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This entry was published on 2014-09-22
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Notes of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 4
§ 1080-a. Notes of the authority. The authority shall have power and
is hereby authorized to issue negotiable bond anticipation notes in
conformity with applicable provisions of the uniform commercial code and
may renew the same from time to time but the maximum maturity of any
such note, including renewals thereof, shall not exceed five years from
the date of issue of such original note. Such notes shall be paid from
any moneys of the authority available therefor and not otherwise pledged
or from the proceeds of sale of the bonds of the authority in
anticipation of which they were issued, or, subject to the contractual
rights of the holders of any bonds or notes then outstanding, from the
proceeds of the sale of any other bonds of the authority. The notes
shall be issued in the same manner as the bonds and the resolution or
resolutions authorizing the same may contain any provisions, conditions
or limitations which the bonds or a bond resolution of the authority may
contain. Such notes may be sold at public or private sale at not less
than par and shall bear interest at a rate not exceeding six percent per
annum. The provisions of sections ten hundred eighty-one, ten hundred
eighty-two, ten hundred eighty-three and ten hundred eighty-four of the
public authorities law relating to bonds of the Suffolk county water
authority shall apply with the same full force and effect to notes of
the authority herein authorized to be issued.