§ 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 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 and mature at such time or
times, as such resolution may provide, except that notes and any
renewals thereof shall mature within five years from the date of the
original issuance and bonds shall mature within thirty years from the
date of original issuance of any such bond or note. 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 state comptroller, where
such sale is not to the comptroller, or by the state 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 regulations 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-six-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.