N.Y. Gen. Mun. Law § 866

§ 866. Notes of the agency. The agency shall have power from time to\ntime to issue notes and from time to time to issue renewal notes (herein\nreferred to as notes) maturing not later than five years from their\nrespective original dates for any purpose or purposes for which bonds\nmay be issued, whenever the agency shall determine that payment thereof\ncan be made in full from any moneys or revenues which the agency expects\nto receive from any source. The agency may secure the notes in the same\nmanner and with the same effect as herein provided for bonds. The notes\nshall be issued in the same manner as bonds. The agency shall have power\nto make contracts for the future sale from time to time of the notes, by\nwhich the purchasers shall be committed to purchase the notes from time\nto time on terms and conditions stated in such contracts, and the agency\nshall have power to pay such consideration as it shall deem proper for\nsuch commitments. In case of default on its notes or violation of any of\nthe obligations of the agency to the noteholders, the noteholders shall\nhave all the remedies provided herein for bondholders. Such notes shall\nbe as fully negotiable as the bonds of the agency.\n