Section 206. Bonds of the authority

1. The authority shall have power and
  is  hereby authorized from time to time to issue its negotiable bonds in
  conformity with applicable provisions of the uniform commercial code  in
  the aggregate principal amount of not exceeding one million five hundred
  thousand  dollars  for  any  corporate purpose. The authority shall have
  power from time to time to refund any  bonds  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. In computing the total amount of bonds of
  the authority which may at any time be outstanding  the  amount  of  the
  outstanding  bonds  to  be refunded from the proceeds of the sale of new
  bonds or by exchange for new bonds shall be excluded.
    2. Such bonds shall be authorized by resolution of the board and shall
  be issued in one or more series, shall bear such date or  dates,  mature
  at  such  time or times, not exceeding forty years from their respective
  dates, bear interest at such rate  or  rates,  not  exceeding  five  per
  centum  per annum payable semi-annually, be in such denominations, be in
  such  form,  either  coupon  or  registered,  carry  such   registration
  privileges,  be  executed  in  such manner, be payable in such medium of
  payment,  at  such  place  or  places,  be  subject  to  such  terms  of
  redemption,  and  be  declared  or  become  due before the maturity date
  thereof, as such resolution or resolutions may provide. Such  bonds  may
  be  issued  for  money  or  property (at public or private sale for such
  price or prices) as the authority shall  determine,  provided  that  the
  interest  cost  to  maturity  of  the money or property (at its value as
  determined by the board, the determination of which shall be conclusive)
  received for any issue of such bonds, shall not exceed five  per  centum
  per  annum.  Refunding  bonds  exchanged  for  outstanding  bonds may be
  exchanged on such terms and with such cash adjustments as the  authority
  shall determine.
    3.  In connection with the issuance of bonds or in order to secure the
  payment of its bonds the authority shall have power
    (a) To mortgage all or any part of its  property,  real  or  personal,
  then owned or thereafter acquired;
    (b) To pledge all or any part of its revenues;
    (c)  To  covenant  against mortgaging all or any part of its property,
  real  or  personal,  then  owned  or  thereafter  acquired  or   against
  permitting or suffering any lien thereon;
    (d)  To  covenant  against pledging all or any part of its revenues to
  which its right then exists or the right to which  may  thereafter  come
  into existence;
    (e) To provide for the release of property or revenues from any pledge
  or  mortgage,  and  to  reserve  rights  and  powers in, or the right to
  dispose of, property which is subject to a pledge or mortgage;
    (f) To covenant as to the bonds to be issued pursuant to any mortgage,
  deed of trust or other instrument and as to the issuance of  such  bonds
  in  escrow  or  otherwise,  and  as  to  the  use and disposition of the
  proceeds thereof;
    (g) To covenant as to what other, or additional debt may  be  incurred
  by it;
    (h)  To provide for the terms, form, registration, exchange, execution
  and authentication of bonds;
    (i) To provide for the replacement of  lost,  destroyed  or  mutilated
  bonds;
    (j) To covenant that the authority warrants the title to the premises;
    (k)  To  covenant as to the fees and rentals to be charged, the amount
  (calculated as may be determined) to be raised each year or other period

  of time by fees, rentals, and other revenues  and  as  to  the  use  and
  disposition to be made thereof;
    (l)  To  covenant as to the use of any or all of its property, real or
  personal;
    (m) To covenant to set aside or pay over reserves  and  sinking  funds
  and as to the disposition thereof;
    (n)  To redeem the bonds, and to covenant for their redemption, and to
  provide the terms and conditions thereof;
    (o) To covenant against extending the time for  the  payment  of  bond
  interest, directly or indirectly, by any means or in any manner;
    (p)  To  covenant  to  maintain  offices  and agencies for any purpose
  connected with its bonds;
    (q) To covenant as to the maintenance of its property, the replacement
  thereof, the insurance to be carried thereon and the use and disposition
  of insurance moneys;
    (r) To covenant as to its books of account and as  to  the  inspection
  and audit thereof and as to the accounting methods;
    (s)  To  covenant  and prescribe as to the events of default and terms
  and conditions upon which any or all of its bonds shall become or may be
  declared due before maturity and as to the  terms  and  conditions  upon
  which such declaration and its consequences may be waived;
    (t)  To  covenant  as  to  the  rights, liabilities, powers and duties
  arising upon the breach by it of any covenant, condition, or obligation;
    (u) To vest in a trustee or trustees the right to enforce any covenant
  made to secure, to pay or in relation to the bonds, or to foreclose  any
  mortgage,  to  provide  for  the  powers  and  duties of such trustee or
  trustees, to limit liabilities thereof and  to  provide  the  terms  and
  conditions upon which the trustee or trustees or the holders of bonds or
  any  proportion  of  them  may enforce any such covenant or exercise the
  right of foreclosure;
    (v) To make covenants in addition to the  covenants  herein  expressly
  authorized, of like or different character;
    (w)  To  execute  all  mortgages, bills of sale, conveyances, deeds of
  trust and other instruments necessary or convenient in the  exercise  of
  the  powers  herein  granted  or  in the performance of its covenants or
  duties;
    (x) To make such covenants and to do any and all such acts and  things
  as  may  be  necessary or convenient or desirable in order to secure its
  bonds, or in the absolute discretion of the board tend to make the bonds
  more marketable, notwithstanding that such covenants, acts or things may
  not be enumerated herein and notwithstanding that such  covenants,  acts
  or  things  may  restrict  or  interfere  with  the  carrying out of its
  corporate purpose; it being the intention hereof to give  the  authority
  power  to do all things in the issuance of bonds, and for their security
  that a business corporation can do under the general laws of  the  state
  and  no  consent  or  approval  of  any judge or court shall be required
  therefor.
    * NB (Abolished in 1975)