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0 chapters · 3,272 sections in this title.
N.Y. Public Authorities Law § 2405-F New York state community restoration fund
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§ 2405-f. New York state community restoration fund. (1) Definitions.\nFor the purposes of this section, the following terms shall have the\nfollowing meanings:\n (a) "fund" shall mean the New York state community restoration fund\nestablished pursuant to subdivision two of this…
N.Y. Public Authorities Law § 2406 Bonds and notes of the agency
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§ 2406. Bonds and notes of the agency. (1) Subject to the approval of\nthe New York public authorities control board in accordance with the\nprovisions of chapter thirty-nine of the laws of nineteen hundred\nseventy-six, as amended and subject to the provisions of section two\nt…
N.Y. Public Authorities Law § 2407 Bond limits
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§ 2407. Bond limits. (1) Except for notes issued in nineteen hundred\nseventy and nineteen hundred seventy-one, the agency shall not issue\nbonds and notes, the interest on which is not included in the gross\nincome of the holders of the bonds and notes under the United States\n…
N.Y. Public Authorities Law § 2408 Reserve funds and appropriations
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§ 2408. Reserve funds and appropriations. (1) The agency may create\nand establish one or more reserve funds to be known as debt service\nreserve funds and pay into any such reserve fund (a) any moneys\nappropriated by the state for the purposes of such fund, (b) any\nproceeds o…
N.Y. Public Authorities Law § 2409 Remedies of bondholders and noteholders
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§ 2409. Remedies of bondholders and noteholders. (1) In the event that\nthe agency shall default in the payment of principal or of interest on\nany issue of bonds or notes after the same shall become due, whether at\nmaturity or upon call for redemption, and such default shall c…
N.Y. Public Authorities Law § 2410 State and municipalities not liable on bonds, notes or insurance commitments or contracts or development corporation credit support
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§ 2410. State and municipalities not liable on bonds, notes or\ninsurance commitments or contracts or development corporation credit\nsupport. The bonds, notes, insurance commitments or contracts or\ndevelopment corporation credit support and other obligations of the\nagency sha…
N.Y. Public Authorities Law § 2411 Agreement of the state
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§ 2411. Agreement of the state. The state of New York does hereby\npledge to and agree with the holders of any bonds or notes or any\nmortgage insurance contract issued under this title that the state will\nnot limit or alter the rights hereby vested in the agency to fulfill the…
N.Y. Public Authorities Law § 2412 Property and income
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§ 2412. Property and income. 1. The property of the agency and its\nincome and operations shall be exempt from taxation or assessments of\nevery kind and nature, other than assessments for local improvements and\nthe tax imposed by article eleven of the tax law; nor shall the ag…
N.Y. Public Authorities Law § 2413 Exemption from taxation of bonds and notes and insurance commitments and loans
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§ 2413. Exemption from taxation of bonds and notes and insurance\ncommitments and loans. It is hereby determined that the creation of the\nagency is in all respects for the benefit of the people of the state,\nfor the improvement of their health and welfare, and for the promotio…
N.Y. Public Authorities Law § 2414 Bonds and notes as legal investments for public officers and fiduciaries
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§ 2414. Bonds and notes as legal investments for public officers and\nfiduciaries. The bonds and notes of the agency are hereby made\nsecurities in which all public officers and bodies of this state and all\nmunicipalities and municipal subdivisions, all insurance companies and\…
N.Y. Public Authorities Law § 2415 Moneys of the agency
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§ 2415. Moneys of the agency. (1) All moneys of the agency from\nwhatever source derived, except as otherwise authorized or provided in\nthis title, shall be paid to the treasurer of the agency and shall be\ndeposited forthwith in a bank or banks in the state designated by the\n…
N.Y. Public Authorities Law § 2416 Actions
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§ 2416. Actions. In any case founded upon tort a notice of claim shall\nbe required as a condition precedent to the commencement of an action or\nspecial proceeding against the agency or any officer, appointee or\nemployee thereof, and the provisions of section fifty-e of the ge…
N.Y. Public Authorities Law § 2417 Limitation of liability
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§ 2417. Limitation of liability. Neither the members of the agency,\nnor any person or persons acting in its behalf, while acting within the\nscope of their authority, shall be subject to any personal liability\nresulting from carrying out any of the powers expressly given in th…
N.Y. Public Authorities Law § 2418 Assistance by state officers, departments, boards and commissions; transfer of officers and employees
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§ 2418. Assistance by state officers, departments, boards and\ncommissions; transfer of officers and employees.\n (1) The department of audit and control, department of law, and all\nother state agencies may render such services to the agency within their\nrespective functions a…
N.Y. Public Authorities Law § 2419 Annual report
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§ 2419. Annual report. The agency shall submit to the governor, the\nchairman of the senate finance committee, the chairman of the assembly\nways and means committee, the comptroller and the director of the budget\nwithin six months after the end of its fiscal year, a complete a…
N.Y. Public Authorities Law § 2419-A Additional reports
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§ 2419-a. Additional reports. 1. Within six months after the end of\nits fiscal year the agency shall submit to the governor, the majority\nleader of the senate, the speaker of the assembly, the comptroller and\nthe director of the budget a complete and detailed report setting f…
N.Y. Public Authorities Law § 2420 Court proceedings; preferences; venue
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§ 2420. Court proceedings; preferences; venue. Any action or\nproceeding to which the agency or the people of the state of New York\nmay be parties, in which any question arises as to the validity of this\nact, shall be preferred over all other civil causes except election\ncaus…
N.Y. Public Authorities Law § 2420-A Validity
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§ 2420-a. Validity. Bonds, insurance commitments or contracts and\ndevelopment corporation credit support may contain a recital that they\nare issued or executed, respectively, pursuant to this section, which\nrecital shall be conclusive evidence of their validity, respectively,…
N.Y. Public Authorities Law § 2421 Inconsistent provisions of other laws superseded
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§ 2421. Inconsistent provisions of other laws superseded. Insofar as\nthe provisions of this title are inconsistent with the provisions of any\nother law, general, special or local, the provisions of this title shall\nbe controlling. It is the intent of the legislature that the …
N.Y. Public Authorities Law § 2422 Construction
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§ 2422. Construction. This title, being necessary for the welfare of\nthe state and its inhabitants, shall be liberally construed so as to\neffectuate its purposes.\n
N.Y. Public Authorities Law § 2423 Separability
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§ 2423. Separability. If any clause, sentence, paragraph, section or\npart of this title shall be adjudged by any court of competent\njurisdiction to be invalid, such judgment shall not affect, impair or\ninvalidate the remainder thereof, but shall be confined in its operation\n…
N.Y. Public Authorities Law § 2425 Statement of legislative findings and purpose with respect to insurance commitments or contracts by the agency
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§ 2425. Statement of legislative findings and purpose with respect to\ninsurance commitments or contracts by the agency. It is hereby found\nthat there exist in many cities, towns and villages of the state\nneighborhoods which are blighted, are becoming blighted or may become\nb…
N.Y. Public Authorities Law § 2426 Definitions
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§ 2426. Definitions. As used in sections twenty-four hundred\ntwenty-five through twenty-four hundred twenty-nine inclusive.\n 1. "Financial institution". Any bank, trust company, national bank,\nsavings bank, state or federal savings and loan association, or state or\nfederal c…
N.Y. Public Authorities Law § 2427 Additional powers of the agency
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§ 2427. Additional powers of the agency. The agency shall have the\nfollowing additional powers only with respect to insuring mortgage loans\nand providing development corporation credit support:\n 1. To establish and levy fees and charges in connection with the\nprocessing of a…
N.Y. Public Authorities Law § 2428 Insurance of mortgages
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§ 2428 Insurance of mortgages. 1. The agency is authorized, subject to\nthe provisions of this article, to make commitments to insure and to\ncontract to insure mortgage loans eligible for insurance hereunder.\n * 1-a. The agency may issue commitments to provide and may provide\…
N.Y. Public Authorities Law § 2428-A Development corporation credit support account as source of development corporation credit support
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§ 2428-a. Development corporation credit support account as source of\ndevelopment corporation credit support. 1. The agency is authorized,\nsubject to the provisions of this title, to provide the development\ncorporation credit support account as a source or potential source of…
N.Y. Public Authorities Law § 2429 Rentals
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§ 2429. Rentals. Notwithstanding the provisions of, or any regulation\npromulgated pursuant to, the emergency housing rent control law, the\nlocal emergency housing rent control act or local law enacted pursuant\nthereto, all dwelling units in a multiple dwelling the rehabilitat…
N.Y. Public Authorities Law § 2429-A Payment of insurance and development corporation credit support
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§ 2429-a. Payment of insurance and development corporation credit\nsupport. 1. The agency shall establish procedures to be followed by a\nmortgagee in the event of a default under the terms of any mortgage\ninsured by the agency. The agency may require that prior to submitting a…
N.Y. Public Authorities Law § 2429-B Mortgage insurance fund
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§ 2429-b. Mortgage insurance fund. * 1. (a) The agency shall create\nand establish a mortgage insurance fund. Within such fund, the agency\nshall establish: (i) a special account, which shall be divided into\nsub-accounts for each region as defined in subdivision nine of section…
N.Y. Public Authorities Law § 2429-C Charges and fees
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§ 2429-c. Charges and fees. * 1. The agency shall fix a premium charge\nfor its insurance of mortgages pursuant to this article which, except\nfor pool insurance, shall not be less than an amount equivalent to\none-quarter of one per centum per annum nor more than an amount\nequ…
N.Y. Public Authorities Law § 2429-D Contributions to agency
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§ 2429-d. Contributions to agency. Notwithstanding the provisions of\nany general or special law or the provisions of any certificate of\nincorporation, charter or other articles of organization, all domestic\ncorporations or associations organized for the purpose of carrying on…
N.Y. Public Authorities Law § 2429-E Examination
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§ 2429-e. Examination. At least once in each calendar year the agency\nshall be examined by the superintendent of financial services for the\npurposes of determining the agency's net worth and the soundness of its\nmanagement and operating policies. The agency shall not, however…
N.Y. Public Authorities Law § 2429-F Special provisions relating to directors of the agency
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§ 2429-f. Special provisions relating to directors of the agency. The\nagency may purchase from, sell to, borrow from, loan to, contract with\nor otherwise deal with any corporation, trust, association, partnership\nor other entity in which any director of the agency has a finan…
N.Y. Public Authorities Law § 2430 Short title
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§ 2430. Short title. This title shall be known and may be cited as the\n"state of New York municipal bond bank agency act"\n
N.Y. Public Authorities Law § 2431 Legislative findings
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§ 2431. Legislative findings. It is hereby declared to be in the\npublic interest and to be the policy of the state to foster and promote\nby all reasonable means the provision of adequate capital markets and\nfacilities for borrowing money by its several municipalities for the\…
N.Y. Public Authorities Law § 2432 Definitions
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§ 2432. Definitions. As used in this title, the following words and\nterms shall have the following meanings unless the context shall\nindicate another or different meaning or intent:\n (1) "Agency". The state of New York municipal bond bank agency, the\ncorporate governmental a…
N.Y. Public Authorities Law § 2433 State of New York municipal bond bank agency
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§ 2433. State of New York municipal bond bank agency. (1) There is\nhereby created the state of New York municipal bond bank agency. The\nagency shall be a body corporate and politic constituting a public\nbenefit corporation. Its membership shall consist of seven directors as\n…
N.Y. Public Authorities Law § 2434 Powers of the agency
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§ 2434. Powers of the agency. Except as otherwise limited by this\ntitle, the agency shall have power:\n (1) To sue and be sued;\n (2) To have a seal and alter the same at pleasure;\n (3) To make and execute contracts and all other instruments necessary\nor convenient for the ex…
N.Y. Public Authorities Law § 2435 Loans to municipalities
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§ 2435. Loans to municipalities. 1. The agency may purchase, and\ncontract to purchase, municipal bonds from municipalities at such price\nor prices, upon such terms and conditions and in such manner, not\ninconsistent with the provisions of the local finance law, as the agency\…
N.Y. Public Authorities Law § 2435-A Special program agreements
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§ 2435-a. Special program agreements. (1) In order to fulfill the\npurposes of this title and to provide a means by which the special\nprogram municipalities may (a) receive moneys to refund certain property\ntaxes determined to be in excess of state constitutional tax limits or…
N.Y. Public Authorities Law § 2435-B Tax lien purchase and sale agreements
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§ 2435-b. Tax lien purchase and sale agreements. (1) In order to\nfulfill the purposes of this title and to provide a means by which\nmunicipalities may collect the moneys necessary to fund their\nexpenditures and provide revenue to fund any other lawful purpose and\nnotwithstan…
N.Y. Public Authorities Law § 2435-C Purchase of tax liens
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§ 2435-c. Purchase of tax liens. (1) The agency or its tax lien entity\nmay purchase, and contract to purchase, tax liens from municipalities at\nsuch price or prices, upon such terms and conditions and in such manner,\nas the agency shall deem advisable.\n (2) The agency shall …
N.Y. Public Authorities Law § 2435-D Special school purpose agreements
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§ 2435-d. Special school purpose agreements. In order to fulfill the\npurposes of this title and to provide a means by which the special\nschool purpose municipalities may receive assistance to meet their\nobligations and, notwithstanding any general or special law to the\ncontr…
N.Y. Public Authorities Law § 2435-E Special School Deficit Program Agreements
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§ 2435-e. Special School Deficit Program Agreements. (1) In order to\nfulfill the purposes of this title and to provide a means by which a\nspecial school deficit program district may receive assistance to meet\nits obligations and, notwithstanding any general or special law to …
N.Y. Public Authorities Law § 2436 State aid guarantee
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§ 2436. State aid guarantee. 1. In the event that a municipality fails\nto make any payment of principal or interest on its municipal bonds, the\nchairman of the agency shall certify to the comptroller that the\nmunicipality has failed to meet its obligations. Such certificate s…
N.Y. Public Authorities Law § 2436-A School aid revenues
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§ 2436-a. School aid revenues. With respect to each issue of\noutstanding special school purpose bonds, the chairman of the agency\nshall annually certify, or in the case of the first such certificate\nwithin thirty days after the sale of an issue of special school purpose\nbond…
N.Y. Public Authorities Law § 2436-B Local ARRA bonds
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§ 2436-b. Local ARRA bonds. (1) The agency may purchase local ARRA\nbonds using the proceeds of recovery act bonds, subject to the\nprovisions of this section and to any other provision of law applicable\nto the municipality and bonds it issues, including any debt limitation\nap…
N.Y. Public Authorities Law § 2436-C Local public safety communications bonds
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§ 2436-c. Local public safety communications bonds. (1) The agency may\npurchase local public safety communications bonds using the proceeds of\npublic safety communication bonds, subject to the provisions of this\nsection and to any other provision of law applicable to the muni…
N.Y. Public Authorities Law § 2437 Bonds and notes of the agency
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§ 2437. Bonds and notes of the agency. (1) Subject to the provisions\nof section two thousand four hundred thirty-eight of this title, the\nagency shall have the power and is hereby authorized from time to time\nto issue its negotiable bonds and notes in conformity with applicab…
N.Y. Public Authorities Law § 2437-A Tax lien collateralized securities
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§ 2437-a. Tax lien collateralized securities. (1) The agency or its\ntax lien entity shall have the power and is hereby authorized from time\nto time to issue its tax lien collateralized securities in such\nprincipal amounts as, in the opinion of the agency, shall be necessary\n…