2006 New York Code - Loans To Lenders Bonds And Notes.

 
    §  1835-d.  Loans  to  lenders bonds and notes. 1. The authority shall
  have the power and is  hereby  authorized,  for  the  purposes  of  this
  subtitle,  to  issue at one time or in series from time to time loans to
  lenders bonds and loans to lenders notes issued in anticipation  of  the
  issuance  of such loans to lenders bonds, including renewals thereof, in
  an aggregate principal amount which shall not at  any  one  time  exceed
  fifty million dollars, excluding loans to lenders bonds issued to refund
  outstanding loans to lenders bonds.
    2. Except as may otherwise be expressly provided by the authority, all
  loans  to  lenders  bonds  and notes shall be limited obligations of the
  authority and payable solely from the revenues derived by the  authority
  from loans to lenders.
    3.  Loans to lenders bonds and notes shall be authorized by resolution
  of the authority and bear such date or dates, shall mature at such  time
  or  times,  shall  bear interest at such rate or rates, shall be of such
  denominations,  shall  be  in  such  form,   carry   such   registration
  privileges,  be  executed  in such manner, be payable in lawful money of
  the United States of America and at such terms of  redemption  prior  to
  maturity  as  may  be  provided  by  such resolution or resolutions with
  respect to such bonds or notes, as the case may  be;  provided,  however
  that  the  maximum  maturity of such bonds shall not exceed thirty years
  from the date thereof and the maximum maturity  of  such  notes  or  any
  renewals  thereof  shall  not  exceed  seven  years from the date of the
  original issue of such notes.
    4. The authority shall have power from time to time to renew loans  to
  lenders  notes  or  to issue loans to lenders notes for such purpose, to
  issue loans to lenders bonds to pay loans to lenders notes, and whenever
  it deems refunding expedient, to refund any loans to  lenders  bonds  by
  the  issuance  of  new  loans  to lenders bonds, whether the bonds to be
  refunded have or have not matured, and may issue loans to lenders  bonds
  partly  to refund loans to lenders bonds then outstanding and partly for
  the purposes specified in this subtitle.  Any  loans  to  lenders  bonds
  issued  for refunding purposes shall be sold and the proceeds applied to
  the purchase, redemption or payment of the bonds to be refunded.
    5. Loans to lenders bonds and notes of the authority may  be  sold  by
  the authority at public or private sale in such manner and on such terms
  and  at  such price or prices as the authority shall determine but shall
  not be sold by the authority at private sale unless such  sale  and  the
  terms  thereof  have  been  approved in writing by the comptroller where
  such sale is not to the comptroller, or by the director  of  the  budget
  where such sale is to the comptroller.