§ 2665. Bonds or notes of the authority. 1. The authority shall have\nthe power and is hereby authorized from time to time to issue bonds,\nnotes or other obligations in conformity with applicable provisions of\nthe uniform commercial code to pay the cost of any project, the\nestablishment 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 aggregate principal\namount of such bonds or notes of the authority shall not exceed one\nhundred million dollars ($100,000,000), excluding bonds or notes issued\nto refund or repay bonds or notes therefore issued for such purposes;\nprovided, however, that upon any such refunding or repayment the total\naggregate principal amount of outstanding bonds or notes may be greater\nthan one hundred million dollars ($100,000,000), only if the present\nvalue of the aggregate debt service of the refunding or repayment of\nbonds or notes to be issued shall not exceed the present value of the\naggregate debt service of the bonds or notes so to be refunded or\nrepaid. For the purpose of this section, the present value of the\naggregate debt service of the refunding or repayment bonds or notes and\nthe aggregate debt service of the bonds or notes refunded or repaid\nshall be calculated by utilizing the effective interest rate of the\nrefunding or repayment of bonds or notes, which shall be that rate\narrived at by doubling the semi-annual interest rate (compounded\nsemi-annually) necessary to discount the debt service payments on the\nrefunding or repayment of bonds or notes from payment of dates thereof\nto the date of issue of the refunding or repayment of bonds or notes and\nto the price bid including estimated accrued interest from the sale\nthereof. The authority shall have the power and is hereby authorized to\nenter into such agreements and perform such acts as may be required\nunder any applicable federal legislation to secure a federal guarantee\nto any bonds.\n 2. The authority shall have the power from time to time to renew bonds\nor to issue renewal bonds for such purpose, to issue bonds to pay bonds,\nand, whenever it deems refunding expedient, to refund any bond by the\nissuance of new bonds, whether the bonds to be refunded have or have not\nmatured, and may issue bonds, partly to refund bonds then outstanding\nand partly for any other purpose of the authority. Bonds issued for\nrefunding purposes shall be sold and the proceeds applied to the\npurchase, redemption or payment of the bonds or notes 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 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.\n (b) Bonds shall be subject to such terms of redemption, bear interest\nat such rate or rates, be payable at such times, be in such form, either\ncoupon or registered, carry such registration privileges, be executed in\nsuch manner, be p
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