Section 1911. Notes of the authority

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 dates in an amount which together with bonds
  then outstanding shall not at any one time exceed the amount  stated  in
  subdivision  one  of  section  nineteen  hundred  ten  of  this  chapter
  excluding bonds issued to fund said notes.  Subject  to  any  agreements
  with  bondholders  thereof  the  authority  may  pledge  such  moneys or
  revenues 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.