Section 17. The authority is authorized to provide by resolution at one time or from time to time for the issue of interest bearing or discounted notes for the purposes and in the amounts that bonds may be issued. The notes shall be payable within three years from their dates, but the principal of and interest on notes issued for a shorter period may be renewed or paid from time to time by the issue of other notes hereunder maturing within the required time from the date of the original loan being refunded. When bonds are issued for the purposes for which the notes were issued, the proceeds of the bonds shall be used to repay the notes, except that interest on the notes may be financed as a current expense to the extent deemed appropriate by the authority. The notes may be secured by a trust agreement or by the provisions of a resolution, as in the case of bonds. Bond anticipation notes may be issued either before or after the authorization of the bonds being anticipated.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 161a - Massachusetts Bay Transportation Authority
Section 2 - Creation of Authority; Powers; Liability for Debts and Obligations; Service of Process
Section 3 - Additional Powers of Authority
Section 5 - Limitations, Conditions, Obligations and Duties of Authority
Section 5b - Disposal of Stolen, Lost or Abandoned Property
Section 6 - Ballot Question for Cities and Towns Regarding Issue of Joining Transportation Area
Section 7 - Board of Directors
Section 8 - Financial Assistance From Commonwealth
Section 9 - Financial Assistance From Cities and Towns
Section 10 - Financial Assistance From the Federal Government
Section 12 - Temporary Notes; Trust Agreements
Section 13 - Authorization for Authority to Issue Bonds; Purposes of Bonds
Section 14 - Bonds Secured by Trust Agreement Between Authority and Corporate Trustee
Section 15 - Bonds and Notes Issued by Authority; Securities
Section 16 - Rights of Holders of Bonds
Section 17 - Issuance of Interest Bearing or Discounted Notes; Bond Anticipation Notes
Section 18 - Insufficiency of Funds; Payments by Commonwealth
Section 19 - Stabilization Fund; Fare Stability Fund
Section 20 - Annual Itemized Budget; Supplementary Budget
Section 21 - Allocation of Annual Revenues in Excess of Expenses
Section 23 - Biennial Report by State Auditor
Section 24 - Exemption From Taxation
Section 25 - Directors; Authority to Bargain Collectively With Labor Organizations; Restrictions
Section 27 - Deceased Employees; Payment of Wages to Nominated Beneficiaries
Section 28 - Submission of Dispute Over Terms of Collective Bargaining Agreement to Arbitration
Section 29 - Mediation; Report; Selection of Arbitrator
Section 30 - Arbitrator; Requirements
Section 31 - Factors for Determining Arbitration Awards
Section 32 - Arbitration Awards; Written Opinions
Section 33 - Employee Deferred Compensation Program
Section 34 - Ira Plan; Employee Contributions
Section 37 - Proclamation of State of Emergency; Powers of Governor; Operation of Facilities
Section 38 - Liability; Board Supervision of Investigation, Settlement and Defense of All Claims
Section 40 - Electric Utility Services; Procurement
Section 41 - Electric Utility Business; Public Interest Factors
Section 42 - Notice of Violation of Public Smoking Law; Fine; Arrest
Section 43 - Liability Policy for Passenger Rail Services
Section 45 - Sale of Prepaid Monthly Transit Passes
Section 52 - Rights by Prescription or Adverse Possession in Lands Held in Name of the Authority