N.Y. Public Authorities Law § 1600-j: Notes of the authority

* § 1600-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) 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. The authority may

pledge such moneys or revenues or source thereof (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 sold and 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 purchaser 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 Ceased to exist December 31, 1999