N.Y. Public Authorities Law § 1599-i*3: Notes of the authority

* § 1599-i. Notes of the authority. The authority 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 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 1599-h 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 Authority ceased to exist 07/01/1974

* NB There are 4 § 1599-i's