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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 7
§ 1157. 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. The notes shall be issued in the
same manner as the bonds and such notes 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 five per centum
per annum. Such note shall be as fully negotiable as the bonds of the