§ 1596-j. 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 seven hundred fifty thousand dollars, over and above the amount
of bonds authorized by subdivision one of section fifteen hundred
ninety-six-i of this title, 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.