2006 New York Code - Notes Of The Authority.

 
    §  1080-a.  Notes of the authority. The authority shall have power and
  is hereby authorized to issue  negotiable  bond  anticipation  notes  in
  conformity with applicable provisions of the uniform commercial code and
  may  renew  the  same  from time to time but the maximum maturity of any
  such note, including renewals thereof, shall not exceed five years  from
  the  date  of issue of such original note. Such notes shall be paid from
  any moneys of the authority available therefor and not otherwise pledged
  or from  the  proceeds  of  sale  of  the  bonds  of  the  authority  in
  anticipation  of  which they were issued, or, subject to the contractual
  rights of the holders of any bonds or notes then outstanding,  from  the
  proceeds  of  the  sale  of  any other bonds of the authority. The notes
  shall be issued in the same manner as the bonds and  the  resolution  or
  resolutions  authorizing the same may contain any provisions, conditions
  or limitations which the bonds or a bond resolution of the authority may
  contain. Such notes may be sold at public or private sale  at  not  less
  than par and shall bear interest at a rate not exceeding six percent per
  annum.  The  provisions  of sections ten hundred eighty-one, ten hundred
  eighty-two, ten hundred eighty-three and ten hundred eighty-four of  the
  public  authorities  law  relating  to bonds of the Suffolk county water
  authority shall apply with the same full force and effect  to  notes  of
  the authority herein authorized to be issued.