§ 25-25-109 — Notes

The authority may issue from time to time its negotiable
notes for any corporate purpose, including the payment of all or any part of the cost
of any facility, and may renew from time to time any notes by the issuance of new
notes, whether the notes to be renewed have or have not matured. The authority
may issue notes partly to renew notes or to discharge other obligations then
outstanding and partly for any other purpose. The notes may be authorized, sold,
executed, and delivered in the same manner as bonds. Any resolution or resolutions
authorizing notes of the authority or any issue thereof may contain any provisions
which the authority is authorized to include in any resolution or resolutions
authorizing bonds of the authority or any issue thereof, and the authority may
include in any notes any terms, covenants, or conditions which it is authorized to
include in any bonds. All such notes shall be payable from the proceeds of bonds or
renewal notes or from the revenues of the authority or other moneys available
therefor and not otherwise pledged, subject only to any contractual rights of the
holders of any of its notes or other obligations then outstanding.

Legislative History

Source: L. 77: Entire article added, p. 1310, � 1, effective July 1.