§ 3012. Issuance of notes and bonds of a municipal assistance\ncorporation. 1. (a) A municipal assistance corporation shall have the\npower and is hereby authorized from time to time to issue its notes and\nbonds in conformity with applicable provisions of the uniform commercial\ncode, in such principal amounts as such corporation shall determine to\nbe necessary within the limits of authorized indebtedness prescribed in\nthe special law creating such corporation, to provide sufficient funds\nfor achieving its corporate purposes, including the making of payments\nto or purchase of obligations of, the municipality for which the\ncorporation was created, to make payments of interest on its notes and\nbonds, to establish reserves to secure such notes and bonds and to make\ndeposits into a fund or funds established pursuant to any agreement\nentered into by such corporation with the federal government or an\nagency or instumentality thereof in accordance with subparagraph\neighteen of section three thousand ten of this article.\n (b) A municipal assistance corporation shall have the power, from time\nto time, to issue (i) notes to renew notes and (ii) bonds to pay notes,\nincluding the interest thereon and, whenever it deems refunding\nexpedient, to refund any bonds by the issuance of new bonds, whether the\nbonds to be refunded have or have not matured, and to issue bonds partly\nto refund bonds then outstanding and partly for any of its other\ncorporate purposes. The refunding bonds may be exchanged for the bonds\nto be refunded or sold and the proceeds applied to the purchase,\nredemption or payment of such bonds.\n (c) Except as may otherwise be expressly provided by a municipal\nassistance corporation, every issue of its notes and bonds shall be\ngeneral obligations of the municipal assistance corporation payable out\nof any revenues of such corporation, subject only to any agreements with\nthe holders of particular notes or bonds pledging any particular\nrevenues.\n (d) Such notes and bonds shall be authorized by resolution of a\nmunicipal assistance corporation, shall bear such date and shall mature\nat such time or times as such resolution may provide. The bonds may be\nissued as serial bonds or as term bonds or as a combination thereof.\nThe notes and bonds shall bear interest at such rate or rates, be in\nsuch denominations and in such form, either coupon or registered, carry\nsuch registration privileges, be executed in such manner, be payable in\nsuch medium of payment, at such place or places and be subject to such\nterms of redemption as such resolution may provide.\n (e) The notes or bonds of the municipal assistance corporation may be\nexchanged for obligations of the municipality being assisted or may be\nsold at such price or prices, at public or private sale, in such manner\nand from time to time as may be determined by such corporation, and the\ncorporation may pay all expenses, premiums and commissions which it may\ndeem necessary or advantageous in connection with the issuance and sale\nthereof. Subsequent to July first, nineteen hundred seventy-five, no\nnotes or bonds of a municipal assistance corporation may be sold at\nprivate sale unless such sale and the terms thereof have been approved\nin writing by (a) the comptroller where such sale is not to the\ncomptroller, or (b) the director of the budget, where such sale is to\nthe comptroller.\n 2. Any resolution authorizing any notes or bonds or any issue thereof\nmay contain provisions, which shall be a part of the contract with the\nholders thereof, as to:\n (a) pledging all or any part of the revenues to secure the payment of\nthe notes or bonds or of any issue thereof, subject to such agreements\nwith noteholders or bondholders as may then exist;\n (b) pledging all or any part of the assets of the corporation to\nsecure the payment of the notes or bonds or of any issue of notes or\nbonds, subject to such agreements with noteholders or bondholders
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