N.Y. Public Authorities Law § 1559*2: Notes of the authority

* § 1559. 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 bonds of the authority, 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 31, 1977

* NB There are 2 § 1559's