§ 2676-h. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue bonds, notes\nor other obligations to pay the cost of any project or for any other\ncorporate purpose, including the establishment of reserves to secure the\nbonds, the payment of principal of, premium, if any, and interest on the\nbonds and the payment of incidental expenses in connection therewith.\nThe aggregate principal amount of such bonds, notes, or other\nobligations outstanding shall not exceed eighty million dollars,\nexcluding bonds, notes, or other obligations issued to refund or\notherwise 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 eighty million dollars\nonly if the present value of the aggregate debt service of the refunding\nor repayment bonds, notes, or other obligations to be issued shall not\nexceed the present value of the aggregate debt service of the bonds,\nnotes, or other obligations so to be refunded or repaid. For purposes\nhereof, the present values of the aggregate debt service of the\nrefunding or repayment bonds, notes, or other obligations and of the\naggregate debt service of the bonds, notes, or other obligations so\nrefunded or repaid, shall be calculated by utilizing the effective\ninterest rate of the refunding or repayment bonds, notes, or other\nobligations, which shall be that rate arrived at by doubling the\nsemi-annual interest rate (compounded semi-annually) necessary to\ndiscount the debt service payments on the refunding or repayment bonds,\nnotes, or other obligations from the payment dates thereof to the date\nof issue of the refunding or repayment bonds, notes, or other\nobligations and to the price bid including estimated accrued interest or\nproceeds received by the authority including estimated accrued interest\nfrom the sale thereof. The authority shall have power and is hereby\nauthorized to enter into such agreements and perform such acts as may be\nrequired under any applicable federal legislation to secure a federal\nguarantee of any bonds.\n 2. The authority shall have power from time to time to renew bonds or\nto 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 and\npartly for any other corporate purpose of the authority. Bonds, other\nthan notes or other evidence of indebtedness, issued for refunding\npurposes, which have a final maturity date longer than the maturity of\nthe bonds being refunded, shall be approved by a resolution of the\ncounty legislature adopted by a majority vote and approved by the county\nexecutive. 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 of the\nauthority or may be special obligations payable solely out of particular\nrevenues or other moneys as may be designated in the proceedings of the\nauthority under which the bonds shall be authorized to be issued,\nsubject as to priority only to any agreements with the holders of\noutstanding bonds pledging any particular property, revenues, or moneys.\nThe authority may also enter into loan agreements, lines of credit and\nother security agreements and obtain for or on its behalf letters of\ncredit, insurance, guarantees, or other credit enhancements to the\nextent now or hereafter available, in each case for securing its bonds\nor to provide direct payment of any costs which the authority is\nauthorized to pay.\n 4. (a) Bonds shall be authorized by resolution of the authori
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