Section 1680.501a - Issuance of bonds and notes(a) The agency shall have the power and is hereby authorized from time to time by resolution of the members and subject to the written approval by the Governor to issue its negotiable bonds, either as serial bonds maturing in annual installments or as term bonds, or any combination thereof, and notes in such principal amount as, in the opinion of the agency, shall be necessary to provide sufficient funds for achieving its corporate purposes, including the housing programs established in Articles III-A and IV-A the payment of interest on bonds and notes of the agency, establishment of reserves to secure such bonds and notes, and all other expenditures of the agency incident to and necessary or convenient to carry out its corporate purposes and powers. The agency shall have the power, from time to time, by resolution of the members and subject to the written approval of the Governor to issue renewal notes, to issue bonds to pay notes 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 to issue bonds partly to refund bonds then outstanding and partly for any other purpose. The refunding bonds shall be sold and the proceeds applied to the purchase, redemption or payment of the bonds to be refunded. The agency shall not have the power to issue bond anticipation notes, provided, however, that renewal bond anticipation notes may be issued for the sole purpose of redeeming any issue or portion of any issue of bond anticipation notes heretofore issued by the agency which have not been retired through the sale of bonds.(b) The notes and bonds of the agency shall bear such date or dates, and shall mature at such time or times, in the case of any such note, or any renewals thereof, not exceeding five years from the date of issue of such original note, and in the case of any such bond not exceeding fifty years from the date of issue, as such resolution or resolutions may provide. The notes and bonds shall bear interest at such rate or rates, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, contain such terms and provisions relating to, but not limited to, pledges of the agency's assets, setting aside of reserves, limitations on additional notes and bonds, and such other matters as may affect the security or protection of the notes and bonds, be executed in such manner, be payable in such medium of payment, at such place or places and be subject to such terms of redemption as such resolution or resolutions may provide. The notes and bonds of the agency may be sold at public or private sale, at such price or prices as the agency shall determine.(c) Neither the members of the agency nor any person executing the notes or bonds shall be liable personally on the notes or bonds or be subject to any personal liability or accountability by reason of the issuance thereof.(d) The agency, subject to such agreement with noteholders or bondholders as may then exist, shall have power out of any funds available therefor to purchase its notes or bonds, which shall thereupon be cancelled, at a price not exceeding (i) if the notes or bonds are then redeemable, the redemption price then applicable plus accrued interest to the next interest payment date thereupon, or (ii) if the notes or bonds are not then redeemable, the redemption price applicable on the first date after such purchase upon which the notes or bonds become subject to redemption plus accrued interest to such date.1959, Dec. 3, P.L. 1688, § 501-A, added 1972, Dec. 5, P.L. 1259, No. 282, § 4, eff. Jan. 11, 1973. Amended 1976 , April 7, P.L. 73, No. 33, § 4, imd. effective.