§ 2711. Bonds of the authority. 1. (a) The authority shall have power\nand is hereby authorized from time to time to issue its bonds in such\nprincipal amount as, in the opinion of the authority, shall be necessary\nto provide sufficient funds for achieving its corporate purposes,\nincluding the construction, acquisition, reconstruction, rehabilitation,\nimprovement or refinancing of projects and subject to the provision of\nthis title, any project as defined in title one of article eighteen-A of\nthe general municipal law, the payment of interest on bonds of the\nauthority, establishment of reserves to secure such bonds, and all other\nexpenditures of the authority incident to and necessary or convenient to\ncarry out its corporate purposes and powers. In addition, the authority\nmay, in anticipation of the issuance of bonds or the receipt of\nappropriations, grants, reimbursements, revenues or other funds, issue\nnotes the principal of or interest on which or both shall be payable out\nof the proceeds of bonds of the authority or appropriations, grants,\nreimbursements, revenues or other funds of the authority. The authority\nmay also enter into bank loan agreements, lines of credit and other\nsecurity agreements and obtain for or on its behalf letters of credit in\neach case for securing its bonds or to provide direct payment of any\ncosts which the authority is authorized to pay.\n (b) The authority shall have power, from time to time, to issue\nrenewal notes, to issue bonds or other obligations to pay notes and\nwhenever it deems refunding expedient, to refund any bonds by the\nissuance of new bonds, whether the bonds to be refunded have or have not\nmatured, and to issue bonds partly to refund bonds then outstanding and\npartly for any other purpose. The refunding bonds shall be sold and the\nproceeds applied to the purchase, redemption or payment of the bonds,\nincluding any interest thereon, to be refunded.\n 2. Except as may otherwise be expressly provided by the authority,\nevery issue of its bonds shall be general obligations of the authority\npayable out of any moneys, assets or revenues of the authority, subject\nas to priority only to any agreements with the holders of particular\nbonds theretofore or thereafter made pledging, assigning or creating a\nlien upon any particular moneys, assets or revenues. The authority may\nprovide by agreement with the holders of its bonds that such bonds shall\nbe payable solely from and secured by particular revenues and property\nof the authority.\n 3. The bonds shall be authorized by a resolution or resolutions of the\nauthority adopted as provided by this title; provided, however, that any\nsuch resolution authorizing the issuance of bonds may delegate to one or\nmore members or to an officer of the authority the power to issue such\nbonds from time to time and to fix the details of any such issue of\nbonds by an appropriate certificate of such member, members or officer.\n 4. The bonds of the authority shall bear such date or dates, mature at\nsuch time or times, bear interest at such rate or rates (simple or\ncompounded), if any, be of such denominations, be in such form, be\nexecuted in such manner, be payable in such medium of payment, at such\nplace or places within or without the state, and be subject to such\nterms of redemption prior to maturity, as may be provided by such\nresolution or resolutions or such certificate with respect to such\nbonds, as the case may be; provided, however, that no bond or other\nobligations shall mature more than forty years after the date of issue\nthereof and no notes or renewal thereof shall mature more than five\nyears after the date of issue of the original notes.\n 5. The bonds of the authority may be sold by the authority at such\nprice or prices, at public or private sale, provided that no issue of\nbonds may be sold at private sale unless the terms of such sale shall\nhave been approved in writing by (i) the state comptroll
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