N.Y. Public Authorities Law § 1080-a: Notes of the authority

§ 1080-a. 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, or, subject to the contractual

rights of the holders of any bonds or notes then outstanding, from the

proceeds of the sale of any other bonds of the authority. The notes

shall be issued in the same manner as the bonds 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 at not less

than par and shall bear interest at a rate not exceeding six percent per

annum. The provisions of sections ten hundred eighty-one, ten hundred

eighty-two, ten hundred eighty-three and ten hundred eighty-four of the

public authorities law relating to bonds of the Suffolk county water

authority shall apply with the same full force and effect to notes of

the authority herein authorized to be issued.