§ 46. Notes and bonds of the agency. 1. (a) Subject to the provisions\nof section forty-seven of this article, the agency shall have power and\nis hereby authorized from time to time to issue its negotiable bonds and\nnotes in conformity with applicable provisions of the uniform commercial\ncode in such principal amount as, in the opinion of the agency, shall be\nnecessary to provide sufficient funds for achieving its corporate\npurposes, including the making or financing the making of mortgage\nloans, the payment of interest on bonds and notes of the agency,\nestablishment of reserves to secure such bonds and notes, and all other\nexpenditures of the agency incident to and necessary or convenient to\ncarry out its corporate purposes and powers;\n (b) The agency shall have power, from time to time, to issue renewal\nnotes, to issue bonds to pay notes and whenever it deem refunding\nexpedient, to refund any bonds by the issuance of new bonds, whether the\nbonds to be refunded have or have not matured, and to issue bonds partly\nto refund bonds then outstanding and partly for any other purpose. The\nrefunding bonds shall be sold and the proceeds applied to the purchase,\nredemption or payment of the bonds to be refunded;\n (c) Except as may otherwise be expressly provided by the agency, every\nissue of its notes or bonds shall be general obligations of the agency\npayable out of any revenues or monies of the agency, subject only to any\nagreements with the holders of particular notes or bonds pledging any\nparticular receipts or revenues;\n 2. a. The notes and bonds, except as provided in paragraph (c) of\nsubdivision four of this section, shall be authorized by resolution of\nthe members, shall bear such date or dates, and shall mature at such\ntime or times, in the case of any such note, or any renewals thereof,\nissued for achieving its corporate purposes other than the making or\nfinancing the making of mortgage loans, not exceeding the term of any\napplicable lease or sublease, and in the case of any such note, or any\nrenewals thereof, issued for the purpose of making or financing the\nmaking of mortgage loans, not exceeding the term for the repayment of\nthe mortgage loan or the federally guaranteed securities acquired to\nfinance such mortgage loan, and in the case of any such bond not\nexceeding fifty years from the date of issue, as such resolution or\nresolutions may provide.\n b. In no event, however, shall any such note mature, in the case of a\nnote or any renewals thereof, issued for the purpose of achieving its\ncorporate purposes other than the making or financing the making of\nmortgage loans, later than eight years from the date of issue of such\noriginal note, and, in the case of a note or any renewals thereof,\nissued for the purpose of making or financing the making of mortgage\nloans, later than ten years from the date of issue of such original\nnote, unless in each year at least that amount of principal is required\nto be paid as would be required if (i) the principal of and interest on\nany such note were payable in such manner that the total annual charges\nrequired for the payment of principal and interest were approximately\nequal and constant for the period of such lease, sublease or mortgage,\nas the case may be, and (ii) at the expiration of the term of such\nlease, sublease or mortgage, the total of such required payments were\nsufficient to pay the full principal amount of such note; provided\nhowever, that such manner of payment of principal shall be required only\nfrom the date of the issuance of such note or from the commencement of\nthe lease or sublease term in the case of a lease or sublease and from\nthe occupancy date in the case of a mortgage whichever later occurs.\nSuch payment of principal may be made either to the holder of such note\nor into a sinking fund. Notwithstanding the foregoing, no such note\nshall be issued pursuant to this paragraph b unless the state director\nof the
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