New York Laws
Title 15 - Auburn Industrial Development Authority
2318 - Notes of the Authority.

§ 2318. Notes of the authority. The authority shall have power from
time to time to issue notes and from time to time 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
one hundred thousand dollars, over and above the amount of bonds
authorized by subdivision one of section twenty-three hundred sixteen 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. Such notes may among other things, be issued to
provide funds to pay preliminary costs of studies, 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.