N.Y. Public Authorities Law § 2060: Notes of the authority

* § 2060. Notes of the authority. The authority shall have power from

time to time to issue negotiable notes in conformity with applicable

provisions of the uniform commercial code and from time to time to issue

renewal notes, herein referred to as notes, maturing not later than five

years from their respective dates in an amount which, together with

bonds then outstanding, shall not at any one time exceed the amount

stated in subdivision a. of section nineteen hundred eighty-four of this

title excluding bonds issued to fund said notes. Subject to any

agreements with bondholders thereof the authority may pledge such moneys

or revenues 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.

* NB Authority dissolved September 1, 1977