2012 New York Consolidated Laws
PBA - Public Authorities
Article 7 - PARKING AUTHORITIES
Title 22 - (1622-A - 1622-T) VILLAGE OF NYACK PARKING AUTHORITY
1622-J - Notes of the authority.

 
    §  1622-j. Notes of the authority. The authority shall have power from
  time to time to issue notes and from time to time to issue renewal notes
  (herein referred to as notes), in an amount not exceeding  at  any  time
  one  million dollars, 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. The authority  may  pledge  such  moneys  or
  revenues or source thereof (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  sold  and  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 purchaser 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. Such notes shall be as fully negotiable as the bonds of
  the authority.