§ 3962. 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-nine hundred sixty-one of this title to pay any financeable costs\nand to fund reserves to secure such bonds, notes or other obligations,\nincluding incidental expenses in connection therewith; provided,\nhowever, the aggregate principal amounts of such bonds, notes or other\nobligations outstanding at any one time shall not exceed seven hundred\nmillion dollars, and such bonds shall be exempt as provided in section\nthirty-nine hundred sixty-nine of this title. Bonds, notes or other\nobligations issued by the authority (a) to pay reasonable costs of\nissuance, as determined by the authority, (b) to establish debt service\nreserve funds, (c) to refund or advance refund any outstanding bonds or\nnotes of the county or the authority, or (d) as cash flow borrowings\nshall not count against the above limit on outstanding bonds, notes or\nother obligations of the authority, nor shall any accretion of principal\nof bonds that would constitute interest under the Internal Revenue Code\nof 1986, as amended, count against such limit; provided further, that\nthe aggregate principal amount of cash flow borrowings outstanding at\nany time shall not exceed two hundred fifty 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 December thirty-first, two thousand thirty-nine.\nNo bond of the authority shall mature more than thirty years from the\ndate of its issue, or after December thirty-first, two thousand\nthirty-nine, whichever 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 obligations may be applied; (d) limitations on the\n
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