Section 2045-H. Bonds of the agency

1. The agency shall have the power and
  is hereby authorized from time to time to  issue  bonds,  in  conformity
  with  applicable  provisions  of  the  uniform  commercial code, in such
  principal amounts as it may determine to be necessary to pay the cost of
  any project or for any other  corporate  purpose,  including  incidental
  expenses  in  connection  therewith.  The agency shall have 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 of any bonds. The agency 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. Bonds issued by the agency may be general  obligations  secured
  by  the  faith  and  credit  of the agency or may be special obligations
  payable solely out of particular revenues or  other  moneys  as  may  be
  designated  in the proceedings of the agency under which the bonds shall
  be authorized to be issued  and  subject  to  any  agreements  with  the
  holders of outstanding bonds pledging any particular revenues or moneys.
    2.  Bonds  shall be authorized by resolution of the agency, be in such
  denominations and bear such date or dates, mature at such time or times,
  except that notes and any renewals  thereof  shall  mature  within  five
  years  from the date of the original issuance and bonds and any renewals
  thereof shall mature within thirty years from the date of  the  original
  issuance.  The  bonds  and  notes  shall  be  subject  to  such terms of
  redemption, bear interest at such rate or rates payable at  such  times,
  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,  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 agency shall determine.
  Bonds of the agency shall not be sold by  the  agency  at  private  sale
  unless  such sale and the terms thereof have been approved in writing by
  the comptroller, where such sale is not to the comptroller,  or  by  the
  director of the budget, where such sale is to the comptroller.
    3.  Any  resolution  or  resolutions authorizing bonds or any issue of
  bonds 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 any part of the revenues, other moneys or property
  of  the  agency  to  secure  the payment of the bonds, including but not
  limited to any contracts, earnings or  proceeds  of  any  grant  to  the
  agency received from any private or public source;
    (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  agency and the amount to be raised in each year thereby and the
  use and disposition of revenues;
    (e) limitations on the right of the agency 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,  the  amount of bonds, the
  holders of 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 moneys
  may be deposited;
    (i)  the  terms and provisions of any trust 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 agency may determine which may include any or
  all  of  the  rights,  powers and duties of the trustee appointed by the
  bondholders pursuant to section two thousand forty-five-i of this  title
  and  limiting  or  abrogating 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 agency 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 the 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  agency  to  sell  or  otherwise
  dispose of any project or any part thereof;
    (m)  limitations  on  the  amount  of  revenues and other moneys to be
  expended for operating, administrative or other expenses of the agency;
    (n) the payment of the proceeds of bonds, revenues and other moneys to
  a trustee or other  depository,  and  for  the  method  of  disbursement
  thereof  with  such  safeguards  and  restrictions  as  the  agency  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 bondholders.
    4. In addition to the powers  herein  conferred  upon  the  agency  to
  secure  its  bonds,  the  agency shall have power in connection with the
  issuance of bonds to enter into such agreements as the agency  may  deem
  necessary,  consistent or desirable concerning the use or disposition of
  its revenues or other moneys or property, including  the  mortgaging  of
  any  property  and  the  entrusting,  pledging  or creation of any other
  security interest in any such revenues, moneys or property and the doing
  of any act (including refraining from doing any act)  which  the  agency
  would  have  the  right  to  do  in the absence of such agreements.  The
  agency shall have power to enter into amendments of any such  agreements
  within  the  powers  granted  to the agency by this title and to perform
  such agreements. The provisions of any such agreements  may  be  made  a
  part of the contract with the holders of bonds of the agency.
    5.  Any  provision  of  the  uniform  commercial  code to the contrary
  notwithstanding, any pledge of or other security interest  in  revenues,
  moneys, accounts, contract rights, general intangibles or other personal
  property  made  or  created  by  the  agency 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   agency
  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.
    6.  Whether  or  not the bonds 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.
    7.  Neither  the  members of the agency nor any person executing bonds
  shall be liable  personally  thereon  or  be  subject  to  any  personal
  liability or accountability by reason of the issuance thereof.
    8. The agency, subject to such agreements with bondholders as then may
  exist, shall have power out of any moneys available therefor to purchase
  bonds  of the agency, which shall thereupon be cancelled, at a price not
  exceeding (i) if the bonds are then  redeemable,  the  redemption  price
  then  applicable,  plus  accrued  interest  to the next interest payment
  date, (ii) 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.