New York Laws
Title 1 - Agencies, Organization and Powers
866 - Notes of the Agency.

§ 866. Notes of the agency. The agency 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 for any purpose or purposes for which bonds
may be issued, whenever the agency shall determine that payment thereof
can be made in full from any moneys or revenues which the agency expects
to receive from any source. The agency may 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 agency 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 agency
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 agency 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 agency.