Section 1599-JJJ. Notes of the authority  


Latest version.
  • 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 section fifteen
      hundred ninety-nine-iii 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 06/01/1976
        * NB There are 2 § 1599-jjj's