§ 2675-j. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue hotel revenue\nbonds. The authority shall further have power from time to time and\nwhenever it deems refunding expedient, to refund any hotel revenue bonds\nby the issuance of new hotel revenue 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 hereinabove\ndescribed. Hotel revenue bonds of the authority shall be revenue\nobligations payable from and secured by hotel revenues and state aid\nrevenues, as defined pursuant to section twenty-six hundred\nseventy-five-ii of this title, as the authority determines are available\ntherefor and upon such terms and conditions as specified by the\nauthority in the resolution under which the bonds are issued.\n 2. 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 3. (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. Any and all such resolutions shall\nrequire at least six affirmative votes of the board for passage. Any\nsuch resolution may delegate to an officer or committee of the\nauthority, and any such committee may delegate to an officer, the power\nto issue such bonds from time to time and to fix the details of any such\nissues of bonds by an appropriate certificate of such authorized\nofficer.\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 payable in such medium of payment at such place or\nplaces, and be subject to such terms and conditions as such resolution\nmay provide. Notwithstanding any other provision of law, the bonds of\nthe authority issued pursuant to this section shall be sold to the\nbidder offering the lowest true interest cost, taking into consideration\nany premium or discount not less than four nor more than fifteen days,\nSunday excepted, after a notice of such sale has been published at least\nonce in a newspaper of general circulation in the area served by the\nauthority, which shall state the terms of the sale. The terms of the\nsale may not change unless notice of such change is published in such\nnewspaper at least one day prior to the date of the sale as set forth in\nthe original notice of sale. Advertisements shall contain a provision to\nthe effect that the authority, in its discretion, may reject any or all\nbids made pursuant to such advertisements, and in the event of such\nrejection, the authority is authorized to negotiate a private or public\nsale or readvertise for bids in the form and manner above described as\nmany times as, in its judgment, may be necessary to effect satisfactory\nsale.\n (c) Notwithstanding the provisions of paragraph (b) of this\nsubdivision, whenever in the judgment of the authority the int
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