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This entry was published on 2014-09-22
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SECTION 532-A
Notes of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 3, TITLE 2
§ 532-a. 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, maturing not later than five years from their respective
dates in an amount which together with bonds shall not exceed one
hundred fifty-three million two hundred fifty-five thousand dollars
pursuant to subdivision one of section five hundred thirty-two of this
chapter, excluding bonds issued to fund said notes. Subject to any
agreements with bondholders or noteholders 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.