New York Laws
Title 3 - Erie County Water Authority
1057 - Notes of the Authority.

§ 1057. 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 for such
price or prices and shall bear interest at such rate or rates per annum
as the authority shall determine provided, however, that any private
sale shall be subject to the approval of the state comptroller. The
foregoing provisions shall be applicable to notes issued by the
authority notwithstanding the provisions of any other general, special
or local law to the contrary. Such notes shall be as fully negotiable as
the bonds of the authority.

The maturity of notes issued by the authority for payments to any
party or person entitled to an award in condemnation in advance of the
determination of the final award, may be extended beyond five years and
until such time as the final award is ascertained and paid.