§ 1080-A — Notes of the authority

New York § 1080-A

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: Suffolk County Water Authority
• Art. 5: Public Utility Authorities

Text

§ 1080-a. Notes of the authority. The authority shall have power and\nis hereby authorized to issue negotiable bond anticipation notes in\nconformity with applicable provisions of the uniform commercial code and\nmay renew the same from time to time but the maximum maturity of any\nsuch note, including renewals thereof, shall not exceed five years from\nthe date of issue of such original note. Such notes shall be paid from\nany moneys of the authority available therefor and not otherwise pledged\nor from the proceeds of sale of the bonds of the authority in\nanticipation of which they were issued, or, subject to the contractual\nrights of the holders of any bonds or notes then outstanding, from the\nproceeds of the sale of any other bonds of the authority. The notes\nshall be issued in the same manner as the bonds and the resolution or\nresolutions authorizing the same may contain any provisions, conditions\nor limitations which the bonds or a bond resolution of the authority may\ncontain. Such notes may be sold at public or private sale at not less\nthan par and shall bear interest at a rate not exceeding six percent per\nannum. The provisions of sections ten hundred eighty-one, ten hundred\neighty-two, ten hundred eighty-three and ten hundred eighty-four of the\npublic authorities law relating to bonds of the Suffolk county water\nauthority shall apply with the same full force and effect to notes of\nthe authority herein authorized to be issued.\n