§ 864. Bonds of the agency. (1) The agency shall have the power and is
hereby authorized from time to time to issue negotiable bonds for any of
its corporate purposes without limitation as to amount. The agency shall
have power from time to time 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 may issue bonds partly to
refund bonds then outstanding and partly for any other purpose
hereinabove described. The refunding bonds may be exchanged for the
bonds to be refunded, with such cash adjustments as may be agreed, or
may be sold and the proceeds applied to the purchase or redemption of
the bonds to be refunded. Except as may otherwise be expressly provided
by the agency, the bonds of every issue shall be special obligations of
the agency payable solely from revenues derived from the leasing, sale
or other disposition of a project, subject only to any agreements with
the holders of particular bonds pledging any particular moneys or
revenues. Whether or not the bonds are of such form and character as to
be negotiable instruments under article eight of the uniform commercial
code, the bonds shall be, and are hereby made, negotiable instruments
within the meaning of and for all the purposes of the uniform commercial
code, subject only to the provisions of the bonds for registration.

(2) The bonds shall be authorized by resolution of the agency and
shall bear such date or dates, mature at such time or times, bear
interest at such rate or rates, payable at such time or times, be in
such denominations, be in such form, either coupon or registered, carry
such registration privileges, be executed in such manner, be payable in
lawful money of the United States of America at such place or places,
either within or without the state, and be subject to such terms of
redemption as such resolution or resolutions may provide. The bonds may
be sold at public or private sale at such price or prices as the agency
shall determine.

(3) Any resolution or resolutions authorizing any bonds or any issue
of bonds may contain provisions, which shall be a part of the contract
with the holders of the bonds thereby authorized, as to:

(a) pledging all or any part of the revenues derived from the leasing,
sale or other disposition of a project or projects to secure the payment
of the bonds, subject to such agreements with bondholders as may then
exist;

(b) the rentals, fees, and other charges to be charged, and the
amounts to be raised in each year thereby, and the use and disposition
of the revenues;

(c) the setting aside of reserves or sinking funds, and the regulation
and disposition thereof;

(d) limitations on the right of the agency to restrict and regulate
the use of a project;

(e) limitations on the purpose to which the proceeds of sale of any
issue of bonds then or thereafter to be issued may be applied and
pledging such proceeds to secure the payment of the bonds or any issue
of the bonds;

(f) the terms upon which additional bonds may be issued and secured;
the refunding of outstanding or other bonds;

(g) the procedure, if any, by which the terms of any contract with
bondholders may be amended or abrogated, the amount of bonds the holders
of which must consent thereto, and the manner in which such consent may
be given;

(h) vesting in a trustee or trustees such property, rights, powers and
duties in trust as the agency may determine which may include any or all
the rights, powers and duties of the trustees appointed by the
bondholders and limiting or abrogating the right of the bondholders to
appoint a trustee or limiting the rights, duties and powers of trustee;

(i) any other matters, of like or different character, which in any
way affect the security or protection of the bonds.