§ 40-61-09 — Notes of an authority

An authority 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
an authority shall determine the payment thereof can be made in full from any moneys or
revenues which an authority expects to receive from any source. Such notes may, among other
things, be issued to provide funds to pay preliminary costs of surveys, plans, or other matters
relating to any proposed or existing project. An 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 and may also
secure the notes by the guarantee of two or more property owners. The notes shall be issued in
the same manner as bonds. An 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 an 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 an authority to the noteholders, the
noteholders shall have all the remedies provided herein for bondholders.