§ 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.

Terms Used In N.Y. Public Authorities Law 1080-A

  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC