§ 2759. 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\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 obligations\nshall not exceed two hundred million dollars ($200,000,000), excluding\nbonds, notes or other obligations issued to refund or otherwise repay\nbonds, notes or other obligations theretofore issued for such purposes;\nprovided, however, that upon any such refunding or repayment the total\naggregate principal amount of outstanding bonds, notes or other\nobligations may be greater than two hundred million dollars\n($200,000,000) only if the present value of the aggregate debt service\nof the refunding or repayment 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 hereof, the present values of the aggregate debt service of\nthe refunding 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 of\nissue of the refunding or repayment bonds, notes or other obligations\nand to the price bid including estimated accrued interest or proceeds\nreceived by the authority including estimated accrued interest from the\nsale thereof. The authority shall have 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\nof 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 secured by\nthe faith and credit of the authority or may be special obligations\npayable solely out of particular revenues or other moneys 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 moneys. 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. Bonds shall be
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