(a) Except as provided in (b) of this section, the corporation may issue bonds in its discretion for any of its corporate purposes and may issue refunding bonds for the purpose of paying or retiring bonds previously issued by it.
(b) The corporation may not, without prior legislative approval, issue bonds, other than refunding bonds,
(1) in a total amount in excess of $1,000,000 each calendar year; or
(2) if the annual debt service on all outstanding bonds issued and proposed to be issued exceeds $1,000,000 in a fiscal year.
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