2012 New York Consolidated Laws
PBA - Public Authorities
Article 5 - PUBLIC UTILITY AUTHORITIES
Title 7 - (1150 - 1173) ONONDAGA COUNTY WATER AUTHORITY
1157 - Notes of the authority.

 
    §  1157. 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. The notes shall be issued in the
  same  manner  as  the  bonds  and  such  notes  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 five per centum
  per annum. Such note shall be as fully negotiable as the  bonds  of  the
  authority.