§ 35-75-110 — Notes

(1) The authority may issue from time to time its
negotiable notes for any corporate purpose 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.

(2) Any resolution authorizing notes of the authority or any issue of such
notes may contain any provisions which the authority is authorized to include in any
resolution authorizing bonds of the authority or any issue of bonds, and the
authority may include in any notes any terms, covenants, or conditions which it is
authorized to include in any bonds.

(3) 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 for such
payment and not otherwise pledged, subject only to any contractual rights of the
holders of any of its notes or other obligations outstanding at the time of issuance
of such notes.

Legislative History

Source: L. 81: Entire article added, p. 1738, � 1, effective June 19.