2006 New York Code - Notes Of The Authority.

 
    §  1596-j. 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 seven hundred fifty thousand dollars, over and above the amount
  of bonds authorized  by  subdivision  one  of  section  fifteen  hundred
  ninety-six-i  of this title, 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.