Section 1421-I. 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 one hundred thousand dollars, over  and  above  the  amount  of
  bonds  authorized  by subdivision one of bonds of the authority, 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.