* § 1559. Notes of the authority. The authority shall have power from\ntime to time to issue its negotiable notes in conformity with applicable\nprovisions of the uniform commercial code and from time to time to issue\nrenewal notes (herein referred to as notes) maturing not later than five\nyears from their respective original dates in an amount not exceeding at\nany time one hundred thousand dollars, over and above the amount of\nbonds authorized by subdivision one of bonds of the authority, for any\npurpose or purposes for which bonds may be issued, whenever the\nauthority shall determine that payment thereof can be made in full from\nany moneys or revenues which the authority expects to receive from any\nsource. Such notes may, among other things, be issued to provide funds\nto pay preliminary costs of surveys, plans or other matters relating to\nany proposed project. The authority may pledge such moneys or revenues\n(subject to any other pledge thereof) for the payment of the notes and\nmay in addition secure the notes in the same manner and with the same\neffect as herein provided for bonds. The notes shall be issued in the\nsame manner as bonds. The authority shall have power to make contracts\nfor the future sale from time to time of the notes, by which the\npurchasers shall be committed to purchase the notes from time to time on\nterms and conditions stated in such contracts and the authority shall\nhave power to pay such consideration as it shall deem proper for such\ncommitments. In case of default on its notes, or violation of any of the\nobligations of the authority to the noteholders, the noteholders shall\nhave all the remedies provided herein for bondholders.\n * NB Dissolved December 31, 1977\n * NB There are 2 § 1559's\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.