N.Y. Public Authorities Law § 1057: Notes of the authority

§ 1057. Notes of the authority. The authority shall have power and is

hereby authorized to issue negotiable bond anticipation notes in

conformity with applicable provisions of the uniform commercial code and

may renew the same from time to time but the maximum maturity of any

such note, including renewals thereof, shall not exceed five years from

the date of issue of such original note. Such notes shall be paid from

any moneys of the authority available therefor and not otherwise pledged

or from the proceeds of sale of the bonds of the authority in

anticipation of which they were issued. The notes shall be issued in the

same manner as the bonds and such notes and the resolution or

resolutions authorizing the same may contain any provisions, conditions

or limitations which the bonds or a bond resolution of the authority may

contain. Such notes may be sold, at public or private sale for such

price or prices and shall bear interest at such rate or rates per annum

as the authority shall determine provided, however, that any private

sale shall be subject to the approval of the state comptroller. The

foregoing provisions shall be applicable to notes issued by the

authority notwithstanding the provisions of any other general, special

or local law to the contrary. Such notes shall be as fully negotiable as

the bonds of the authority.

The maturity of notes issued by the authority for payments to any

party or person entitled to an award in condemnation in advance of the

determination of the final award, may be extended beyond five years and

until such time as the final award is ascertained and paid.