§ 661-A — Notes of the authority

New York § 661-A

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 7: Nassau County Bridge Authority
• Art. 3: Bridge and Tunnel Authorities

Text

§ 661-a. 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 any\nsuch note, including renewals thereof, shall not exceed five years from\nthe date of issue of such original note. Such notes shall be paid 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 shall be issued in the\nsame manner as the bonds and such notes and the resolution or\nresolutions authorizing the same may contain any provisions, conditions,\nor limitations which the bonds or a bond resolution of the authority may\ncontain. Such notes may be sold at public or private sale at not less\nthan par and shall bear such rate or rates of interest as the board\nshall determine.\n Such notes shall be as fully negotiable as the bonds of the authority.\nIn the case of default on its notes, or violation of any of the\nobligations of the authority to the noteholders, the noteholders shall\nhave all the remedies provided herein for bondholders.\n