1364 - Notes of the authority.

§  1364.  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  whenever  the  board  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 moneys 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. Such notes may be renewed from time  to time but such notes, including the renewals thereof, shall mature not  later than three years from the date upon which such notes  are  issued.  Such  notes  shall  be issued in the same manner and subject to the same  restrictions as to price and interest rate as  bonds,  except  that  the  board  may  determine  the  manner in which such notes shall be sold. 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.