the issuance and sale thereof. No bonds or notes of the\nagency may be sold at private sale, however, unless such sale and the\nterms thereof have been approved in writing by (a) the comptroller if\nsuch sale is not to the comptroller and the comptroller is not then\nserving as a director of the agency, or (b) the state director of the\nbudget, if such sale is to the comptroller or the comptroller is then\nserving as a director of the agency.\n (6) The agency is authorized to provide for the issuance of its bonds\nor notes (including bonds, notes or other obligations the interest on\nwhich is includable under the United States Internal Revenue Code of\nnineteen hundred eighty-six, as amended, or any subsequent corresponding\ninternal revenue law of the United States, in the gross income of the\nholders of the bonds to the same extent and in the same manner that the\ninterest on bills, bonds, notes or other obli
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