N.Y. Public Authorities Law § 1977: Notes of the authority

§ 1977. Notes of the authority. The authority shall have power and is

hereby authorized to issue negotiable bond anticipation notes in

conformity with applicable provisions of the uniform commercial code and

may renew the same from time to time but the maximum maturity of such

notes, including renewals thereof, shall not exceed seven years from the

date of issue of such original note. Such notes shall be payable from

any moneys of the authority available therefor and not otherwise pledged

or from the proceeds of sale of the bonds of the authority in

anticipation of which they were issued. The notes may be issued for any

corporate purpose of the authority. Whether or not the notes are of the

form and character as to be negotiable instruments under article eight

of the uniform commercial code, the notes shall be and are hereby made

negotiable instruments within the meaning of and for all the purposes of

article eight of the uniform commercial code, subject only to provisions

of the notes for registration. The notes shall be issued in the same

manner as the bonds and such notes and the resolution or resolutions

authorizing the same may contain any provisions, conditions or

limitations which the bonds or a bond resolution of the authority may

contain. Such notes may be sold at public or private sale. The authority

shall have power to make contracts for the future sale from time to time

of the notes, pursuant to which the purchaser shall be committed to

purchase the notes from time to time on terms and conditions stated in

the contracts, and the authority shall have power to pay such

consideration as it shall decree proper for such commitments. In case of

default on its notes or violation of any 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.