§ 637. Borrowing by the trust and for its benefit; effects of certain\ndefaults. 1. For the purposes of this section, the term "project" means\nthe acquisition, development, design, construction, reconstruction,\nimprovement, rehabilitation, repairing and operation of housing\nfacilities.\n 2. The trust shall have the power and is hereby authorized from time\nto time to issue bonds, notes or other obligations in conformity with\napplicable provisions of the uniform commercial code, in such principal\namounts as it may determine to be necessary to pay the cost of any\nproject and to fund reserves to secure such bonds, notes or other\nobligations, including costs of issuance and any administrative or\nincidental expenses in connection therewith, provided that the aggregate\nprincipal amount of such bonds, notes or other obligations shall not\nexceed ten billion dollars plus a principal amount of such bonds, notes\nor other obligations issued (a) to fund any related debt service reserve\nfund, (b) to provide capitalized interest, and (c) to provide fees and\nother charges and expenses, including underwriters' discount, related to\nthe issuance of such bonds, notes or other obligations and the\nmaintenance of such reserves. The trust shall have the power from time\nto time to refund any bonds, notes or other obligations of the trust by\nthe issuance of new bonds, notes or other obligations, and may issue\nbonds, notes or other obligations partly to refund bonds, notes or other\nobligations of the trust then outstanding and partly to pay the cost of\nany project. Bonds, notes or other obligations issued by the trust shall\nbe payable as may be designated in the resolution of the trust under\nwhich the bonds, notes or other obligations shall be authorized to be\nissued, subject to any agreements with the holders of outstanding bonds,\nnotes or other obligations pledging any particular revenues or moneys.\nNo bonds, notes or other obligations of the trust or any entity referred\nto in subdivision thirteen of section six hundred twenty-nine of this\narticle shall be issued or incurred without the prior written approval\nof the director of management and budget of the city of New York, and no\nsuch bonds, notes or other obligations shall be issued for the purpose\nof refinancing any bonds, notes or other obligations of NYCHA, provided\nthat the proceeds of up to six hundred million dollars of the bonds,\nnotes or other obligations of the trust or any entity referred to in\nsubdivision thirteen of section six hundred twenty-nine of this article\nmay be applied to the payment of outstanding debt incurred by NYCHA in\nconnection with one or more housing facilities, in furtherance of the\npurposes of this article, including, but not limited to, for the purpose\nof payment of outstanding energy performance contract debt.\n 3. The trust shall be authorized to obtain insurance, letters of\ncredit and other credit or liquidity facilities related to its bonds,\nnotes or other obligations.\n 4. The board may delegate to the chair or the president of the trust\nthe power to set the final terms of bonds, notes or other obligations.\n 5. Whenever the trust shall determine that the issuance of its bonds,\nnotes or other obligations is appropriate, the trust shall make a\ndetermination as to the arrangements necessary for the issuance and sale\nof such bonds, notes or other obligations, including the underwriting of\nsuch bonds, notes or other obligations through the public or private\nsale of such bonds, notes or other obligations, and such determination\nshall include compensation for services rendered as the trust deems\nappropriate. Such determination shall be set forth in a resolution of\nthe trust, which shall authorize issuance of such bonds, notes or other\nobligations. The bonds, notes or other obligations shall bear interest\nat such fixed or variable rates and shall be in such denominations, be\nin such form, either coupon or registere
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