New York Laws
Title 14*** - City of Schenectady Parking Authority
1599-J*4 - Notes of the Authority.

* § 1599-j. Notes of the authority. The authority shall have power
from time to time to issue notes and from time to time to issue renewal
notes (herein referred to as notes), maturing not later than five years
from their respective original dates in an amount not exceeding at any
time the amount of bonds authorized by subdivision one of section
fifteen hundred ninety-nine-i of this title minus the amount of bonds
outstanding on the date of calculation, for any purpose or purposes for
which bonds may be issued, whenever the authority shall determine that
payment thereof can be made in full from any moneys or revenues which
the authority expects to receive from any source. Such notes may, among
other things, be issued to provide funds to pay preliminary costs of
surveys, plans or other matters relating to any proposed project. The
authority may pledge such moneys or revenues (subject to any other
pledge thereof) for the payment of the notes and may in addition secure
the notes in the same manner and with the same effect as herein provided
for bonds. The notes shall be issued in the same manner as bonds. The
authority shall have power to make contracts for the future sale from
time to time of the notes, by which the purchasers shall be committed to
purchase the notes from time to time on terms and conditions stated in
such contracts, and the authority shall have power to pay such
consideration as it shall deem proper for such commitments. In 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. Such notes shall be as fully
negotiable as the bonds of the authority.

* NB Authority ceased to exist 08/05/2002

* NB There are 4 § 1599-j's