N.Y. Public Authorities Law § 2021: Notes of the authority

§ 2021. Notes of the authority. The authority shall have power and is

hereby authorized to issue negotiable bond anticipation notes and may

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

note, including renewals thereof, shall not exceed five years from the

date of issue of such original note. Such notes shall be paid 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 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 at not less

than par and shall bear interest at the legal interest rate. Such notes

shall be as fully negotiable as the bonds of the authority.