Court Opinions

State Laws

US Code

US Constitution

New York Public Authorities - Title 16 - § 1599-JJJ Notes of the Authority

Legal Research Home > New York Laws > New York Public Authorities (PBA) > New York Public Authorities - Title 16 - § 1599-JJJ Notes of the Authority

 
    * §  1599-jjj.  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 (herein referred to as notes)  maturing  not
  later  than five years from their respective original dates in an amount
  not exceeding at any time one hundred thousand dollars, over  and  above
  the  amount  of  bonds  authorized by subdivision one of section fifteen
  hundred ninety-nine-iii of this title, for any purpose or  purposes  for
  which  bonds  may be issued, whenever the authority 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 funds 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. 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.
    * NB Authority ceased to exist 06/01/1976
    * NB There are 2 § 1599-jjj's

Last modified: February 17, 2012