§ 1622-j. Notes of the authority. The authority shall have power from\ntime to time to issue notes and from time to time to issue renewal notes\n(herein referred to as notes), in an amount not exceeding at any time\none million dollars, for any purpose or purposes for which bonds may be\nissued, whenever the authority shall determine that payment thereof can\nbe made in full from any moneys or revenues which the authority expects\nto receive from any source. The authority may pledge such moneys or\nrevenues or source thereof (subject to any other pledge thereof) for the\npayment of the notes and may in addition secure the notes in the same\nmanner and with the same effect as herein provided for bonds. The notes\nshall be sold and issued in the same manner as bonds. The authority\nshall have power to make contracts for the future sale from time to time\nof the notes, by which the purchaser shall be committed to purchase the\nnotes from time to time on terms and conditions stated in such\ncontracts, and the authority shall have power to pay such consideration\nas it shall deem proper for such commitments. In case of default on its\nnotes, or violation of any of the obligations of the authority to the\nnoteholders, the noteholders shall have all the remedies provided herein\nfor bondholders. Such notes shall be as fully negotiable as the bonds of\nthe authority.\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.