Section 1939. Notes of the authority

Latest version.

The authority shall not have the power
  to  issue  negotiable  notes  unless  approved  in advance by the common
  council. If approved by the common council, the agency  shall  have  the
  power to issue negotiable notes in conformity with applicable provisions
  of  the  uniform  commercial code and from time to time to issue renewal
  notes maturing not later than five years from  their  respective  dates.
  Under  no  circumstances  shall  the  term  of  a note extend beyond the
  corporate life of the authority.

                    
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