New York § 1977 Notes of the authority

New York Statutes

§ 1977 — Notes of the authority

New York § 1977

Law PBAPublic Authorities

Title 12No title

Art. 8Miscellaneous Authorities

This text of New York § 1977 (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 § 1977 (2026).

Text

  § 1977. 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 such\nnotes, including renewals thereof, shall not exceed seven years from the\ndate of issue of such original note. Such notes shall be payable 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 may be issued for any\ncorporate purpose of the authority. Whether or not the notes are of the\nform and character as to be negotiable instruments under article eight\nof the uniform c

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§ 1977. 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 such\nnotes, including renewals thereof, shall not exceed seven years from the\ndate of issue of such original note. Such notes shall be payable 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 may be issued for any\ncorporate purpose of the authority. Whether or not the notes are of the\nform and character as to be negotiable instruments under article eight\nof the uniform commercial code, the notes shall be and are hereby made\nnegotiable instruments within the meaning of and for all the purposes of\narticle eight of the uniform commercial code, subject only to provisions\nof the notes for registration. The notes shall be issued in the same\nmanner as the bonds and such notes and the resolution or resolutions\nauthorizing the same may contain any provisions, conditions or\nlimitations which the bonds or a bond resolution of the authority may\ncontain. Such notes may be sold at public or private sale. The authority\nshall have power to make contracts for the future sale from time to time\nof the notes, pursuant to which the purchaser shall be committed to\npurchase the notes from time to time on terms and conditions stated in\nthe contracts, and the authority shall have power to pay such\nconsideration as it shall decree proper for such commitments. In case of\ndefault on its notes or violation of any obligations of the authority to\nthe noteholders, the noteholders shall have all the remedies provided\nherein for bondholders. Such notes shall be as fully negotiable as the\nbonds of the authority.\n