N.Y. Public Authorities Law 1285-N – Issuance and sale of recipient bonds and notes
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§ 1285-n. Issuance and sale of recipient bonds and notes. Notwithstanding subdivision two of section one thousand eighty of this article, or any by-law, rule or regulation requiring the recipient to issue bonds or notes at a public or competitive sale, any recipient of a financing from the corporation pursuant to section twelve hundred eighty-five-j, twelve hundred eighty-five-m or twelve hundred eighty-five-o of this title may validly issue its notes or bonds to the corporation, as evidence of its obligation to repay such financing.
Terms Used In N.Y. Public Authorities Law 1285-N
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.