(1) An authority may issue its negotiable revenue obligations for any corporate purpose. In anticipation of the sale of such obligations, the authority may issue negotiable bond anticipation notes and may renew them, but the maximum maturity of any such note, including renewals thereof, shall not exceed 5 years from the date of issue of the original note. Such notes shall be paid from revenues of the authority available therefor and not otherwise pledged or from the proceeds of sale of the revenue bonds of the authority in anticipation of which they were issued. The notes shall be issued in the same manner as the revenue bonds. Such notes and the resolution authorizing them may contain any provisions, conditions, or limitations which a bond resolution of the authority may contain.
(2) Each issue of obligations shall be payable solely out of those revenues of the authority that pertain to the program relating to such issue, including principal and interest on authority loans and education loans; payments by institutions of higher education, banks, insurance companies, or others pursuant to letters of credit or purchase agreements; investment earnings from funds or accounts maintained pursuant to the bond resolution; insurance proceeds; loan funding deposits; proceeds of sales of education loans; proceeds of refunding obligations; and fees, charges, and other revenues of the authority from such program, subject only to any agreements with the holders of particular revenue bonds or notes pledging any particular reserves.
(3) The obligations may be issued as serial obligations or as term obligations, or in both forms. The obligations shall be authorized by a bond resolution of the authority and shall bear such dates; mature at such times, not to exceed the year following the last year in which the final payments in an education loan series portfolio are due or 30 years, whichever is sooner, from their respective dates of issue; bear interest at such rates; be payable at such times; be in such denominations; be in such form, either coupon or fully registered; carry such registration and conversion privileges; be payable in lawful money of the United States of America at such places; and be subject to such terms of redemption as such bond resolution may provide. Obligations shall be executed by the manual or facsimile signatures of such officers of the authority as shall be designated by the authority. Obligations may be sold at public or private sale in such manner and for such price 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.
(4) Any bond resolution may contain provisions, which shall be a part of the contract with the holders of the obligations to be authorized, as to:
(a) The pledging or assigning of all or part of the revenues derived from the authority loans and education loans to secure the payment of the obligations to be issued.
(b) The fees and other amounts to be charged; the sums to be raised in each year thereby; and the use, investment, and disposition of such sums.
(c) The setting aside of loan funding deposits, debt service reserves, capitalized interest accounts, cost of insurance accounts, and sinking funds and the regulation, investment, and disposition thereof.
(d) Limitations on the right of the authority or its agent to restrict and regulate the use of education loans.
(e) Limitations on the purpose to which the proceeds of sale of any issue of obligations then or thereafter to be issued may be invested or applied.
(f) Limitations on the issuance of additional obligations; the terms upon which additional obligations may be issued and secured; the terms upon which additional obligations may rank on a parity with, or be subordinate or superior to, other obligations; and the refunding of outstanding obligations.
(g) The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of obligations the holders of which must consent thereto, and the manner in which such consent may be given.
(h) Limitations on the amount of moneys derived from the loan program to be expended for operating, administrative, or other expenses of the authority.
(i) Defining the acts or omissions to act which constitute a default in the duties of the authority to holders of obligations and providing the rights or remedies of such holders in the event of a default.
(j) Providing for guarantees, pledges or endowments, letters of credit, property, or other security for the benefit of the holders of such obligations.
(k) Any other matters relating to the obligations which the authority deems desirable to include in the bond resolution.
(5) Neither the members of the authority nor any person executing the obligations shall be liable personally on the obligations or be subject to any personal liability or accountability by reason of the issuance thereof.
(6) The authority shall have power to purchase its obligations out of any funds available therefor. The authority may hold, pledge, cancel, or resell such obligations subject to and in accordance with agreements with bondholders.
(7) The authority shall have the power to refund any of its obligations. Such refunding obligations shall be issued in the same manner as other obligations of the authority.