§ 3308. Bonds or notes of the corporation. 1. The corporation shall\nhave the power and is hereby authorized from time to time to issue\nbonds, notes or other obligations to pay the cost of any project or for\nany other corporate purpose, including the establishment of reserves to\nsecure the bonds, the payment of principal of, premium, if any, and\ninterest on the bonds and the payment of incidental expenses in\nconnection therewith. The corporation shall have the power and is\nhereby authorized to enter into such agreements and perform such acts as\nmay be required under any applicable federal legislation to secure a\nfederal guarantee or other subsidy with respect to any bonds.\n 2. The corporation shall have the power from time to time to renew\nbonds or to issue renewal bonds for such purpose, to issue bonds to pay\nbonds, and, whenever it deems refunding expedient, to refund any bond by\nthe issuance of new bonds, whether the bonds to be refunded have or have\nnot matured, and may issue bonds, partly to refund bonds then\noutstanding and partly for any other corporate purpose of the\ncorporation. 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 corporation may be general obligations secured\nby the faith and credit of the corporation or may be special obligations\npayable solely out of particular revenues or other monies as may be\ndesignated in the proceedings of the corporation 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 monies. The corporation 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 corporation is authorized to pay.\n 4. (a) Bonds shall be authorized by resolution of the corporation, be\nin such denominations and bear such date or dates and mature at such\ntime or times, as such resolution may provide, provided that bonds and\nrenewals thereof shall mature within forty years from the date of\noriginal issuance of any such bonds.\n (b) Bonds shall be subject to such terms of redemption, bear interest\nat such rate or rates, be payable at such times, be in such form, either\ncoupon or registered, carry such registration privileges, be executed in\nsuch manner, be payable in such medium of payment at such place or\nplaces, and be subject to such terms and conditions as such resolution\nmay provide. Notwithstanding any other provision of law, the bonds of\nthe corporation issued pursuant to this section shall be sold to the\nbidder offering the lowest true interest cost, taking into consideration\nany premium or discount not less than four nor more than fifteen days,\nSunday excepted, after a notice of such sale has been published at least\nonce in a newspaper of general circulation in the area served by the\ncorporation, which shall state the terms of the sale. The terms of the\nsale may not change unless notice of such change is published in such\nnewspaper at least one day prior to the date of the sale as set forth in\nthe original notice of sale. Advertisements shall contain a provision to\nthe effect that the corporation, in its discretion, may reject any or\nall bids made pursuant to such advertisements, and in the event of such\nrejection, the corporation is authorized to negotiate a private or\npublic sale or readvertise for bids in the form and manner above\ndescribed as many times as, in its judgment, may be necessary to effect\nsatisfactory sale.\n (c) Notwithstanding the provisions of the preceding paragraph,\nwhenever in the judgment of the corporation the
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