Section 2047-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  in  its  opinion 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. 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 and mature  at  such  time  or
  times,  as  such  resolution  may  provide,  except  that  notes and any
  renewals thereof shall mature within seven years from the  date  of  the
  original  issuance  and  bonds shall mature within thirty years from the
  date of 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, 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. The bonds of the agency may be sold by the  agency  at  private
  sale,  subject  to the approval of the comptroller of the state, or at a
  public sale at such price or prices as the agency shall determine.
    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 amount, use and disposition of the rates,  rentals,  fees  and
  other charges to be fixed and collected by the agency;
    (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 of
  the agency may be deposited;
    (i) the terms  and  provisions  of  any  mortgage  or  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-seven-i of this title
  and  limiting  or  abrogating the rights of the bondholders to appoint a
  trustee under such section or limiting the rights, powers and duties  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 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 its properties;
    (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;
    (o) the obligations of the agency in  relation  to  the  construction,
  maintenance,  operation,  repair  and insurance of the properties of the
  agency,  the  safeguarding  and  application  of  all  moneys  and   the
  requirements for the supervision and approval of consulting engineers in
  connection   with   construction,  maintenance  and  operation  of  such
  properties; and
    (p) 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. It is the intention of the legislature that any pledge, mortgage or
  security instrument made by the agency shall be valid and  binding  from
  the  time when the pledge, mortgage or security instrument is made; that
  the  moneys  or  property  so  pledged,  mortgaged,  or  entrusted   and
  thereafter  received  by  the agency shall immediately be subject to the
  lien of  such  pledge,  mortgage  or  security  instrument  without  any
  physical  delivery  thereof  or  further  act; and that the lien of such
  pledge, mortgage or security instrument shall be valid  and  binding  as
  against  all  parties  having  claims  of  any kind in tort, contract or
  otherwise against the agency, irrespective of whether such parties  have
  notice  thereof.  Neither  the  resolution  nor  any  mortgage, security
  instrument or other instrument by which a pledge, mortgage lien or other
  security is created need be recorded or filed and the agency  shall  not
  be  required  to  comply  with  any  of  the  provisions  of the uniform
  commercial code.
    6. The agency shall have the power and is hereby authorized, from time
  to time, to issue its bonds for the purpose  of  refunding  any  of  its

  bonds  then  outstanding.  The  principal amount of such refunding bonds
  shall not exceed an  amount  sufficient  to  pay  the  sum  of  (i)  the
  principal amount of the bonds to be refunded, outstanding as of the date
  of  issue of the refunding bonds, (ii) the aggregate amount of unmatured
  interest payable on the bonds to be refunded to and including either the
  date or dates such bonds mature or, if such bonds are to be  called  for
  redemption prior to such maturity date or dates, the date or dates fixed
  for  such redemption in the resolution authorizing such refunding bonds,
  (iii) redemption premiums, if any, payable on the bonds to  be  refunded
  as  of  the  date  or  dates  fixed  for  redemption, and (iv) costs and
  expenses incidental to the issuance of the refunding bonds. The proceeds
  of any such bonds issued for the purpose  of  so  refunding  outstanding
  bonds  shall  be applied to the payment of such outstanding bonds on the
  respective maturity dates thereof or upon the date fixed for redemption.
  Pending such application, the proceeds of any such bonds shall be placed
  in escrow to be applied to such purchase or retirement or redemption  on
  such date. Any such escrowed proceeds, pending such use, may be invested
  and reinvested only in obligations which mature at such time or times as
  shall  be  appropriate  to  assure  the prompt payment, as to principal,
  interest and redemption premium, if any, on the outstanding bonds to  be
  so  refunded  by purchase, retirement or redemption, as the case may be.
  The interest, income and profits, if any, earned or realized on any such
  investment may also be applied to the payment of the  outstanding  bonds
  to be so refunded by purchase, retirement or redemption, as the case may
  be, or may be pledged to the payment of the principal of and interest on
  any bonds issued to refund any outstanding bonds. After the terms of the
  escrow  have  been  fully satisfied and carried out, any balance of such
  proceeds and interest, if any, earned or  realized  on  the  investments
  thereof  may  be  returned  to  the  agency  for use by it in any lawful
  manner. All such bonds shall be issued and secured and shall be  subject
  to  the  provisions  of  this  title  in the same manner and to the same
  extent as any other bonds issued pursuant to this title.
    7. 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.
    8.  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.
    9. 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.
    * NB There are 2 § 2047-h's