(1) The authority may issue from time to time its negotiable notes for any of its purposes as provided in this part 2, including purchase of student obligations or the making of student obligations or institutional loans, and may renew from time to time any notes by the issuance of new notes, whether the notes to be renewed have or have not matured. The authority may issue notes partly to renew notes or to discharge other obligations then outstanding and partly for any other purpose. The notes may be authorized, sold, executed, and delivered in the same manner as bonds.
Any resolution authorizing notes of the authority or any issue of such notes maycontain any provisions which the authority is authorized to include in any resolution authorizing bonds of the authority or any issue of bonds, and the authority may include in any notes any terms, covenants, or conditions which it is authorized to include in any bonds.
All such notes shall be payable from the proceeds of bonds or renewal notes or fromthe revenues of the authority or other moneys available for such payment and not otherwise pledged, subject only to any contractual rights of the holders of any of its notes or other obligations outstanding at the time of issuance of such notes.
Source: L. 79: Entire article added, p. 816, § 1, effective July 1. L. 84: (1) amended, p. 626, § 23, effective April 10. L. 2004: (1) amended, p. 568, § 16, effective July 1.