Section 3407. Bonds or notes of the corporation

1. The corporation shall
  have the power and is hereby authorized  from  time  to  time  to  issue
  bonds,  notes or other obligations to pay the cost of any project or for
  any other corporate purpose, including the establishment of reserves  to
  secure  the  bonds,  the  payment  of principal of, premium, if any, and
  interest on  the  bonds  and  the  payment  of  incidental  expenses  in
  connection  therewith.    The  corporation  shall  have the power and is
  hereby authorized to enter into such agreements and perform such acts as
  may be required under any applicable federal  legislation  to  secure  a
  federal guarantee or other subsidy with respect to any bonds.
    2.  The  corporation  shall  have the power from time to time to renew
  bonds or to issue renewal bonds for such purpose, to issue bonds to  pay
  bonds, and, whenever it deems refunding expedient, to refund any bond by
  the issuance of new bonds, whether the bonds to be refunded have or have
  not   matured,  and  may  issue  bonds,  partly  to  refund  bonds  then
  outstanding  and  partly  for  any  other  corporate  purpose   of   the
  corporation.   Bonds issued for refunding purposes shall be sold and the
  proceeds applied to the purchase, redemption or payment of the bonds  or
  notes to be refunded.
    3.  Bonds issued by the corporation may be general obligations secured
  by the faith and credit of the corporation or may be special obligations
  payable solely out of particular revenues or  other  monies  as  may  be
  designated  in  the proceedings of the corporation under which the bonds
  shall be authorized to be issued, subject as to  priority  only  to  any
  agreements with the holders of outstanding bonds pledging any particular
  property,  revenues or monies.  The corporation may also enter into loan
  agreements, lines of credit and other security agreements and obtain for
  or on its behalf letters  of  credit,  insurance,  guarantees  or  other
  credit  enhancements  to  the extent now or hereafter available, in each
  case for the purpose of securing its bonds or notes or to provide direct
  payment of any amounts which the corporation is authorized to pay.
    4. Bonds shall be authorized by resolution of the corporation, and may
  be in such denominations and bear such date or dates and mature at  such
  time  or times as such resolution may provide, except that bonds and any
  renewals thereof shall mature  within  forty  years  from  the  date  of
  original  issuance  of  any such bonds.   Obligations with a maturity of
  five years or less from the date  of  their  original  issuance  may  be
  designated as notes. Bonds shall be subject to such terms of redemption,
  bear  interest at such rate or rates per annum payable at such times, be
  in such form, carry such registration privileges, be  executed  in  such
  manner,  be  payable  in such medium of payment at such place or places,
  and be subject to such terms  and  conditions  as  such  resolution  may
  provide.  Bonds  may be sold at public or private sale for such price or
  prices as the corporation shall determine, provided that no bonds of the
  corporation, other than obligations designated as notes, may be sold  by
  the  corporation  at  private sale unless such sale in the terms thereof
  have been approved in writing by the comptroller, where such sale is not
  to be to such comptroller, or by the state director of the  division  of
  the budget, where such sale is to be to the comptroller. The corporation
  may  pay  all  expenses,  premiums  and  commissions  which  it may deem
  necessary or advantageous in connection with the issuance  and  sale  of
  bonds.
    5.  Any  resolution  or  resolutions authorizing bonds or any issue of
  bonds by the corporation may contain provisions which may be a  part  of
  the contract with the holders of the bonds thereby authorized as to:
    (a)  pledging  all  or  part  of the revenues, together with any other
  monies or property of the corporation  to  secure  the  payment  of  the
  bonds,  or  any costs of issuance thereof, including but not limited to,

  any contracts, earnings or proceeds of  any  grant  to  the  corporation
  received  from  any  private or public source subject to such agreements
  with bondholders as may then exist;
    (b)  the  setting  aside of reserves and the creation of sinking funds
  and the regulation and disposition thereof;
    (c) limitations on the purpose to which the proceeds from the sale  of
  bonds may be applied;
    (d) the rates, rents, fees and other charges to be fixed and collected
  by  the corporation and the amount to be raised in each year thereby and
  the use and disposition of revenues;
    (e) limitations on the  right  of  the  corporation  to  restrict  and
  regulate the use of the project or part thereof in connection with which
  bonds are issued;
    (f)  limitations  on  the issuance of additional bonds, the terms upon
  which additional bonds may be issued and secured and  the  refunding  of
  outstanding or other bonds;
    (g)  the  procedure,  if  any, by which the terms of any contract with
  bondholders may be amended or abrogated,  including  the  proportion  of
  bondholders  which  must  consent  thereto, and the manner in which such
  consent may be given;
    (h) the creation of special funds into which any  revenues  or  monies
  may be deposited;
    (i) the terms and provisions of any trust, mortgage, deed or indenture
  securing the bonds under which the bonds may be issued;
    (j)  vesting  in a trustee or trustees such properties, rights, powers
  and duties in trust as the corporation may determine which  may  include
  any or all of the rights, powers and duties of the trustees appointed by
  the  bondholders  pursuant  to section thirty-four hundred eight of this
  title and limiting the rights of the bondholders to  appoint  a  trustee
  under  such  section  or  limiting the rights, duties and powers of such
  trustee;
    (k) defining the acts or omissions  to  act  which  may  constitute  a
  default  in  the  obligations  and  duties  of  the  corporation  to the
  bondholders and providing for the rights and remedies of the bondholders
  in the event of such default, including as a matter of right appointment
  of a receiver, provided, however, that such rights  and  remedies  shall
  not  be  inconsistent  with  the  general  laws  of  the state and other
  provisions of this title;
    (l) limitations on the power of the corporation to sell  or  otherwise
  dispose of any project or any part thereof or other property;
    (m)  limitations  on  the  amount  of  revenues and other monies to be
  expended  or  operating,  administrative  or  other  expenses   of   the
  corporation;
    (n) the payment of the proceeds of bonds, revenues and other monies to
  a  trustee  or  other  depository,  and  for  the method of disbursement
  thereof with such safeguards and restrictions  as  the  corporation  may
  determine; and
    (o)  any other matters of like or different character which in any way
  affect the security or  protection  of  the  bonds  or  the  rights  and
  remedies of the bondholders.
    6.  In addition to the powers herein conferred upon the corporation to
  secure its bonds, the corporation shall have  the  power  in  connection
  with  the  issuance  of  bonds  to adopt resolutions and enter into such
  trust indentures, agreements or other instruments as the corporation may
  deem  necessary,  convenient  or  desirable  concerning   the   use   or
  disposition  of  its revenues or other monies or property, including the
  mortgaging of any property and the entrusting, pledging or  creation  of
  any other security interest in any such revenues, monies or property and

  the  doing of any act, including refraining from doing any act which the
  corporation  would  have  the  right  to  do  in  the  absence  of  such
  resolutions,  trust  indentures,  agreements  or  other instruments. The
  corporation  shall  have  power  to  enter  into  amendments of any such
  resolutions, trust indentures, agreements or  other  instruments  within
  the  powers granted to the corporation by this title and to perform such
  resolutions, trust indentures,  agreements  or  other  instruments.  The
  provisions  of  any  such  resolutions,  trust indentures, agreements or
  other instruments may be made a part of the contract with the holders of
  bonds of the corporation.
    7. Any provision of  the  uniform  commercial  code  to  the  contrary
  notwithstanding,  any  pledge of or other security interest in revenues,
  monies, accounts, contract rights, general intangibles or other personal
  property made or created by the corporation shall be valid, binding  and
  perfected  from  the  time  when  such  pledge is made or other security
  interest attaches without any physical delivery  of  the  collateral  or
  further  act, and the lien of any such pledge or other security interest
  shall be valid, binding and perfected against all parties having  claims
  of  any  kind  in  tort,  contract  or otherwise against the corporation
  irrespective of whether or not such  parties  have  notice  thereof.  No
  instrument  by  which  such a pledge or security interest is created nor
  any financing statement need be recorded or filed.
    8. Whether or not the bonds of the corporation are of  such  form  and
  character as to be negotiable instruments under the terms of the uniform
  commercial code, the bonds are hereby made negotiable instruments within
  the  meaning of and for all the purposes of the uniform commercial code,
  subject only to the provisions of the bonds for registration.
    9. Neither the directors nor the non-voting  representatives  nor  the
  officers  of the corporation nor any person executing its bonds shall be
  liable personally on its bonds or be subject to any  personal  liability
  or accountability by reason of the issuance thereof.
    10. Subject to such agreements with bondholders as may then exist, the
  corporation  shall  have  power  out  of any funds available therefor to
  purchase bonds of the corporation, in lieu of redemption, at a price not
  exceeding, if the bonds are then redeemable, the redemption  price  then
  applicable  plus accrued interest to the next interest payment date, or,
  if the bonds are not then redeemable, the redemption price applicable on
  the first date after such purchase upon which the bonds  become  subject
  to  redemption  plus accrued interest to the next interest payment date.
  Bonds so purchased shall thereupon be canceled.
    11. The corporation shall have power and is hereby authorized to issue
  negotiable  bond  anticipation  notes  in  conformity  with   applicable
  provisions  of  the  uniform commercial code and may renew the same from
  time to time but the  maximum  maturity  of  any  such  note,  including
  renewals  thereof, shall not exceed five years from the date of issue of
  such original note.