§ 2785. 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\noutstanding shall not exceed two hundred eighty-five million dollars\n($285,000,000), excluding bonds, notes or other obligations issued to\nrefund or otherwise repay bonds, notes or other obligations theretofore\nissued for such purposes; provided, however, that upon any such\nrefunding or repayment the total aggregate principal amount of\noutstanding bonds, notes or other obligations may be greater than two\nhundred eighty-five million dollars ($285,000,000) only if the present\nvalue of the aggregate debt service of the refunding or repayment bonds,\nnotes or other obligations to be issued shall not exceed the present\nvalue of the aggregate debt service of the bonds, notes or other\nobligations so to be refunded or repaid. For purposes hereof, the\npresent values of the aggregate debt service of the refunding or\nrepayment bonds, notes or other obligations and of the aggregate debt\nservice of the bonds, notes or other obligations so refunded or repaid,\nshall be calculated by utilizing the effective interest rate of the\nrefunding or repayment bonds, notes or other obligations, which shall be\nthat rate arrived at by doubling the semi-annual interest rate\n(compounded semi-annually) necessary to discount the debt service\npayments on the refunding or repayment bonds, notes or other obligations\nfrom the payment dates thereof to the date of issue of the refunding or\nrepayment bonds, notes or other obligations and to the price bid\nincluding estimated accrued interest or proceeds received by the\nauthority including estimated accrued interest from the sale thereof.\nThe authority shall have power and is hereby authorized to enter into\nsuch agreements and perform such acts as may be required under any\napplicable federal legislation to secure a federal guarantee of any\nbonds.\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 au
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