§ 1596-J — Notes of the authority

§ 1596-j. Notes of the authority. The authority shall have power from\ntime to time to issue its negotiable notes in conformity with applicable\nprovisions of the uniform commercial code and from time to time to issue\nrenewal notes (herein referred to as notes) maturing not later than five\nyears from their respective original dates in an amount not exceeding at\nany time seven hundred fifty thousand dollars, over and above the amount\nof bonds authorized by subdivision one of section fifteen hundred\nninety-six-i of this title, whenever the authority shall determine that\npayment thereof can be made in full from any moneys or revenues which\nthe authority expects to receive from any source. Such notes may, among\nother things, be issued to provide funds to pay preliminary costs of\nsurveys, plans or other matters relating to any proposed project. The\nauthority may pledge such moneys or revenues (subject to any other\npledge thereof) for the payment of the notes and may in addition secure\nthe notes in the same manner and with the same effect as herein provided\nfor bonds. The notes shall be issued in the same manner as bonds. The\nauthority shall have power to make contracts for the future sale from\ntime to time of the notes, by which the purchasers shall be committed to\npurchase the notes from time to time on terms and conditions stated in\nsuch contracts, and the authority shall have power to pay such\nconsideration as it shall deem proper for such commitments. In case of\ndefault on its notes, or violation of any of the obligations of the\nauthority to the noteholders, the noteholders shall have all the\nremedies provided herein for bondholders.\n