§ 3862. Bonds, notes or other obligations of the authority. 1. The\nauthority shall have the power and is hereby authorized from time to\ntime to issue bonds, notes or other obligations in such principal\namounts as it may determine to be necessary pursuant to section\nthirty-eight hundred sixty-one of this title to pay any financeable\ncosts and to fund reserves to secure such bonds, notes or other\nobligations, including incidental expenses in connection therewith;\nprovided, however, the aggregate principal amounts of such bonds, notes\nor other obligations outstanding at any one time shall not exceed one\nhundred seventy-five million dollars, and such bonds shall be tax exempt\nto the maximum extent practicable, as provided by section thirty-eight\nhundred sixty-nine of this title. Bonds, notes or other obligations\nissued by the authority (a) to pay reasonable costs of issuance, as\ndetermined by the authority, (b) to establish debt service reserve\nfunds, (c) to refund or advance refund any outstanding bonds or notes of\nthe city or the authority, or (d) as cash flow borrowings shall not\ncount against the above limit on outstanding bonds, notes or other\nobligations of the authority, nor shall any accretion of principal of\nbonds that would constitute interest under the Internal Revenue Code of\n1986, as amended, count against such limit; provided, however, that the\naggregate principal amount of cash flow borrowings outstanding at any\none time shall not exceed one hundred forty-five million dollars.\n 2. The authority may issue bonds, notes or other obligations to refund\nbonds, notes or other obligations previously issued, but in no event\nshall the final maturity of any bonds, notes or other obligations of the\nauthority be later than June thirtieth, two thousand thirty-seven. No\nbond of the authority shall mature more than thirty years from the date\nof its issue, or after June thirtieth, two thousand thirty-seven,\nwhichever date is earlier.\n 3. Bonds, notes or other obligations of the authority may be issued,\namortized, redeemed and refunded without regard to the provisions of the\nlocal finance law.\n 4. The directors may delegate to the chairperson or other director or\nofficer of the authority the power to set the financial terms of bonds,\nnotes or other obligations.\n 5. The authority in its sole discretion shall determine that the\nissuance of its bonds, notes or other obligations is appropriate. Bonds,\nnotes or other obligations shall be authorized by resolution of the\nauthority. Bonds shall bear interest at such fixed or variable rates and\nshall be in such denominations, be in such form, either coupon or\nregistered, be sold at such public or private sale, be executed in such\nmanner, be denominated in United States currency, be payable in such\nmedium of payment, at such place and be subject to such terms of\nredemption as the authority may provide in such resolution. No bonds,\nnotes or other obligations of the authority may be sold at private sale\nunless such sale and the terms thereof have been approved in writing by\n(a) the state comptroller where such sale is not to the state\ncomptroller, or (b) the director of the budget, where such sale is to\nthe state comptroller.\n 6. Any resolution or resolutions authorizing bonds, notes or other\nobligations or any issue of bonds, notes or other obligations may\ncontain provisions which may be a part of the contract with the holders\nof the bonds, notes or other obligations thereby authorized as to: (a)\npledging all or part of the authority's revenues, together with any\nother moneys, securities or contracts, to secure the payment of the\nbonds, notes or other obligations, subject to such agreements with\nbondholders as may then exist; (b) the setting aside of reserves and the\ncreation of sinking funds and the regulation and disposition thereof;\n(c) limitations on the purposes to which the proceeds from the sale of\nbonds, notes or other obli
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