(a)Subject to the approval of the Treasurer of the state, and any other limitations of this chapter, the authority may borrow money and issue its bonds and notes from time to time and use the proceeds thereof for the purposes and powers of the authority and to accomplish the purposes of this chapter and to pay all of the costs of the authority incident to and necessary in connection with the carrying out of such purposes, including providing funds to be paid into any fund or funds to secure such bonds or notes in such principal amount subject to the provisions of this chapter as in the opinion of the authority, shall be necessary to provide sufficient funds for implementing such powers and achieving such purposes. The notes and bonds issued by the authority shall be general obligations of
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(a) Subject to the approval of the Treasurer of the state, and any other limitations of this chapter, the authority may borrow money and issue its bonds and notes from time to time and use the proceeds thereof for the purposes and powers of the authority and to accomplish the purposes of this chapter and to pay all of the costs of the authority incident to and necessary in connection with the carrying out of such purposes, including providing funds to be paid into any fund or funds to secure such bonds or notes in such principal amount subject to the provisions of this chapter as in the opinion of the authority, shall be necessary to provide sufficient funds for implementing such powers and achieving such purposes. The notes and bonds issued by the authority shall be general obligations of the authority payable out of any revenues or other receipts, funds or moneys of the authority, subject only to any agreements with the holders of particular notes or bonds pledging any particular revenues, receipts, funds or moneys except as otherwise expressly provided by resolution of the authority and in such event such bonds or notes shall be special obligations of the authority payable solely from any revenues or other receipts, funds or moneys of the authority pledged therefor and subject only to any agreements with the holders of particular notes and bonds pledging any particular revenues, receipts, funds or moneys. Such bonds or notes may be executed and delivered in such manner and at such times, may be in such form and denominations and of such tenor and maturity or maturities, may be in bearer or registered form, as to principal and interest or as to principal alone, may be payable at such time or times in the case of any such note or renewals thereof not exceeding five years from the date of issue of such note and in the case of any such bond not exceeding forty years from the date thereof, may be payable at such place or places whether within or without the state, may bear interest at such rate or rates payable at such time or times and at such place or places and evidenced in such manner, and may contain such provisions not inconsistent with this chapter, as shall be provided in the resolution of the authority authorizing the issuance of the bonds or notes. (b) Issuance by the authority of one or more series of bonds or notes for one or more purposes shall not preclude it from issuing other bonds or notes in connection with the same project or any other projects, but the proceeding wherein any subsequent bonds or notes may be issued shall recognize and protect any prior pledge made for any prior issue of bonds or notes unless in the resolution authorizing such prior issue the right is reserved to issue subsequent bonds on a parity with such prior issue. (c) Subject to the approval of the Treasurer of the state, any bonds or notes of the authority may be sold at such price or prices, at public or private sale, in such manner and from time to time as may be determined by the authority, and the authority may pay all costs, expenses, premiums and commissions which it may deem necessary or advantageous in connection with the issuance and sale thereof; and any moneys of the authority, including proceeds from the sale of any bonds and notes, and revenues, receipts and income from any of its projects, may be invested and reinvested in such obligations, securities and other investments or deposited or redeposited in such bank or banks as shall be provided in the resolution or resolutions of the authority authorizing the issuance of the bonds and notes. (d) The authority is authorized to provide for the issuance of its bonds for the purpose of refunding any bonds of the authority then outstanding, including the payment of any redemption premium thereon and any interest accrued or to accrue to the earliest or subsequent date of redemption, purchase or maturity of such bonds, and, if deemed advisable by the authority, for the additional purpose of paying all or any part of the cost of constructing and acquiring additions, improvements, extension or enlargements of a project or any portion thereof. The proceeds of any such bonds issued for the purpose of refunding outstanding bonds may, in the discretion of the authority, be applied to the purchase or retirement at maturity or redemption of such outstanding bonds either on their earliest or any subsequent redemption date, and may, pending such application, be placed in escrow to be applied to such purchase or retirement at maturity or redemption on such date as may be determined by the authority. (e) Whether or not the bonds or notes are of such form and character as to be negotiable instruments under article 8 of title 42a, the bonds or notes shall be and are hereby made negotiable instruments within the meaning of and for all the purposes of article 8 of said title 42a, subject only to the provisions of the bonds or notes for registration. (f) The principal of and interest on bonds issued by the authority may be secured by a pledge of any revenues and receipts of the authority derived from any project and may be additionally secured by the assignment of a lease of any project for the construction and acquisition of which said bonds are issued and by an assignment of the revenues and receipts derived by the authority from any such lease. The payment of principal and interest on such bonds may be additionally secured by a pledge of any other property, revenues, moneys or funds available to the authority for such purpose. The resolution authorizing the issuance of any such bonds or notes and any such lease may contain agreements and provisions respecting the establishment of reserves to secure such bonds or notes, the maintenance and insurance of the projects covered thereby, the fixing and collection of rents for any portion thereof leased by the authority to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default, the vesting in a trustee or trustees of such property, rights, powers and duties in trust as the authority may determine, which may include any or all of the rights, powers and duties of any trustee appointed by the holders of any bonds and notes and limiting or abrogating the right of the holders of any bonds and notes of the authority to appoint a trustee under this chapter or limiting the rights, powers and duties of such trustee; provision for a trust agreement by and between the authority and a corporate trust which may be any trust company or bank having the powers of a trust company within or without the state, which agreement may provide for the pledging or assigning of any assets or income from assets to which or in which the authority has any rights or interest, and may further provide for such other rights and remedies exercisable by the trustee as may be proper for the protection of the holders of any bonds or notes and not otherwise in violation of law, and such agreement may provide for the restriction of the rights of any individual holder of bonds or notes of the authority and may contain any further provisions which are reasonable to delineate further the respective rights, duties, safeguards, responsibilities and liabilities of the authority, persons and collective holders of bonds or notes of the authority and the trustee; and covenants to do or refrain from doing such acts and things as may be necessary or convenient or desirable in order to better secure any bonds or notes of the authority, or which, in the discretion of the authority, will tend to make any bonds or notes to be issued more marketable notwithstanding that such covenants, acts or things may not be enumerated herein; and any other matters of like or different character, which in any way affect the security or protection of the bonds or notes, all as the authority shall deem advisable and not in conflict with the provisions hereof. Each pledge, agreement, or assignment of lease made for the benefit or security of any of the bonds or notes of the authority shall be in effect until the principal of and interest on the bonds or notes for the benefit of which the same were made have been fully paid, or until provision has been made for the payment in the manner provided in the resolution or resolutions authorizing their issuance. Any pledge made in respect of such bonds or notes shall be valid and binding from the time when the pledge is made; moneys or rents so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act; and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the authority, irrespective of whether such parties have notice thereof. Neither the resolution, trust indenture nor any other instrument by which a pledge is created need be recorded. The resolution authorizing the issuance of such bonds or notes may provide for the enforcement of any such pledge or security in any lawful manner. (g) The authority may provide in any resolution authorizing the issuance of bonds or notes that any project or part thereof or any addition, improvement, extension or enlargement thereof, may be constructed by the authority or any designee of the authority, and may also provide in such proceedings for the time and manner of and requisites for disbursements to be made for the cost of such construction and disbursements as the authority shall deem necessary or appropriate.