1939 - Notes of the authority. - New York Statutes

§ 1939. Notes of the authority. The authority shall not have the power to issue negotiable notes unless approved in advance by the common council. If approved by the common council, the agency shall have the power to issue negotiable notes in conformity with applicable provisions of the uniform commercial code and from time to time to issue renewal notes maturing not later than five years from their respective dates. Under no circumstances shall the term of a note extend beyond the corporate life of the authority.