N.Y. General Municipal Law § 866: Notes of the agency

§ 866. Notes of the agency. The agency shall have power from time to

time to issue notes and from time to time to issue renewal notes (herein

referred to as notes) maturing not later than five years from their

respective original dates for any purpose or purposes for which bonds

may be issued, whenever the agency shall determine that payment thereof

can be made in full from any moneys or revenues which the agency expects

to receive from any source. The agency may secure the notes in the same

manner and with the same effect as herein provided for bonds. The notes

shall be issued in the same manner as bonds. The agency shall have power

to make contracts for the future sale from time to time of the notes, by

which the purchasers shall be committed to purchase the notes from time

to time on terms and conditions stated in such contracts, and the agency

shall have power to pay such consideration as it shall deem proper for

such commitments. In case of default on its notes or violation of any of

the obligations of the agency to the noteholders, the noteholders shall

have all the remedies provided herein for bondholders. Such notes shall

be as fully negotiable as the bonds of the agency.