Section 1599-I. Notes of the authority  


Latest version.
  • 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) 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 1599-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.
        * NB Authority ceased to exist 07/01/1974
        * NB There are 4 § 1599-i's