Section 2399.7 - Purposes and powers; bonds(a) The bonds of an authority created under this subdivision and authorized to be issued shall be authorized by resolution of the board of the authority and shall be of such series, bear such date or dates, mature at such time or times not exceeding forty years from their respective dates, bear interest at such rate or rates as shall be determined by the board as necessary to issue and sell the authorized bonds, be in such denominations, be in such form, either coupon or fully registered without coupons, carry such registration, exchangeability and interchangeability privileges, be payable in such medium of payment and at such place or places, be subject to such terms of redemption and be entitled to such priorities in the revenues or receipts of the authority as the resolution or resolutions may provide. The bonds shall be signed by or shall bear the facsimile signatures of such officers as the authority shall determine, and coupon bonds shall have attached thereto interest coupons bearing the facsimile signature of the treasurer of the authority, and all bonds shall be authenticated by an authenticating agent, fiscal agent or trustee, all as may be prescribed in such resolution or resolutions. The bonds may be issued and delivered notwithstanding that one or more of the officers signing the bonds or the treasurer whose facsimile signature shall be upon the coupon shall have ceased to be such officer or officers at the time when the bonds shall actually be delivered.(b) The bonds may be sold at public sale or private negotiated sale for such price or prices and at such rate of interest as the authority shall determine. Pending the preparation of the definitive bonds, interim receipts may be issued to the purchaser or purchasers of the bonds and may contain such terms and conditions as the authority may determine.(c) The bonds shall have the qualities of negotiable instruments under 13 Pa.C.S. (relating to commercial code).(d) The net proceeds of the issue of bonds or notes may be used to pay the costs of the project or to reimburse costs initially paid by a State public body, the county, another political subdivision, an agency, an organization or a person.(e)(1) Subject to the provisions of the outstanding bonds, notes or other obligations and subject to the provisions of this subdivision, the authority shall have the right and power to refund outstanding debt, in whole or in part, at any time and shall have the right and power to refund outstanding notes with bonds or bonds with notes.(2) As used in this subsection, the term "refund" and its variations means the issuance and sale of obligations the proceeds of which are used or are to be used for the payment or redemption of outstanding obligations upon or prior to maturity.1955, Aug. 9, P.L. 323, No. 130, § 2399.7, added 1999, Nov. 3, P.L. 461, No. 42, § 3, imd. effective.