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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 6, TITLE 3
§ 1389. 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 whenever the board shall
determine that payment thereof can be made in full from any moneys or
revenues which the authority expects to receive from any source. Such
notes may, among other things, be issued to provide moneys to pay
preliminary costs of surveys, plans or other matters relating to any
proposed project. The authority may pledge such moneys or 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. Such notes may be renewed from time
to time but such notes, including the renewals thereof, shall mature not
later than five years from the date upon which such notes are issued.
Such notes shall be issued in the same manner and subject to the same
restrictions as to price and interest rate as bonds, except that the
board may determine the manner in which such notes shall be sold. 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.

Issuance by the authority of one or more series of notes for one or
more purposes in connection with any industrial project shall not
preclude it from issuing other notes in connection with the same
industrial project or any other industrial project, but the proceedings
whereunder any subsequent notes may be issued shall recognize and
protect any prior pledge or mortgage made for any prior issue of notes
unless in the proceedings authorizing such prior issue the right is
reserved to issue subsequent notes on a parity with such prior issue.