§703. Bonds

1.__Authorization. The authority may provide by resolution from time to time for the issuance of bonds for the purpose of funding the acquisition, financing or protection of works of art and literature, historic preservation, library acquisitions, archival protection and the fulfillment of other undertakings that the authority may assume. The bonds of the authority do not constitute a debt of the State, or of any agency or political subdivision thereof, but are payable solely from the revenue of the authority, and neither the faith nor credit nor taxing power of the State, or any political subdivision thereof, is pledged to payment of the bonds.__Any provision of law to the contrary notwithstanding, all bonds issued pursuant to this chapter are fully negotiable. If a director whose signature appears on the bonds or coupons ceases to be a director before the delivery of those bonds, that signature is valid and sufficient for all purposes as if that director had remained a director until delivery.

2.__Resolution; prospective issues. The authority may by resolution authorizing prospective issues provide:

A.__The manner of executing the bonds and coupons;

B.__The form and denomination of the bonds;

C.__Maturity dates;

D.__Interest rates on the bonds;

E.__For redemption prior to maturity and the premium payable;

F.__The place or places for the payment of interest and principal;

G.__For registration if the authority determines it to be desirable;

H.__For the pledge of any revenue for securing payment;

I.__For the replacement of lost, destroyed or mutilated bonds;