N.Y. PBA Law § 882

§ 882. 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 market facility. The authority may pledge such moneys or\nrevenues (subject to any other pledge thereof) for the payment of the\nnotes and may in addition secure the notes in the same manner and with\nthe same effect as herein provided for bonds. Such notes may be renewed\nfrom time to time but such notes, including the renewals thereof, shall\nmature not later than three years from the date upon which such notes\nare issued. Such notes shall be issued in the same manner and subject to\nthe same restrictions as to price and interest rate as bonds, except\nthat the board may determine the manner in which such notes shall be\nsold. In case of default on its notes, or violation of any of the\nobligations of the authority to the noteholders, the noteholders shall\nhave all the remedies provided herein for bondholders.\n