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  one  hundred  thousand dollars, over and above the amount of bonds
      authorized by subdivision one of section fifteen  hundred  ninety-nine-i
      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 terminated 07/01/1974
        * NB There are 4 § 1599-j's