§ 2490-i. Bonds of the authority. 1. The authority shall have the
power and is hereby authorized from time to time to issue its negotiable
bonds in conformity with applicable provisions of the uniform commercial
code for its corporate purposes in the aggregate principal amount of not
exceeding fifteen million dollars. The authority shall have power from
time to time and whenever it deems refunding expedient 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 purpose hereinabove described.
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. Except as may otherwise be expressly
provided by the authority, the bonds of every issue shall be general
obligations of the authority payable out of any moneys or revenues of
the authority, subject only to any agreements with the holders of
particular bonds pledging any particular moneys or revenues.

2. Bonds shall be authorized by resolution of the authority, 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 authority 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 authority to secure the payment of the bonds, including but not
limited to any contracts, earnings or proceeds of any grant to the
authority 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 authority and the amount to be raised in each year thereby and
the use and disposition of revenues;

(e) Limitations on the right of the authority 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 authority may determine which may include any
or all of the rights, powers and duties of the trustee appointed by the
bondholders pursuant to section twenty-four hundred ninety-j 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 authority 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 authority 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
authority;

(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 authority 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 authority to
secure its bonds, the authority shall have power in connection with the
issuance of bonds to enter into such agreements as the authority 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
authority would have the right to do in the absence of such agreements.
The authority shall have power to enter into amendments of any such
agreements within the powers granted to the authority 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 authority.

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 authority 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 authority
irrespective of whether or not such parties have notice thereof. No
instrument by which such a plege 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 authority 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 authority, subject to such agreements with bondholders as then
may exist, shall have power out of any moneys available therefor to
purchase bonds of the authority, which shall thereupon be cancelled, at
a price not exceeding:

(a) If the bonds are then redeemable, the redemption price then
applicable, plus accrued interest to the next interest payment date;

(b) 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.