§ 1835-D — Loans to lenders bonds and notes

§ 1835-d. Loans to lenders bonds and notes. 1. The authority shall\nhave the power and is hereby authorized, for the purposes of this\nsubtitle, to issue at one time or in series from time to time loans to\nlenders bonds and loans to lenders notes issued in anticipation of the\nissuance of such loans to lenders bonds, including renewals thereof, in\nan aggregate principal amount which shall not at any one time exceed\nfifty million dollars, excluding loans to lenders bonds issued to refund\noutstanding loans to lenders bonds.\n 2. Except as may otherwise be expressly provided by the authority, all\nloans to lenders bonds and notes shall be limited obligations of the\nauthority and payable solely from the revenues derived by the authority\nfrom loans to lenders.\n 3. Loans to lenders bonds and notes shall be authorized by resolution\nof the authority and bear such date or dates, shall mature at such time\nor times, shall bear interest at such rate or rates, shall be of such\ndenominations, shall be in such form, carry such registration\nprivileges, be executed in such manner, be payable in lawful money of\nthe United States of America and at such terms of redemption prior to\nmaturity as may be provided by such resolution or resolutions with\nrespect to such bonds or notes, as the case may be; provided, however\nthat the maximum maturity of such bonds shall not exceed thirty years\nfrom the date thereof and the maximum maturity of such notes or any\nrenewals thereof shall not exceed seven years from the date of the\noriginal issue of such notes.\n 4. The authority shall have power from time to time to renew loans to\nlenders notes or to issue loans to lenders notes for such purpose, to\nissue loans to lenders bonds to pay loans to lenders notes, and whenever\nit deems refunding expedient, to refund any loans to lenders bonds by\nthe issuance of new loans to lenders bonds, whether the bonds to be\nrefunded have or have not matured, and may issue loans to lenders bonds\npartly to refund loans to lenders bonds then outstanding and partly for\nthe purposes specified in this subtitle. Any loans to lenders bonds\nissued for refunding purposes shall be sold and the proceeds applied to\nthe purchase, redemption or payment of the bonds to be refunded.\n 5. Loans to lenders bonds and notes of the authority may be sold by\nthe authority at public or private sale in such manner and on such terms\nand at such price or prices as the authority shall determine but shall\nnot be sold by the authority at private sale unless such sale and the\nterms thereof have been approved in writing by the comptroller where\nsuch sale is not to the comptroller, or by the director of the budget\nwhere such sale is to the comptroller.\n