(a)      The Authority is authorized from time to time to issue its negotiable bonds for any corporate purpose. In anticipation of the sale of such bonds the Authority may issue negotiable bond anticipation notes and may renew the same from time to time. Such notes shall be paid from any revenues of the Authority or other moneys available therefor and not otherwise pledged, or from the proceeds of sale of the bonds of the Authority in anticipation of which they were issued. The notes shall be issued in the same manner as the bonds. Such notes and the resolution or resolutions authorizing the same may contain any provisions, conditions or limitations which bond resolutions of the Authority may contain.

      (b)      Except as may otherwise be expressly provided by the Authority, every issue of its bonds, notes or other obligations shall be general obligations of the Authority payable from any revenues or moneys of the Authority available therefor and not otherwise pledged, subject only to any agreements with holders of particular bonds, notes or other obligations pledging any particular revenues or moneys and subject to any agreements with any participating institution for higher education or noncollegiate educational institution or any participating hospital. Notwithstanding that such bonds, notes or other obligations may be payable from a special fund, they shall be and be deemed to be for all purposes negotiable instruments, subject only to the provisions of such bonds, notes or other obligations for registration.

      (c)      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 members of the Authority and shall bear such date or dates, mature at such time or times, not exceeding fifty (50) years from their respective dates, bear interest at such rate or rates, be 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, and may be subject to such terms of redemption, as such resolution or resolutions may provide. The bonds or notes may be sold at public or private sale for such price or prices as the Authority shall determine. Pending preparation of the definitive bonds, the Authority may issue interim receipts or certificates which shall be exchanged for such definitive bonds.

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

            (1)      Pledging the full faith and credit of the Authority, the full faith and credit of a participating institution for higher education or noncollegiate educational institution or of a participating hospital, 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 bodies, public or private, to secure the payment of the bonds or of any particular issue of bonds subject to such agreements with bondholders as may then exist;

            (2)      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;

            (3)      The setting aside of reserves and sinking funds, and the regulation and disposition thereof;

            (4)      Limitations on the right of the Authority or its agents to restrict and regulate the use of a project;

            (5)      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;

            (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 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;

            (8)      Limitations on the amount of moneys derived from a project to be expended for operating, administrative or other expenses of the Authority;

            (9)      Defining the acts or omissions to act which shall constitute a default in the duties of the Authority to holders of its obligations and providing the rights and remedies of such holders in the event of a default;

            (10)      The conveyance or mortgaging of a project and the site thereof for the purpose of securing the bondholders; and

            (11)      Provisions for the creation of a collateral fund, in lieu of conveyance or mortgage, and the regulation and disposition thereof for the purpose of securing the bondholders.

      (e)      Neither the members of the Authority nor any person executing the bonds or notes shall be liable personally on the bonds or notes.

      (f)      The Authority shall have power to purchase its bonds and notes out of any funds available therefor. The Authority may hold, pledge, cancel or resell such bonds and notes subject to and in accordance with agreements with bondholders and noteholders.

      (g)      (1)      For every issue of its bonds or notes, the Authority, by resolution, shall:

                  (i)      Specify and describe the project or projects for which the proceeds of the bond or note issuance are intended;

                  (ii)      Generally describe the public purpose to be served and the financing or refinancing transaction to be accomplished under this article;

                  (iii)      Specify the maximum principal amount of the bonds or notes that may be issued by the Authority; and

                  (iv)      Impose any terms or conditions on the issuance and sale of the bonds or notes that the Authority deems appropriate.

            (2)      (i)      The Authority may authorize, by resolution, the chairman, vice chairman, any designated member of the Authority, or any committee of designated members of the Authority to specify, prescribe, determine, provide for, or approve such matters, details, forms, documents, or procedures as the Authority deems appropriate to the authorization, sale, security, issuance, delivery, or payment of or for the bonds or notes, including, without limitation, the creation of security for the bonds or notes and provision for the administration of bond or note issues.

                  (ii)      The power granted to the Authority in subparagraph (i) of this paragraph shall be deemed to provide additional, alternative, and supplemental authority and shall be regarded as supplemental and additional to powers conferred upon the Authority by this article and shall not be regarded as in derogation of or as a limitation to any power of the Authority now existing under this article.

            (3)      (i)      Subject to the provisions of subparagraph (ii) of this paragraph, the Authority may authorize the Executive Director to accomplish any of the actions described in paragraph (2)(i) of this subsection.

                  (ii)      In authorizing the Executive Director to accomplish such acts, the Authority shall prescribe limits within which the Executive Director may exercise discretion.