N.Y. Public Authorities Law § 1554: Notes of the authority

* § 1554. Notes of the authority. The authority shall have power from

time to time to issue its negotiable notes in conformity with applicable

provisions of the uniform commercial code 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 in an amount not exceeding at

any time one hundred thousand dollars, over and above the amount of

bonds authorized by subdivision one of section fifteen hundred

fifty-three of this title, for any purpose or purposes for which bonds

may be issued, whenever the authority shall determine that payment

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

authority expects to receive from any source. Such notes may, among

other things, be issued to provide funds to pay preliminary costs of

surveys, plans or other matters relating to any proposed project. The

authority may pledge such moneys or revenues (subject to any other

pledge thereof) for the payment of the notes and may in addition 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

authority 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 authority 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

authority to the noteholders, the noteholders shall have all the

remedies provided herein for bondholders.

* NB Dissolved December 1977

* NB There are 2 § 1554's