§ 1493-J — Notes of the authority

New York § 1493-J

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4-A: City of Albany Parking Authority
• Art. 7: Parking Authorities

Text

§ 1493-j. Notes of the authority. The authority shall have power from\ntime to time to issue notes and from time to time to issue renewal notes\n(herein referred to as notes) maturing not later than five years from\ntheir respective original dates in an amount not exceeding at any time\nfive million dollars, over and above the amount of bonds authorized by\nsubdivision one of section fourteen hundred ninety-three-i of this\ntitle, for any purpose or purposes for which bonds may be issued,\nwhenever the authority shall determine that payment thereof can be made\nin full from any moneys or revenues which the authority expects to\nreceive from any source. Such notes may, among other things, be issued\nto provide funds to pay preliminary costs of surveys, plans or other\nmatters relating to any proposed project. The authority may pledge such\nmoneys or revenues (subject to any other pledge thereof) for the payment\nof the notes and may in addition secure the notes in the same manner and\nwith the same effect as herein provided for bonds. The notes shall be\nissued in the same manner as bonds. The authority shall have power to\nmake contracts for the future sale from time to time of the notes, by\nwhich the purchasers shall be committed to purchase the notes from time\nto time on terms and conditions stated in such contracts, and the\nauthority shall have power to pay such consideration as it shall deem\nproper for such commitments. In case of default on its notes or\nviolation of any of the obligations of the authority to the noteholders,\nthe noteholders shall have all the remedies provided herein for\nbondholders.\n