Section 1770. Notes of the authority

The authority shall have power to
  issue  negotiable  notes  and  renewals  thereof  in   conformity   with
  applicable  provisions  of  the uniform commercial code in the aggregate
  amount not exceeding five million dollars. The notes may be  issued  for
  any corporate purpose. The authority may pledge its 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 may be sold at public or private
  sale  at not less than par and shall bear interest at such rate or rates
  as are set forth in the resolution  authorizing  such  notes  and  shall
  otherwise  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 purchaser shall be committed to purchase the
  notes from time to time on terms and conditions stated in the contracts,
  and the authority shall have power to pay such consideration as it shall
  decree proper for such commitments. In case of default on its  notes  or
  violation  of  any  obligations of the authority to the noteholders, the
  noteholders shall have all the remedies provided herein for bondholders.