Section 1600-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) 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.  The  authority  may
      pledge  such  moneys or revenues or source thereof (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 sold and 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 purchaser 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 Ceased to exist December 31, 1999
        * NB There are 2 § 1600-j's