§ 3308. Bonds or notes of the corporation. 1. The corporation shall
have the power and is hereby authorized from time to time to issue
bonds, notes or other obligations to pay the cost of any project or for
any other corporate purpose, including the establishment of reserves to
secure the bonds, the payment of principal of, premium, if any, and
interest on the bonds and the payment of incidental expenses in
connection therewith. The corporation shall have the 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 or other subsidy with respect to any bonds.

2. The corporation shall have the power from time to time to renew
bonds or to issue renewal bonds for such purpose, to issue bonds to pay
bonds, and, whenever it deems refunding expedient, to refund any bond 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 of the
corporation. Bonds issued for refunding purposes shall be sold and the
proceeds applied to the purchase, redemption or payment of the bonds or
notes to be refunded.

3. Bonds issued by the corporation may be general obligations secured
by the faith and credit of the corporation or may be special obligations
payable solely out of particular revenues or other monies as may be
designated in the proceedings of the corporation under which the bonds
shall be authorized to be issued, subject as to priority only to any
agreements with the holders of outstanding bonds pledging any particular
property, revenues or monies. The corporation may also enter into loan
agreements, lines of credit and other security agreements and obtain for
or on its behalf letters of credit, insurance, guarantees or other
credit enhancements to the extent now or hereafter available, in each
case for securing its bonds or to provide direct payment of any costs
which the corporation is authorized to pay.

4. (a) Bonds shall be authorized by resolution of the corporation, be
in such denominations and bear such date or dates and mature at such
time or times, as such resolution may provide, provided that bonds and
renewals thereof shall mature within forty years from the date of
original issuance of any such bonds.

(b) Bonds shall be subject to such terms of redemption, bear interest
at such rate or rates, be 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. Notwithstanding any other provision of law, the bonds of
the corporation issued pursuant to this section shall be sold to the
bidder offering the lowest true interest cost, taking into consideration
any premium or discount not less than four nor more than fifteen days,
Sunday excepted, after a notice of such sale has been published at least
once in a newspaper of general circulation in the area served by the
corporation, which shall state the terms of the sale. The terms of the
sale may not change unless notice of such change is published in such
newspaper at least one day prior to the date of the sale as set forth in
the original notice of sale. Advertisements shall contain a provision to
the effect that the corporation, in its discretion, may reject any or
all bids made pursuant to such advertisements, and in the event of such
rejection, the corporation is authorized to negotiate a private or
public sale or readvertise for bids in the form and manner above
described as many times as, in its judgment, may be necessary to effect
satisfactory sale.

(c) Notwithstanding the provisions of the preceding paragraph,
whenever in the judgment of the corporation the interests of the
corporation will be served thereby, the directors of the corporation, on
the written recommendation of the chairperson may authorize the sale of
such bonds at private or public sale on a negotiated basis or on either
a competitive or negotiated basis. The corporation shall set guidelines
governing the terms and conditions of any such private or public sales.
The private or public bond sale guidelines set by the corporation shall
include, but not be limited to, a requirement that where the interests
of the corporation will be served by a private or public sale of bonds,
the corporation shall select underwriters for each private or public
bond sale conducted pursuant to a request for proposal process
undertaken from time to time and consideration of proposals from
qualified underwriters as determined by the corporation.

(d) The corporation shall have the power from time to time to amend
such private bond sale guidelines in accordance with the provisions of
this subdivision.

(e) In addition to the authority to sell notes at private sale
contained hereinabove, the corporation may sell its notes at private
negotiated sale to the county, which is hereby authorized to temporarily
invest county funds in such notes, provided that such notes mature at or
before the time the county expects to expend such funds for the purposes
for which such funds were raised.

(f) No private or public bond sale on a negotiated basis shall be
conducted by the corporation without prior approval of the state
comptroller. The corporation shall annually prepare and approve a bond
sale report which shall include the private or public bond sale
guidelines as specified in this subdivision, amendments to such
guidelines since the last private or public bond sale report, an
explanation of the bond sale guidelines and amendments, and the results
of any sale of bonds conducted during the fiscal year. Such bond sale
report may be a part of any other annual report that the corporation is
required to make.

(g) The corporation shall annually submit its bond sale report to the
state comptroller and copies thereof to the senate finance committee and
the assembly ways and means committee.

(h) The corporation shall make available to the public copies of its
bond sale report upon reasonable request thereof.

(i) Nothing contained in this subdivision shall be deemed to alter,
affect the validity of, modify the terms of, or impair any contract or
agreement made or entered into in violation of, or without compliance
with, the provisions of this subdivision.

5. Any resolution or resolutions authorizing bonds or any issue of
bonds by the corporation 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 part of the revenues, together with any other
monies or property of the corporation to secure the payment of the
bonds, or any costs of issuance thereof, including but not limited to,
any contracts, earnings or proceeds of any grant to the corporation
received from any private or public source subject to such agreements
with bondholders as may then exist;

(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 corporation and the amount to be raised in each year thereby and
the use and disposition of revenues;

(e) limitations on the right of the corporation 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, including the proportion of
bondholders 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 monies
may be deposited;

(i) the terms and provisions of any trust, mortgage, 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 corporation may determine which may include
any or all of the rights, powers and duties of the trustees appointed by
the bondholders pursuant to this title 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 corporation 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 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 corporation to sell or otherwise
dispose of any project or any part thereof or other property;

(m) limitations on the amount of revenues and other monies to be
expended or operating, administrative or other expenses of the
corporation;

(n) the payment of the proceeds of bonds, revenues and other monies to
a trustee or other depository, and for the method of disbursement
thereof with such safeguards and restrictions as the corporation 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 the bondholders.

6. In addition to the powers herein conferred upon the corporation to
secure its bonds, the corporation shall have the power in connection
with the issuance of bonds to adopt resolutions and enter into such
trust indentures, agreements or other instruments as the corporation may
deem necessary, convenient or desirable concerning the use or
disposition of its revenues or other monies or property, including the
mortgaging of any property and the entrusting, pledging or creation of
any other security interest in any such revenues, monies or property and
the doing of any act, including refraining from doing any act which the
corporation would have the right to do in the absence of such
resolutions, trust indentures, agreements or other instruments. The
corporation shall have power to enter into amendments of any such
resolutions, trust indentures, agreements or other instruments within
the powers granted to the corporation by this title and to perform such
resolutions, trust indentures, agreements or other instruments. The
provisions of any such resolutions, trust indentures, agreements or
other instruments may be made a part of the contract with the holders of
bonds of the corporation.

7. Any provision of the uniform commercial code to the contrary
notwithstanding, any pledge of or other security interest in revenues,
monies, accounts, contract rights, general intangibles or other personal
property made or created by the corporation 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 corporation
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.

8. Whether or not the bonds of the corporation 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.

9. Neither the directors nor the non-voting representatives nor the
officers of the corporation nor any person executing its bonds shall be
liable personally on its bonds or be subject to any personal liability
or accountability by reason of the issuance thereof.

10. Subject to such agreements with bondholders as may then exist, the
corporation shall have power out of any funds available therefor to
purchase bonds of the corporation, in lieu of redemption, at a price not
exceeding, if the bonds are then redeemable, the redemption price then
applicable plus accrued interest to the next interest payment date, or,
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.
Bonds so purchased shall thereupon be canceled.

11. The corporation shall have power and is hereby authorized to issue
negotiable bond anticipation notes in conformity with applicable
provisions of the uniform commercial code and may renew the same from
time to time but the maximum maturity of any such note, including
renewals thereof, shall not exceed five years from the date of issue of
such original note.