MARVIN MANDEL, Governor                                 1111

SIGNATORY STATES, AND IN ANY SPECIFIED LAWFUL COIN OR
CURRENCY OF THE UNITED STATES OF AMERICA.

13.11.    EXECUTION. —THE COMMISSION MAY PROVIDE
FOR THE EXECUTION AND AUTHENTICATION OF BONDS BY THE
MANUAL, LITHOGRAPHED, OR PRINTED FACSIMILE SIGNATURE
OF OFFICERS OF THE COMMISSION, AND BY ADDITIONAL
AUTHENTICATION BY A TRUSTEE OR FISCAL AGENT APPOINTED
BY THE COMMISSION. IF ANY OF THE OFFICERS WHOSE
SIGNATURES OR COUNTERSIGNATURES APPEAR UPON THE BONDS
OR COUPONS CEASES TO BE AN OFFICER BEFORE THE DELIVERY
OF THE BONDS OR COUPONS, HIS SIGNATURE OR
COUNTERSIGNATURE IS NEVERTHELESS VALID AND OF THE SAME
FORCE AND EFFECT AS IF THE OFFICER HAD REMAINED IN
OFFICE UNTIL THE DELIVERY OF THE BONDS AND COUPONS.

13.12.    HOLDING OWN BONDS. —THE COMMISSION
SHALL HAVE POWER OUT OF ANY FUNDS AVAILABLE THEREFOR
TO PURCHASE ITS BONDS AND MAY HOLD, CANCEL, OR RESELL
SUCH BONDS.

13.13.    SALE. —THE COMMISSION MAY FIX TERMS
AND CONDITIONS FOR THE SALE OR OTHER DISPOSITION OF
ANY AUTHORISED ISSUE OF BONDS. THE COMMISSION MAY
SELL AT LESS THAN THEIR PAR OR FACE VALUE, BUT NO
ISSUE OF BONDS MAY BE SOLD AT AN AGGREGATE PRICE BELOW
THE PAR OR FACE VALUE THEREOF IF SUCH SALE WOULD
RESULT IN A NET INTEREST COST TO THE COMMISSION
CALCULATED UPON THE ENTIRE ISSUE SO SOLD OF MORE THAN
SIX PERCENT PER ANNUM PAYABLE SEMIANNUALLY, ACCORDING
TO STANDARD TABLES OF BOND VALUES. ALL BONDS ISSUED
AND SOLD FOR CASH PURSUANT TO THIS COMPACT SHALL BE
SOLD ON SEALED PROPOSALS TO THE HIGHEST BIDDER.
PRIOR TO SUCH SALE, THE COMMISSION SHALL ADVERTISE FOR
BIDS BY PUBLICATION OF A NOTICE OF SALE NOT LESS THAN
TEN DAYS PRIOR TO THE DATE OF SALE, AT LEAST ONCE IN A
NEWSPAPER OF GENERAL CIRCULATION PRINTED AND PUBLISHED
IN NEW YORK CITY CARRYING MUNICIPAL BONDS NOTICES AND
DEVOTED PRIMARILY TO FINANCIAL NEWS. THE COMMISSION
MAY REJECT ANY AND AH BIDS SUBMITTED AND MAY
THEREAFTER SELL THE BONDS SO ADVERTISED FOR SALE AT
PRIVATE SALE TO ANY FINANCIALLY RESPONSIBLE BIDDER
UNDER SUCH TERMS AND CONDITIONS AS IT DEEMS MOST
ADVANTAGEOUS TO THE PUBLIC INTEREST, BUT THE BONDS
SHALL NOT BE SOLD AT A NET INTEREST COST CALCULATED
UPON THE ENTIRE ISSUE SO ADVERTISED, GREATER THAN THE
LOWEST BID WHICH WAS REJECTED. IN THE EVENT THE
COMMISSION DESIRES TO ISSUE ITS BONDS IN EXCHANGE FOR
AN EXISTING FACILITY OR PORTION THEREOF, OR IN
EXCHANGE FOR BONDS SECURED BY THE REVENUES OF AN
EXISTING FACILITY, IT MAY EXCHANGE SUCH BONDS FOR THE