* § 2467. Bond and note authorization. 1. The authority shall have the\npower and is hereby authorized to issue from time to time its negotiable\nbonds and notes in conformity with applicable provisions of the uniform\ncommercial code in such principal amounts as the authority shall\ndetermine to be necessary to provide sufficient funds for achieving any\nof its corporate purposes, including the payment of all or any part of\nthe cost of acquiring, constructing, reconstructing, constructing\nadditions to, improving, maintaining and operating sport facilities,\nincluding but not limited to buildings, structures, parking and other\nfacilities ancillary or appurtenant to such sports facilities, the\npayment of interest on bonds and notes of the authority, the\nestablishment of reserves to secure such bonds and notes of the\nauthority and the payment of all other expenditures, including operating\nexpenses, of the authority incident to or necessary or convenient to\ncarry out its corporate purposes and powers.\n 2. The authority shall have the power to issue from time to time (i)\nnotes to renew notes and (ii) bonds to pay notes, including the interest\nthereon and redemption premium, if any, and, whenever it deems refunding\nexpedient, to refund any bonds of the authority then outstanding,\nwhether the bonds to be refunded have or have not matured, including the\npayment of any redemption premium thereon and any interest accrued or to\naccrue to the earliest or subsequent date of redemption, purchase or\nmaturity of such bonds, by the issuance of new bonds, and, if deemed\nadvisable by the authority, to issue bonds partly to refund bonds then\noutstanding and partly for any of its corporate purposes. The refunding\nbonds may be exchanged for the bonds to be refunded or sold and the\nproceeds applied to the purchase, redemption or payment of such bonds.\nPending such purchase, redemption or payment, such proceeds may be\ninvested and reinvested in obligations of or guaranteed by the United\nStates of America, or in obligations of agencies of the United States of\nAmerica, secured in such manner as the authority shall determine,\nmaturing at such time or times as shall be appropriate to assure the\nprompt payment, as to principal, interest and redemption premium, if\nany, on the outstanding bonds to be refunded. The interest and earned\nincrement, if any, resulting from any such investment, may also be\napplied to the purchase, redemption or payment of the outstanding bonds\nto be so refunded and any balance remaining upon completion of the\npurchase, redemption or payment of all such outstanding bonds shall be\nreturned to the authority for use by it in any lawful manner.\n 3. No bonds or notes of the authority shall be issued if upon such\nissuance the aggregate principal amount of bonds and notes of the\nauthority then outstanding exceeds three hundred fifty million dollars,\nprovided that such statutory maximum principal amount shall not be\nconstrued as constituting a contract between the authority and the\nholders of its bonds or notes that additional bonds or notes may not be\nissued subsequently by the authority in the event that such statutory\nmaximum shall be increased subsequently by law and provided further\nthat, in determining such aggregate principal amount there shall be\ndeducted (i) all sums then available for the payment of such bonds or\nnotes either at maturity or through the operation of a sinking fund;\n(ii) the aggregate principal amount of outstanding bonds issued (a) to\nrefund notes and (b) to refund bonds theretofore issued and then\noutstanding; and (iii) the aggregate principal amount of outstanding\nnotes issued to renew notes theretofore issued and then outstanding.\n 4. The issuance of bonds and notes by the authority shall be\nauthorized by resolution or resolutions of the authority without further\nauthorization or approval, which resolution or resolutions shall be a\npart of the contract with
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