§ 2582. Bonds of the authority. 1. The authority shall have the power\nand is hereby authorized from time to time to issue bonds, notes or\nother obligations to pay the cost of any project or for any other\npurpose under this title, including the establishment of reserves to\nsecure the bonds, the payment of principal of, premium, if any, and\ninterest on the bonds and the payment of incidental expenses in\nconnection therewith. The aggregate principal amount of such bonds,\nnotes or other obligations shall not exceed thirty million dollars\n($30,000,000), excluding bonds, notes or other obligations issued to\nrefund or repay bonds, notes, or other obligations theretofore issued\nfor such purposes; provided, however, that upon any such refunding or\nrepayment the total aggregate principal amount of outstanding bonds,\nnotes or other obligations may be greater than thirty million dollars\n($30,000,000), only if the present value of the aggregate debt service\nof the refunding or repayment of bonds, notes or other obligations to be\nissued shall not exceed the present value of the aggregate debt service\nof the bonds, notes or other obligations so to be refunded or repaid.\nFor purposes of this section, the present value of the aggregate debt\nservice of the refunding or repayment of bonds, notes or other\nobligations and the aggregate debt service of the bonds, notes or other\nobligations and of the aggregate debt service of the bonds, notes or\nother obligations so to be refunded or repaid shall be calculated by\nutilizing the effective interest rate of the refunding or repayment of\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 of bonds, notes or other obligations from payment of debts\nthereof to the date of issue of the refunding or repayment of bonds,\nnotes or other obligations and to the price bid including estimated\naccrued interest from the sale thereof. The authority shall have the\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 or other subsidy with respect to any bonds.\n 2. The authority shall have the power from time to time to renew bonds\nor to issue renewal bonds for the purposes authorized under this title,\nto issue bonds to pay bonds, and, whenever it deems refunding expedient,\nto refund any bond by the issuance of new bonds, whether the bonds to be\nrefunded have or have not matured, and may issue bonds, partly to refund\nbonds then outstanding and partly for any other purpose of the\nauthority. Bonds issued for refunding purposes shall be sold and the\nproceeds applied to the purchase, redemption or payment of the bonds or\nnotes to be refunded.\n 3. Bonds issued by the authority may be general obligations secured by\nthe faith and credit of the authority or may be special obligations\npayable solely out of particular revenues or other monies as may be\ndesignated in the proceedings of the authority under which the bonds\nshall be authorized to be issued, subject as to priority only to any\nagreements with the holders of outstanding bonds pledging any particular\nproperty, revenues or monies. The authority may also enter into loan\nagreements, lines of credit and other security agreements and obtain for\nor on its behalf letters of credit, insurance, guarantees or other\ncredit enhancements to the extent now or hereafter available, in each\ncase for securing its bonds or to provide direct payment of any costs\nwhich the authority is authorized to pay.\n 4. (a) Bonds shall be authorized by resolution of the governing body\nof the authority, be in such denominations and bear such date or dates\nand mature at such time or times, as such resolution may provide,\nprovided that bonds and renewals thereof shall
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