§ 3407. 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 the purpose of securing its bonds or notes or to provide direct\npayment of any amounts which the corporation is authorized to pay.\n 4. Bonds shall be authorized by resolution of the corporation, and may\nbe in such denominations and bear such date or dates and mature at such\ntime or times as such resolution may provide, except that bonds and any\nrenewals thereof shall mature within forty years from the date of\noriginal issuance of any such bonds. Obligations with a maturity of\nfive years or less from the date of their original issuance may be\ndesignated as notes. Bonds shall be subject to such terms of redemption,\nbear interest at such rate or rates per annum payable at such times, be\nin such form, carry such registration privileges, be executed in such\nmanner, be payable in such medium of payment at such place or places,\nand be subject to such terms and conditions as such resolution may\nprovide. Bonds may be sold at public or private sale for such price or\nprices as the corporation shall determine, provided that no bonds of the\ncorporation, other than obligations designated as notes, may be sold by\nthe corporation at private sale unless such sale in the terms thereof\nhave been approved in writing by the comptroller, where such sale is not\nto be to such comptroller, or by the state director of the division of\nthe budget, where such sale is to be to the comptroller. The corporation\nmay pay all expenses, premiums and commissions which it may deem\nnecessary or advantageous in connection with the issuance and sale of\nbonds.\n 5. Any resolution or resolutions authorizing bonds or any issue of\nbonds by the corporation may contain provisions which may be a part of\nthe contract with the holders of the bonds thereby authorized as to:\n (a) pledging all or part of the revenues, together with any other\nmonies or property of the corporation to secure the payment of the\nbonds, or any costs of issuance thereof, including but not limited to,\nany
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