2012 New York Consolidated Laws
PBA - Public Authorities
Article 8 - MISCELLANEOUS AUTHORITIES
Title 12 - (1970 - 1988)
1977 - Notes of the authority.

 
    §  1977. 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 such
  notes, including renewals thereof, shall not exceed seven years from the
  date of issue of such original note. Such notes shall  be  payable  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 may be issued for  any
  corporate  purpose of the authority. Whether or not the notes are of the
  form and character as to be negotiable instruments under  article  eight
  of  the  uniform commercial code, the notes shall be and are hereby made
  negotiable instruments within the meaning of and for all the purposes of
  article eight of the uniform commercial code, subject only to provisions
  of the notes for registration. 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. The authority
  shall have power to make contracts for the future sale from time to time
  of the notes, pursuant to which the  purchaser  shall  be  committed  to
  purchase  the  notes from time to time on terms and conditions stated in
  the  contracts,  and  the  authority  shall  have  power  to  pay   such
  consideration as it shall decree proper for such commitments. In case of
  default on its notes or violation of any 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.