§ 2318 — Notes of the authority

§ 2318. Notes of the authority. The authority shall have power from\ntime to time to issue notes and from time to time 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\none hundred thousand dollars, over and above the amount of bonds\nauthorized by subdivision one of section twenty-three hundred sixteen of\nthis title, 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 to\nprovide funds to pay preliminary costs of studies, surveys, plans or\nother matters relating to any proposed project. The authority may pledge\nsuch moneys or revenues (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 issued in the same manner as bonds. The authority shall have\npower to make contracts for the future sale from time to time of the\nnotes, by which the purchasers shall be committed to purchase the notes\nfrom time to time on terms and conditions stated in such contracts, and\nthe authority shall have power to pay such consideration as it shall\ndeem proper 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. Such notes shall be as fully negotiable as the bonds of the\nauthority.\n