New York § 1157 Notes of the authority

New York Statutes

§ 1157 — Notes of the authority

New York § 1157

Law PBAPublic Authorities

Title 7Onondaga County Water Authority

Art. 5Public Utility Authorities

This text of New York § 1157 (Notes of the authority) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Public Authorities § 1157 (2026).

Text

  § 1157. Notes of the authority. The authority shall have power and is\nhereby 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. The notes shall be issued in the\nsame manner as the bonds and such notes and the resolution or\nresolutions authorizing the same may contain any provisions, conditions\nor limitations which the 

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§ 1157. Notes of the authority. The authority shall have power and is\nhereby 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. The notes shall be issued in the\nsame manner as the bonds and such notes 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 five per centum\nper annum. Such note shall be as fully negotiable as the bonds of the\nauthority.\n