New York · statute · N.Y. Urban development research corporation act 173/68 Law · 27 active provisions
Chapter 173 of the laws of 1968 NEW YORK STATE URBAN DEVELOPMENT AND RESEARCH CORPORATION ACT Section 1. Short title. 2. Statement of legislative findings and purposes. 3. Definitions. 4. Corporation for urban development and research of New York. 5. Membership council. 6. Purposes of the corporation. 7. Powers and lim…
§ 1. Short title. This act shall be known and may be cited as the "New York state urban development and research corporation act".
§ 2. Statement of legislative findings and purposes. The legislature hereby finds, determines and declares that there exists in this state: (a) a seriously inadequate supply of safe and sanitary dwelling accommodations within the financial reach of a substantial number of families and persons, including aged persons, l…
§ 3. Definitions. As used in this act, the following words and terms shall have the following meanings unless the context shall indicate another or different meaning or intent: (a) "Corporation". The corporation for urban development and research of New York created by section four of this act. (b) "Urban development g…
§ 4. Corporation for urban development and research of New York. 1. There is hereby created a non-profit corporation which shall be known as the "Corporation for Urban Development and Research of New York." Except as otherwise provided in this act, the corporation shall have all the powers, privileges and immunities wh…
§ 5. Membership council. (1) The corporation shall establish a membership council which shall have the powers and duties specified herein. The council shall consist of no less than fifteen nor more than forty-five members. The members of the council shall be elected by vote of the certificate holders as provided in sub…
§ 6. Purposes of the corporation. (1) To facilitate the comprehensive development of urban areas throughout the state and to promote the health, safety, welfare and prosperity of the people of the state by maximizing the resources, talents and energies of the private sector of the economy, by encouraging local initiati…
§ 7. Powers and limitations. (1) In addition to the powers granted by the business corporation law and except as otherwise limited by this act the corporation shall have power: (a) to provide advisory, consultative, training and educational services, technical assistance and advice to any person, firm, partnership or c…
§ 8. Cooperation with municipalities. (1) In effectuating the purposes of this act, the corporation shall work closely, consult and cooperate with local elected officials and community leaders at the earliest practicable time. The corporation shall give primary consideration to local needs and desires and shall foster…
§ 9. Subsidiaries; how created. (1) The corporation shall have the right to exercise and perform its powers and functions through one or more subsidiary corporations. The corporation by resolution may direct any of its directors, officers or employees to organize a subsidiary corporation pursuant to either the business…
§ 10. Acquisition of real property. (1) Real property may be acquired by the corporation or by a subsidiary, or by a municipality for the corporation or a subsidiary, by gift, grant, devise, purchase, condemnation or otherwise. (2) The corporation or a subsidiary, electing to acquire real property through acquisition,…
§ 11. Acquisition of real property acquired by a municipality or urban renewal agency. Notwithstanding anything to the contrary contained in article fifteen or article fifteen-a of the general municipal law or in any general, special or local law applicable to the sale of real property by a municipality or an urban ren…
§ 12. Designation and service of process on secretary of state and registered agent. The directors of the corporation shall file with the secretary of state a certificate setting forth the street address and the city and county in which the principal office of the corporation is located within ten days of the establish…
§ 13. Limitation of liability. Neither the directors nor any member, officer or employee of the corporation, while acting within the scope of his authority, shall be subject to any personal liability resulting from the activities of the corporation.
§ 14. Bonds and notes of the corporation. (1) Subject to the provisions of subdivision (2) of section sixteen of this act, the corporation shall have the power and is hereby authorized from time to time to issue its negotiable bonds and notes in such principal amounts, as, in the opinion of the corporation, shall be ne…
§ 15. Security for bonds or notes; construction and acquisition of projects. (1) The principal of and interest on any bonds or notes issued by corporation may be secured by a pledge of any revenues and receipts of the corporation and may be secured by a mortgage or other instrument covering all or any part of a project…
§ 16. Reserve funds. (1) The corporation may create and establish one or more reserve funds to be known as debt service reserve funds and may pay into such reserve funds (a) any proceeds of sale of bonds and notes to the extent provided in the resolution of the corporation authorizing the issuance thereof, and (b) any…
§ 17. Trust funds. All moneys received pursuant to the authority of this act, whether as proceeds from the sale of bonds or notes or as revenues, receipts or income, shall be deemed to be trust funds to be held and applied solely as provided in the proceedings under which such bonds or notes are authorized. Any officer…
§ 18. Bonds and notes as legal investment. The bonds and notes of the corporation 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,…
§ 19. Agreement of the state. The state does hereby pledge to and agree with the holders of any bonds or notes issued under this act that the state will not limit or alter the rights hereby vested in the corporation to fulfill the terms of any agreements made with the holders thereof, or in any way impair the rights an…
§ 20. Remedies of bondholders and noteholders. (1) In the event that the corporation shall default in the payment of principal of or interest on any issue of bonds or notes 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 i…
§ 21. Monies of the corporation. (1) The corporation shall have power to contract with the holders of any of its bonds or notes, as to the custody, collection, securing, investment, and payment of any monies of the corporation, of any monies held in trust or otherwise for the payment of bonds or notes, and to carry out…
§ 22. Permissible relations. (1) Notwithstanding any rule at common law or any provision of any general, special or local law, the corporation may purchase from, sell to, borrow from, loan to, contract with or otherwise deal with any person, corporation, trust, association, partnership or other entity which is a member…
§ 23. Inconsistent provisions of 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.
§ 24. Construction. This act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed so as to effectuate its purposes.