N.Y. PBA Law § 1057

§ 1057. Notes of the authority. The authority shall have power and is\nhereby authorized to issue negotiable bond anticipation notes in\nconformity with applicable provisions of the uniform commercial code and\nmay renew the same from time to time but the maximum maturity of any\nsuch note, including renewals thereof, shall not exceed five years from\nthe date of issue of such original note. Such notes shall be paid from\nany moneys of the authority available therefor and not otherwise pledged\nor from the proceeds of sale of the bonds of the authority in\nanticipation of which they were issued. The notes shall be issued in the\nsame manner as the bonds and such notes and the resolution or\nresolutions authorizing the same may contain any provisions, conditions\nor limitations which the bonds or a bond resolution of the authority may\ncontain. Such notes may be sold, at public or private sale for such\nprice or prices and shall bear interest at such rate or rates per annum\nas the authority shall determine provided, however, that any private\nsale shall be subject to the approval of the state comptroller. The\nforegoing provisions shall be applicable to notes issued by the\nauthority notwithstanding the provisions of any other general, special\nor local law to the contrary. Such notes shall be as fully negotiable as\nthe bonds of the authority.\n The maturity of notes issued by the authority for payments to any\nparty or person entitled to an award in condemnation in advance of the\ndetermination of the final award, may be extended beyond five years and\nuntil such time as the final award is ascertained and paid.\n