(a) Authorized. The authority may borrow money for capital purposes and issue its bonds therefor. Such capital purposes may include all relevant costs (whether incurred prior to or after the issue of bonds or notes hereunder) of acquisition, site development, construction, improvement, enlargement, reconstruction, alteration, equipment, furnishings, demolition or removal of existing buildings or structures (including the cost of acquiring any lands to which such buildings or structures may be moved), financing charges, interest prior to and during the carrying out of any project, interest for up to one year after the completion or estimated completion date of any project, planning, engineering and legal services, allocated administrative expenses, the funding of notes issued for capital purposes, and all other expenses incidental to the determination of the feasibility of any project or to carrying out the project or to placing the project in operation.
(b) Limitations on issue. Bonds may not be issued under this section, and notes may not be issued for capital purposes under the foregoing sections (except notes in anticipation of federal or state aid), if the amount of bonds and of such notes outstanding immediately after such issue would exceed ten per cent of the full market values of the taxable property of the member municipalities as most recently determined pursuant to state law. This limitation shall not apply to the issue of refunding notes or to the issue of bonds for the purpose of funding any outstanding notes. When other bonds or notes are issued for capital purposes, such refunding notes and funding bonds shall be included in the computation of the limitation, but notes which have been funded or refunded shall not be included.
(c) Maturity. The bonds of each issue shall mature in annual installments of principal beginning not later than three years and ending not later than thirty years after the date of the bonds. No installment of principal of any issue shall exceed any prior installment by more than six per cent of the total principal amount of the issue. The authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of their execution, and shall fix the denomination or denominations of the bonds and the place or places of payment of the principal and interest, which may be at any bank or trust company within or without the state. The bonds shall bear the seal of the authority or a facsimile thereof.
(d) Validity not affected by change in office. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds, coupons or notes issued by the authority shall cease to be such officer before the delivery thereof, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until after such delivery.
(e) How issued and sold. The bonds may be issued in coupon or in registered form, or both, as the authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds. The bonds may be sold at public sale at not less than par and accrued interest after solicitation of bids by advertisement in a newspaper or financial journal or by mailed circular or both, except that bonds may be sold without public offering to any agency acting on behalf of the United States.
(f) Temporary bonds. Prior to the preparation of definitive bonds, the authority may issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The authority may also provide for the replacement of any bonds, notes or coupons which shall become mutilated or shall be destroyed or lost.
(g) Consent of state not required before issue. Except as otherwise provided in the agreement establishing the authority, bonds and notes may be issued under this act [this article] without obtaining the consent of any department, division, commission, board, bureau or agency of the state, and without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required by this act for the issue of such bonds or notes.
(h) Application of premiums, profits and earnings. Any premiums arising from the sale of bonds or notes for capital purposes, any net earnings or profits from the deposit or investment of the proceeds of such bonds or notes and any surplus of such proceeds may be applied to capital purposes or to the payment of bonds or notes issued for capital purposes, as determined by the authority. (P.L. 1969, ch. 110, § 11.)