§ 1621-J — Notes of the authority

New York § 1621-J

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 21: Middletown Parking Authority
• Art. 7: Parking Authorities

Text

* § 1621-j. Notes of the authority. The authority shall have power\nfrom time to time to issue notes and from time to time to issue renewal\nnotes (hereafter "notes"), maturing not later than five years from their\nrespective original dates in an amount not exceeding at any one time one\nhundred thousand dollars, over and above the amount of bonds authorized\nby subdivision one of section sixteen hundred twenty-one-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. The authority may pledge such moneys or\nrevenues or source thereof (subject to any other pledge thereof) for the\npayment of the notes and may in addition secure the notes in the same\nmanner and with the same effect as herein provided for bonds. The notes\nshall be sold and issued in the same manner as bonds. The authority\nshall have power to make contracts for the future sale from time to time\nof the notes, by which the purchaser shall be committed to purchase the\nnotes from time to time on terms and conditions stated in such\ncontracts, and the authority shall have power to pay such consideration\nas it shall deem proper for such commitments. In case of default on its\nnotes, or violation of any of the obligations of the authority to the\nnoteholders, the noteholders shall have all the remedies provided herein\nfor bondholders. Such notes shall be as fully negotiable as the bonds of\nthe authority.\n * NB Repealed per § 1621-r (see chapter 597 of 2023 § 2 for specifics)\n