New York Laws
Title 21 - Middletown Parking Authority
1621-J - Notes of the Authority.

§ 1621-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 one
time one hundred thousand dollars, over and above the amount of bonds
authorized by subdivision one of section sixteen hundred twenty-one-i of
this title, 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. The authority may pledge such moneys or
revenues or source thereof (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 sold and 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 purchaser 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.