2012 New York Consolidated Laws
PBA - Public Authorities
Article 8 - MISCELLANEOUS AUTHORITIES
Title 11 - (1950 - 1969) TROY INDUSTRIAL DEVELOPMENT AUTHORITY
1959 - Notes of the authority.

 
    §  1959.  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  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  nineteen   hundred
  fifty-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. Such notes shall be  as  fully
  negotiable as the bonds of the authority.