§ 2060 — Notes of the authority

* § 2060. Notes of the authority. The authority shall have power from\ntime to time to issue 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 dates in an amount which, together with\nbonds then outstanding, shall not at any one time exceed the amount\nstated in subdivision a. of section nineteen hundred eighty-four of this\ntitle excluding bonds issued to fund said notes. Subject to any\nagreements with bondholders thereof the authority may pledge such moneys\nor revenues for the payment of the notes and may in addition secure the\nnotes in the same manner and with the same effect as herein provided for\nbonds. 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 * NB Authority dissolved September 1, 1977\n