Section 1598-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,  except  that  a   bond
  anticipation  note in the sum of seven hundred thousand dollars maturing
  on May seventh, nineteen hundred seventy-six shall be renewable for  one
  additional  year,  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 fifteen hundred ninety-eight-h 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.