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. (a) The authority is authorized from time to time to issue
its bonds for any corporate purpose. In anticipation of the sale of
the bonds, the authority may issue bond anticipation notes and may
renew the bond anticipation notes from time to time. The bond
anticipation notes shall be paid from any revenues of the authority
or other moneys available for payment of bond anticipation notes and
not otherwise pledged, or from the proceeds of sale of the bonds of
the authority in anticipation of which the bond anticipation notes
were issued. The bond anticipation notes shall be issued in the same
manner as the bonds. The bond anticipation notes and the resolution
or resolutions authorizing the bond anticipation notes may contain
any provisions, conditions, or limitations which a bond resolution of
the authority may contain.
(b) Except as may otherwise be expressly provided by the
authority, every issue of its bonds or notes shall be general
obligations of the authority payable from any revenues or moneys of
the authority available for payment of the bonds or notes and not
otherwise pledged, subject only to any agreements with the holders of
particular bonds or notes pledging any particular revenues or moneys
and subject to any agreements with any participating institution.
Negotiable bonds and notes shall be and be deemed to be, for all
purposes, negotiable instruments, notwithstanding the fact that the
negotiable bonds or notes may be payable from a special fund, subject
only to the provisions of the bonds or notes for registration.
(c) (1) The bonds may be issued as serial bonds or as term bonds,
or the authority, in its discretion, may issue bonds of both types.
The bonds shall be authorized by resolution of the authority, and
shall bear the date or dates, mature at a time or times, not
exceeding 50 years from their respective dates, bear interest at the
rate or rates, be payable at the time or times, be in denominations,
be in a form, either coupon or registered, carry registration
privileges, be executed in a manner, be payable in lawful money of
the United States of America at a place or places, and be subject to
the terms of redemption that the resolution or resolutions may
provide. The bonds or notes may be sold by the Treasurer at public
sale, or the authority, after giving due consideration to the
recommendations of the participating institution or participating
nonprofit entity, may direct the Treasurer to sell the bonds or notes
at private sale.
(2) In the case of public sale, both of the following shall occur:
(A) The bonds specified in the resolution shall be sold by the
Treasurer, at a time fixed by him or her, and upon notice that he or
she may deem advisable, or at the time to which the sale shall have
been continued, at public sale, upon sealed bids, to the bidder whose
bid will result in the lowest net interest cost on account of the
bonds.
(B) If no bids are received, or if the Treasurer determines that
the bids are not satisfactory, the Treasurer may reject all bids
received, if any, and either readvertise or sell the bonds at private
sale.
(3) Pending preparation of the definitive bonds, the authority may
issue interim receipts or certificates that shall be exchanged for
the definitive bonds.
(d) A resolution or resolutions authorizing bonds or an issue of
bonds may contain provisions, which shall be a part of the contract
with the holders of the bonds to be authorized, as to all of the
following:
(1) Pledging the full faith and credit of the authority or
pledging all or any part of the revenues of a project or any
revenue-producing contract or contracts made by the authority with
any individual, partnership, corporation, or association or other
body, public or private, to secure the payment of the bonds or of any
particular issue of bonds, subject to those agreements with
bondholders that may then exist.
(2) The rents, fees, and other charges to be charged, and the
amounts to be raised in each year by the rents, fees, and other
charges to be charged, and the use and disposition of the revenues.
(3) The setting aside of reserves or sinking funds, and the
regulation and disposition of the reserves or sinking funds.
(4) Limitations on the right of the authority or its agent to
restrict and regulate the use of the project.
(5) Limitations on the purpose to which the proceeds of sale of an
issue of bonds then or thereafter to be issued may be applied and
pledging the proceeds of sale to secure the payment of the bonds or
an issue of the bonds.
(6) Limitations on the issuance of additional bonds, the terms
upon which additional bonds may be issued and secured, and the
refunding of outstanding bonds.
(7) The procedure, if any, by which the terms of a contract with
bondholders may be amended or abrogated, the amount of bonds the
holders of which must consent thereto, and the manner in which that
consent may be given.
(8) Limitations on the amount of moneys derived from the project
to be expended for operating, administrative, or other expenses of
the authority.
(9) Defining the acts or omissions to act that constitute a
default in the duties of the authority to holders of its obligations,
and providing the rights and remedies of the holders in the event of
a default.
(10) The mortgaging of a project and the site of the project for
the purpose of securing the bondholders.
(e) Members of the authority and persons executing the bonds or
notes shall not be liable personally on the bonds or notes or be
subject to any personal liability or accountability by reason of the
issuance of the bonds or notes.
(f) The authority shall have the power to purchase its bonds or
notes out of any funds available for purchasing its bonds or notes.
The authority may hold, pledge, cancel, or resell the bonds, subject
to and in accordance with agreements with bondholders.