1770 - Notes of the authority.
§ 1770. Notes of the authority. The authority shall have power to issue negotiable notes and renewals thereof in conformity with applicable provisions of the uniform commercial code in the aggregate amount not exceeding five million dollars. The notes may be issued for any corporate purpose. The authority may pledge its 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 may be sold at public or private sale at not less than par and shall bear interest at such rate or rates as are set forth in the resolution authorizing such notes and shall otherwise 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 purchaser shall be committed to purchase the notes from time to time on terms and conditions stated in the contracts, and the authority shall have power to pay such consideration as it shall decree proper for such commitments. In case of default on its notes or violation of any obligations of the authority to the noteholders, the noteholders shall have all the remedies provided herein for bondholders.