§ 655. Notes and bonds of the corporation. 1. (a) Subject to the\nprovisions of section six hundred fifty-six of this article, the\ncorporation shall have power and is hereby authorized to issue from time\nto time its negotiable notes and bonds in conformity with applicable\nprovisions of the uniform commercial code in such principal amount as\nthe corporation shall determine to be necessary to provide sufficient\nfunds for achieving its corporate purposes, including the making of\nmortgage loans, the payment of interest on notes and bonds of the\ncorporation, the establishment of reserves to secure such notes and\nbonds, and the payment of all operating expenses of the corporation\nincident to or necessary or convenient to carry out its corporate\npurposes and powers.\n (b) The corporation shall have the power, from time to time, to issue\n(i) notes to renew notes and (ii) bonds to pay notes, including the\ninterest thereon and, whenever it deems refunding expedient, to refund\nany bonds by the issuance of new bonds, whether the bonds to be refunded\nhave or have not matured, and to issue bonds partly to refund bonds then\noutstanding and partly for any of its corporate purposes. The refunding\nbonds may be exchanged for the bonds to be refunded or sold and the\nproceeds applied to the purchase, redemption or payment of such bonds.\n (c) Except as may otherwise be expressly provided by the corporation,\nevery issue of its notes and bonds shall be general obligations of the\ncorporation payable out of any revenues of the corporation, subject only\nto any agreements with the holders of particular notes or bonds pledging\nany particular revenues.\n 2. The notes and bonds shall be authorized by resolution or\nresolutions of the corporation, shall bear such date or dates and shall\nmature at such time or times as such resolution or resolutions may\nprovide, except that no note or any renewal thereof shall mature more\nthan five years, and in the case of any note or any renewal thereof\nissued for the purposes of making mortgage loans shall mature more than\nnine years, after the date of issue of the original note and no bond\nshall mature more than fifty years from the date of its issue. The\nbonds may be issued as serial bonds payable in annual installments or as\nterm bonds or as a combination thereof. The notes and bonds shall bear\ninterest at such rate or rates, be in such denominations, be in such\nform, either coupon or registered, carry such registration privileges,\nbe executed in such manner, be payable in such medium of payment, at\nsuch place or places, and be subject to such terms of redemption as such\nresolution or resolutions may provide. The notes and bonds may be sold\nby the corporation at public or private sale, at such price or prices as\nthe corporation shall determine; provided, however, that the corporation\nshall consult with the comptroller as to the timing of any sale; and\nprovided further that no notes or bonds of the corporation may be sold\nat a private sale unless such sale and the terms thereof have been\napproved in writing by (a) the comptroller, where such sale is not to\nthe comptroller, or (b) the director of the budget, where such sale is\nto the comptroller.\n 3. Any resolution or resolutions authorizing any notes or bonds or any\nissue thereof may contain provisions, which shall be a part of the\ncontract or contracts with the holders thereof, as to:\n (a) pledging all or any part of the revenues to secure the payment of\nthe notes or bonds or of any issue thereof, subject to such agreements\nwith noteholders or bondholders as may then exist;\n (b) pledging all or any part of the assets of the corporation,\nincluding mortgages and obligations securing the same, to secure the\npayment of the notes or bonds or of any issue of notes or bonds, subject\nto such agreements with noteholders or bondholders as may then exist;\n (c) the use and disposition of the gross income from mortgages
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