§ 42-55-13. Bonds and notes.
(a)(1) The corporation shall have the power and is hereby authorized to issue from time to
time its negotiable notes and bonds, whether tax exempt or taxable in the principal
amount that the corporation shall determine to be necessary to provide sufficient
funds for achieving any of its corporate purposes including the payment of interest
on the notes and bonds of the corporation, establishment of reserves to secure those
notes and bonds including the reserve funds created pursuant to § 42-55-14, and all other expenditures of the corporation incident to and necessary or convenient
to carry out its corporate purposes and powers.
(2) The corporation shall have the power, from time to time, to issue (i) notes to renew
notes and (ii) bonds to pay notes, including the interest on these notes 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 to issue bonds partly to refund
bonds then outstanding and partly for any of its corporate purposes.
(3) Except as may otherwise be expressly provided by resolution of the corporation, every
issue of its notes and bonds shall be general obligations of the corporation payable
out of any revenues or moneys of the corporation, subject only to any agreements with
the holders of particular notes or bonds pledging any particular revenues.
(4) Notwithstanding any other provision contained in this section, proceeds of bonds issued
by the corporation may be used to finance any housing development that constitutes
a qualified residential rental project under section 142 of the Internal Revenue Code of 1986, 26 U.S.C. § 142, and all regulations promulgated thereunder.
(b) The notes and bonds shall be authorized by resolution or resolutions of the corporation,
shall bear the date or dates and shall mature at the time or times that the resolution
or resolutions may provide, except that no bond shall mature more than sixty-five
(65) years from the date of its issue. The bonds may be issued as serial bonds payable
in annual installments or as term bonds or as a combination of bonds. The notes and
bonds shall bear interest at the rate or rates, be in the denominations, be in the
form, either coupon or registered, carry the registration privileges, be executed
in the manner, be payable in the medium of payment, at the place or places within
or without the state and be subject to the terms or redemption that the resolution
or resolutions may provide. The notes and bonds of the corporation may be sold by
the corporation, at public or private sale, at the price or prices that the corporation
shall determine.