§ 6. Bonds of the corporation. 1. (i) The corporation shall have power\nand is hereby authorized from time to time to issue its bonds in an\naggregate principal amount not exceeding four billion, two hundred\nmillion dollars ($4,200,000,000) plus the amount of any financing costs,\nto provide sufficient funds for achieving its corporate purpose,\nconsisting of the purchase of all or a portion of the state's share\npursuant to section four of this act and the payment or provision for\nfinancing costs. The foregoing limitation shall not apply to bonds\nissued to refund bonds. Provided, however, that no bonds may be issued\npursuant to the authority and power granted by this section, except an\nissue of bonds in an amount not to exceed seven hundred million dollars\n($700,000,000) plus the amount of any applicable financing costs, until\nthe state comptroller shall determine that legislative passage of the\nbudget has occurred for the current state fiscal year in accordance with\nthe provisions of subdivision 3 of section 5 of the legislative law.\nProvided, further, no bonds, other than refunding bonds, shall be issued\npursuant to such authority and power on or after July 1, 2004.\n (ii) Each issuance of bonds shall be authorized by a resolution of the\ncorporation, adopted by a majority of the members of the board then in\noffice without further authorization or approval, provided, however,\nthat any such resolution authorizing the issuance of bonds may delegate\nto an officer of the corporation the power to issue such bonds from time\nto time and to fix the details of any such issues of bonds by an\nappropriate certificate of such authorized officer. Every issue of the\nbonds of the corporation shall be special revenue obligations payable\nfrom and secured by a pledge of pledged tobacco revenues and other\nassets, including those proceeds of such bonds deposited in a reserve\nfund for the benefit of bondholders, earnings on funds of the\ncorporation and such other funds and assets as may become available,\nupon such terms and conditions as approved by the state representative\nand as specified by the corporation in the resolution under which the\nbonds are issued or in a related trust indenture.\n (iii) The corporation shall have the power and is hereby authorized\nfrom time to time to issue bonds, whenever it deems refunding expedient,\nto refund any bonds by the issuance of new bonds, whether the bonds to\nbe refunded have or have not matured, and to issue bonds partly to\nrefund bonds then outstanding and partly for any of its other corporate\npurposes. The refunding bonds may be exchanged for the bonds to be\nrefunded or sold and the proceeds applied to the purchase, redemption or\npayment of such bonds.\n 2. The bonds of the corporation of each issue shall be dated, shall\nbear interest (which, under the code, in the opinion of transaction\ncounsel to the corporation, may be includable in or excludable from the\ngross income of the owners for federal income tax purposes) at such\nfixed or variable rates, payable at or prior to maturity, and shall\nmature at such time or times, as may be determined by the corporation\nand may be made redeemable before maturity, at the option of the\ncorporation, at such price or prices and under such terms and conditions\nas may be fixed by the corporation. The principal and interest of such\nbonds may be made payable in any lawful medium. The resolution or the\ncertificate of the authorized officer shall determine the form of the\nbonds, either registered or book-entry form, and the manner of execution\nof the bonds and shall fix the denomination or denominations of the\nbonds and the place or places of payment of principal and interest\nthereof, which may be at any bank or trust company within or outside the\nstate. If any officer whose signature or a facsimile thereof appears on\nany bonds shall cease to be such officer before the delivery of such\nbonds, such signature or facsimile
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