New York · statute · N.Y. NYS Project Finance Agency Act7/75 Law · 24 active provisions
Chapter 7 of the laws of 1975 NEW YORK STATE PROJECT FINANCE AGENCY ACT Section 1. Short title. 2. Declaration of policy and statement of purposes. 3. Definitions. 4. New York state project finance agency. 5. Powers of the agency. 6. Bonds and notes of the agency. 7. Reserve funds and appropriations. 8. Bonds and notes…
§ 1. Short title. This act may be cited as the "New York state project finance agency act."
§ 2. Declaration of policy and statement of purposes. The legislature has heretofore created the New York state urban development corporation to engage in the construction of projects to fulfill essential public purposes which are necessary for the health, safety and welfare of the people of this state, as found by the…
§ 3. Definitions. As used in this act, unless a different meaning clearly appears from the context: 1. "Agency" shall mean the corporate governmental agency created by section four of this act. 2. "Bonds" and "notes" shall mean bonds and notes, respectively, issued by the agency pursuant to this act. 3. "Commissioner"…
§ 4. New York state project finance agency. 1. There is hereby created the New York state project finance agency. The agency shall be a corporate governmental agency constituting a public benefit corporation. Its membership shall consist of the commissioner of taxation and finance, the commissioner, the director of the…
§ 5. Powers of the agency. Except as otherwise limited by this act and subject to the provisions of any contract with noteholders or bondholders, the agency shall have power: 1. To sue and be sued; 2. To have a seal and alter the same at pleasure; 3. To make and execute contracts and all other instruments necessary or…
§ 6. Bonds and notes of the agency. 1. (a) The agency shall have power and is hereby authorized from time to time to issue its negotiable or non-negotiable bonds and notes in such principal amount as, in the opinion of the agency, shall be necessary to provide sufficient funds for achieving its corporate purposes, incl…
§ 7. Reserve funds and appropriations. 1. (a) For the purposes of the issuance by the agency of bonds, the term "capital reserve fund requirement" shall mean, as of any particular date of computation, with respect to each capital reserve fund of the agency an amount of money equal to the greatest of the respective amou…
§ 8. Bonds and notes as legal investments. The bonds and notes of the agency are hereby made securities in which all public officers and bodies of this state and all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying on an insurance business, all banks, banke…
§ 9. Exemption from taxation of property and income. The property of the agency and its income and operations shall be exempt from taxation.
§ 10. Exemption from taxation of notes and bonds. It is hereby determined that the creation of the agency is in all respects for the benefit of the people of the state and for the improvement of their health, safety, welfare, comfort and security, and that said purposes are public purposes and that the agency will be p…
§ 11. Agreement with the state. The state does hereby pledge to and agree with the holders of any notes or bonds issued under this act, that the state will not limit or alter the rights hereby vested in the agency to fulfill the terms of any agreements made with the holders thereof, or in any way impair the rights and…
§ 12. State's right to require redemption of bonds. Notwithstanding and in addition to any provisions for the redemption of bonds which may be contained in any contract with the holders of the bonds, the state may, upon furnishing sufficient funds therefor, require the agency to redeem, prior to maturity, as a whole, a…
§ 13. Remedies of noteholders and bondholders. 1. In the event that the agency shall default in the payment of principal of or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty days, or in the…
§ 14. Monies of the agency. 1. All monies of the agency, except as otherwise authorized or provided in this act, shall be paid to the commissioner of taxation and finance as agent of the agency, who shall not commingle such monies with any other monies. Such monies shall be deposited in a separate bank account or accou…
§ 15. Supervision of projects. Notwithstanding any provision of law to the contrary, and upon the issuance by the commissioner of a certificate of assumption of supervision, any corporation project a mortgage on which has been purchased by the agency or assigned as security for an eligible loan shall be subject to the…
§ 16. Assistance by state officers, departments, boards and commissions. 1. The department of audit and control, department of law, division of housing and community renewal and all other state officers, departments, boards, divisions and commissions may render such services to the agency within their respective functi…
§ 17. Annual report. The agency shall submit to the governor, the chairman of the senate finance committee, the chairman of the assembly ways and means committee, the comptroller and the director of the budget within one hundred eighty days after the end of its fiscal year, a complete and detailed report setting forth:…
§ 18. Maximum authorization. The agency shall not issue bonds and notes in an aggregate principal amount exceeding three hundred five million dollars, excluding bonds and notes issued to refund or otherwise repay outstanding bonds and notes of the agency or of the corporation.
§ 19. Partial invalidity. If any provision of this act, or the application thereof to any person or circumstance, shall be adjudged by any court of competent jurisdiction to be invalid or unenforceable, such judgment shall not affect, impair or invalidate the remainder of this act or the application of such provision t…
§ 20. Inconsistent provisions in other laws superseded. Insofar as the provisions of this act are inconsistent with the provisions of any other law, general, special or local, the provisions of this act shall be controlling.
§ 21. Certain special proceedings. In the event that the agency or the corporation shall have occasion at any time to seek declaratory relief in the courts with respect to any matters relating to transactions contemplated by this act, any request for such relief shall be brought as a special proceeding and conducted in…
§ 21-a. Actions against corporation. Except in an action for wrongful death, in any case founded upon tort a notice of claim shall be required as a condition precedent to the commencement of an action or special proceeding against the agency and the provisions of section fifty-e of the general municipal law shall gover…
§ 22. Construction. This act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed so as to effectuate its purposes.