§ 864 — Bonds of the agency

§ 864. Bonds of the agency. (1) The agency shall have the power and is\nhereby authorized from time to time to issue negotiable bonds for any of\nits corporate purposes without limitation as to amount. The agency shall\nhave power from time to time and whenever it deems refunding expedient,\nto refund any bonds by the issuance of new bonds, whether the bonds to\nbe refunded have or have not matured, and may issue bonds partly to\nrefund bonds then outstanding and partly for any other purpose\nhereinabove described. The refunding bonds may be exchanged for the\nbonds to be refunded, with such cash adjustments as may be agreed, or\nmay be sold and the proceeds applied to the purchase or redemption of\nthe bonds to be refunded. Except as may otherwise be expressly provided\nby the agency, the bonds of every issue shall be special obligations of\nthe agency payable solely from revenues derived from the leasing, sale\nor other disposition of a project, subject only to any agreements with\nthe holders of particular bonds pledging any particular moneys or\nrevenues. Whether or not the bonds are of such form and character as to\nbe negotiable instruments under article eight of the uniform commercial\ncode, the bonds shall be, and are hereby made, negotiable instruments\nwithin the meaning of and for all the purposes of the uniform commercial\ncode, subject only to the provisions of the bonds for registration.\n (2) The bonds shall be authorized by resolution of the agency and\nshall bear such date or dates, mature at such time or times, bear\ninterest at such rate or rates, payable at such time or times, be in\nsuch denominations, be in such form, either coupon or registered, carry\nsuch registration privileges, be executed in such manner, be payable in\nlawful money of the United States of America at such place or places,\neither within or without the state, and be subject to such terms of\nredemption as such resolution or resolutions may provide. The bonds may\nbe sold at public or private sale at such price or prices as the agency\nshall determine.\n (3) Any resolution or resolutions authorizing any bonds or any issue\nof bonds may contain provisions, which shall be a part of the contract\nwith the holders of the bonds thereby authorized, as to:\n (a) pledging all or any part of the revenues derived from the leasing,\nsale or other disposition of a project or projects to secure the payment\nof the bonds, subject to such agreements with bondholders as may then\nexist;\n (b) the rentals, fees, and other charges to be charged, and the\namounts to be raised in each year thereby, and the use and disposition\nof the revenues;\n (c) the setting aside of reserves or sinking funds, and the regulation\nand disposition thereof;\n (d) limitations on the right of the agency to restrict and regulate\nthe use of a project;\n (e) limitations on the purpose to which the proceeds of sale of any\nissue of bonds then or thereafter to be issued may be applied and\npledging such proceeds to secure the payment of the bonds or any issue\nof the bonds;\n (f) the terms upon which additional bonds may be issued and secured;\nthe refunding of outstanding or other bonds;\n (g) the procedure, if any, by which the terms of any contract with\nbondholders may be amended or abrogated, the amount of bonds the holders\nof which must consent thereto, and the manner in which such consent may\nbe given;\n (h) vesting in a trustee or trustees such property, rights, powers and\nduties in trust as the agency may determine which may include any or all\nthe rights, powers and duties of the trustees appointed by the\nbondholders and limiting or abrogating the right of the bondholders to\nappoint a trustee or limiting the rights, duties and powers of trustee;\n (i) any other matters, of like or different character, which in any\nway affect the security or protection of the bonds.\n