New York Laws
Title 12
1977 - Notes of the Authority.

§ 1977. 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 such
notes, including renewals thereof, shall not exceed seven years from the
date of issue of such original note. Such notes shall be payable 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 may be issued for any
corporate purpose of the authority. Whether or not the notes are of the
form and character as to be negotiable instruments under article eight
of the uniform commercial code, the notes shall be and are hereby made
negotiable instruments within the meaning of and for all the purposes of
article eight of the uniform commercial code, subject only to provisions
of the notes for registration. 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. The authority
shall have power to make contracts for the future sale from time to time
of the notes, pursuant to which the purchaser shall be committed to
purchase the notes from time to time on terms and conditions stated in
the contracts, and the authority shall have power to pay such
consideration as it shall decree proper for such commitments. In case of
default on its notes or violation of any 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.