Section 1599-J. 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  the  amount  of  bonds  authorized  by  subdivision one of section
      fifteen hundred ninety-nine-i of this title minus the  amount  of  bonds
      outstanding  on the date of calculation, 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.
        * NB Authority ceased to exist 08/05/2002
        * NB There are 4 § 1599-j's