2006 New York Code - Notes Of The Authority.

 
    §  1409.  Notes  of the authority. The authority shall have power from
  time to time to issue its negotiable notes in conformity with applicable
  provisions of the uniform commercial code and from time to time to issue
  renewal notes (herein referred to as notes) maturing not later than five
  years from their respective original dates in an amount not exceeding at
  any time one hundred thousand dollars, over  and  above  the  amount  of
  bonds authorized by subdivision one of section fourteen hundred eight of
  this  title,  for any purpose or purposes for which bonds may be issued,
  whenever the authority shall determine that payment thereof can be  made
  in  full  from  any  moneys  or  revenues which the authority expects to
  receive from any source. Such notes may, among other things,  be  issued
  to  provide  funds  to  pay preliminary costs of surveys, plans or other
  matters relating to any proposed project. The authority may pledge  such
  moneys or revenues (subject to any other pledge thereof) for the payment
  of the notes and may in addition secure the notes in the same manner and
  with  the  same  effect as herein provided for bonds. The notes shall be
  issued in the same manner as bonds. The authority shall  have  power  to
  make  contracts  for  the future sale from time to time of the notes, by
  which the purchasers shall be committed to purchase the notes from  time
  to  time  on  terms  and  conditions  stated  in such contracts, and the
  authority shall have power to pay such consideration as  it  shall  deem
  proper  for  such  commitments.    In  case  of default on its notes, or
  violation of any of the obligations of the authority to the noteholders,
  the  noteholders  shall  have  all  the  remedies  provided  herein  for
  bondholders.