N.Y. Public Authorities Law § 661-a: Notes of the authority

§ 661-a. 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 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 such rate or rates of interest as the board

shall determine.

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

In the 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.