N.Y. Public Authorities Law § 1622-j: Notes of the authority

§ 1622-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), in an amount not exceeding at any time

one million dollars, 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.