New York Laws
Title 7 - Nassau County Bridge Authority
661-A - Notes of the Authority.

§ 661-a. 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 at not less
than par and shall bear such rate or rates of interest as the board
shall determine.

Such notes shall be as fully negotiable as the bonds of the authority.
In the 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.