1977 - Notes of the authority.

§  1977. Notes of the authority. The authority shall have power and is  hereby  authorized  to  issue  negotiable  bond  anticipation  notes  in  conformity with applicable provisions of the uniform commercial code and  may  renew  the  same from time to time but the maximum maturity of such  notes, including renewals thereof, shall not exceed seven years from the  date of issue of such original note. Such notes shall  be  payable  from  any moneys of the authority available therefor and not otherwise pledged  or  from  the  proceeds  of  sale  of  the  bonds  of  the  authority in  anticipation of which they were issued. The notes may be issued for  any  corporate  purpose of the authority. Whether or not the notes are of the  form and character as to be negotiable instruments under  article  eight  of  the  uniform commercial code, the notes shall be and are hereby made  negotiable instruments within the meaning of and for all the purposes of  article eight of the uniform commercial code, subject only to provisions  of the notes for registration. The notes shall be  issued  in  the  same  manner  as  the  bonds  and such notes and the resolution or resolutions  authorizing  the  same  may  contain  any  provisions,   conditions   or  limitations  which  the  bonds or a bond resolution of the authority may  contain. Such notes may be sold at public or private sale. The authority  shall have power to make contracts for the future sale from time to time  of the notes, pursuant to 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.  Such notes shall be as fully negotiable as  the  bonds of the authority.