N.Y. Public Authorities Law § 1599-j*4: Notes of the authority

* § 1599-j. 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 the amount of bonds authorized by subdivision one of section

fifteen hundred ninety-nine-i of this title minus the amount of bonds

outstanding on the date of calculation, 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. Such notes shall be as fully

negotiable as the bonds of the authority.

* NB Authority ceased to exist 08/05/2002

* NB There are 4 § 1599-j's