§ 532-A — Notes of the authority

§ 532-a. 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, maturing not later than five years from their respective\ndates in an amount which together with bonds shall not exceed one\nhundred fifty-three million two hundred fifty-five thousand dollars\npursuant to subdivision one of section five hundred thirty-two of this\nchapter, excluding bonds issued to fund said notes. Subject to any\nagreements with bondholders or noteholders thereof the authority may\npledge such moneys or revenues for the payment of the notes and may in\naddition secure the notes in the same manner and with the same effect as\nherein provided for bonds. The notes shall be issued in the same manner\nas bonds. The authority shall have power to make contracts for the\nfuture sale from time to time of the notes, by which the purchasers\nshall be committed to purchase the notes from time to time on terms and\nconditions stated in such contracts, and the authority shall have power\nto pay such consideration as it shall deem proper for such commitments.\nIn case of default on its notes, or violation of any of the obligations\nof the authority to the noteholders, the noteholders shall have all the\nremedies provided herein for bondholders.\n