N.Y. PBA Law § 1389

§ 1389. Notes of the authority. The authority shall have power from\ntime to time to issue its negotiable notes in conformity with applicable\nprovisions of the uniform commercial code whenever the board shall\ndetermine that payment thereof can be made in full from any moneys or\nrevenues which the authority expects to receive from any source. Such\nnotes may, among other things, be issued to provide moneys to pay\npreliminary costs of surveys, plans or other matters relating to any\nproposed project. The authority may pledge such moneys or revenues\n(subject to any other pledge thereof) for the payment of the notes and\nmay in addition secure the notes in the same manner and with the same\neffect as herein provided for bonds. Such notes may be renewed from time\nto time but such notes, including the renewals thereof, shall mature not\nlater than five years from the date upon which such notes are issued.\nSuch notes shall be issued in the same manner and subject to the same\nrestrictions as to price and interest rate as bonds, except that the\nboard may determine the manner in which such notes shall be sold. In\ncase of default on its notes, or violation of any of the obligations of\nthe authority to the noteholders, the noteholders shall have all the\nremedies provided herein for bondholders.\n Issuance by the authority of one or more series of notes for one or\nmore purposes in connection with any industrial project shall not\npreclude it from issuing other notes in connection with the same\nindustrial project or any other industrial project, but the proceedings\nwhereunder any subsequent notes may be issued shall recognize and\nprotect any prior pledge or mortgage made for any prior issue of notes\nunless in the proceedings authorizing such prior issue the right is\nreserved to issue subsequent notes on a parity with such prior issue.\n