N.Y. Public Authorities Law Section 1559*2
Notes of the authority

The authority shall have power from time to time to issue its negotiable notes in conformity with applicable provisions of the uniform commercial code and from time to time to issue renewal notes (herein referred to as notes) maturing not later than five years from their respective original dates in an amount not exceeding at any time one hundred thousand dollars, over and above the amount of bonds authorized by subdivision one of bonds of the authority, for any purpose or purposes for which bonds may be issued, whenever the authority shall determine that payment thereof can be made in full from any moneys or revenues which the authority expects to receive from any source. Such notes may, among other things, be issued to provide funds to pay preliminary costs of surveys, plans or other matters relating to any proposed project. The authority may pledge such moneys or 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 shall 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 purchasers shall be committed to purchase the notes from time to time on terms and conditions stated in such contracts and the authority shall have power to pay such consideration as it shall deem proper for such commitments. In case of default on its notes, or violation of any of the obligations of the authority to the noteholders, the noteholders shall have all the remedies provided herein for bondholders. * NB Dissolved December 31, 1977 * NB There are 2 § 1559’s

Source: Section 1559*2 — Notes of the authority, https://www.nysenate.gov/legislation/laws/PBA/1559*2 (updated Sep. 22, 2014; accessed Jan. 18, 2025).

1550*2
Short title 1551*2
Definitions 1552*2
Endicott parking authority 1553*2
Purpose and powers of the authority 1554*2
Civil service status of officers and employees 1555*2
Conveyance of property by the village to the authority 1556*2
Construction or purchase contracts 1557*2
Moneys of the authority 1558*2
Bonds of the authority 1559*2
Notes of the authority 1560*2
Agreements of the village 1561*2
State and village not liable on bonds 1562*2
Bonds legal investments for public officers 1563*2
Tax exemptions 1564*2
Tax contract by the state 1565
Remedies of bondholders 1566
Actions against the authority 1567
Title not affected if in part unconstitutional or ineffective 1568
Inconsistent provisions in other acts superseded

Up to date

Accessed:
Jan. 18, 2025

Last modified:
Sep. 22, 2014

§ 1559*2’s source at nysenate.gov

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Location: https://newyork.public.law/laws/n.y._public_authorities_law_section_1559*2

Original Source: Section 1559*2 — Notes of the authority, https://www.nysenate.gov/legislation/laws/PBA/1559*2 (last accessed Aug. 20, 2023).

N.Y. Public Authorities Law Section 1559*2 Notes of the authority

N.Y. Public Authorities Law Section 1559*2
Notes of the authority