Title NYP, NYS Project Finance Agency Act7/75

§ 1. Short title.\n This act may be cited as the "New York state project finance agency\nact."\n

§ 10. Exemption from taxation of notes and bonds.\n It is hereby determined that the creation of the agency is in all\nrespects for the benefit of the people of the state and for the\nimprovement of their health, safety, welfare, comfort and security, and\nthat said purposes are…

§ 11. Agreement with the state.\n The state does hereby pledge to and agree with the holders of any\nnotes or bonds issued under this act, that the state will not limit or\nalter the rights hereby vested in the agency to fulfill the terms of any\nagreements made with the holders…

§ 12. State's right to require redemption of bonds.\n Notwithstanding and in addition to any provisions for the redemption\nof bonds which may be contained in any contract with the holders of the\nbonds, the state may, upon furnishing sufficient funds therefor, require\nthe agen…

§ 13. Remedies of noteholders and bondholders.\n 1. In the event that the agency shall default in the payment of\nprincipal of or interest on any issue of notes or bonds after the same\nshall become due, whether at maturity or upon call for redemption, and\nsuch default shall co…

§ 14. Monies of the agency.\n 1. All monies of the agency, except as otherwise authorized or\nprovided in this act, shall be paid to the commissioner of taxation and\nfinance as agent of the agency, who shall not commingle such monies with\nany other monies. Such monies shall be…

§ 15. Supervision of projects.\n Notwithstanding any provision of law to the contrary, and upon the\nissuance by the commissioner of a certificate of assumption of\nsupervision, any corporation project a mortgage on which has been\npurchased by the agency or assigned as security…

§ 16. Assistance by state officers, departments, boards and\ncommissions.\n 1. The department of audit and control, department of law, division of\nhousing and community renewal and all other state officers, departments,\nboards, divisions and commissions may render such service…

§ 17. Annual report.\n The agency shall submit to the governor, the chairman of the senate\nfinance committee, the chairman of the assembly ways and means\ncommittee, the comptroller and the director of the budget within one\nhundred eighty days after the end of its fiscal year,…

§ 18. Maximum authorization.\n The agency shall not issue bonds and notes in an aggregate principal\namount exceeding three hundred five million dollars, excluding bonds and\nnotes issued to refund or otherwise repay outstanding bonds and notes of\nthe agency or of the corporati…

§ 19. Partial invalidity.\n If any provision of this act, or the application thereof to any person\nor circumstance, shall be adjudged by any court of competent\njurisdiction to be invalid or unenforceable, such judgment shall not\naffect, impair or invalidate the remainder of t…

§ 2. Declaration of policy and statement of purposes.\n The legislature has heretofore created the New York state urban\ndevelopment corporation to engage in the construction of projects to\nfulfill essential public purposes which are necessary for the health,\nsafety and welfar…

§ 20. Inconsistent provisions in other laws superseded.\n Insofar as the provisions of this act are inconsistent with the\nprovisions of any other law, general, special or local, the provisions\nof this act shall be controlling.\n

§ 21. Certain special proceedings.\n In the event that the agency or the corporation shall have occasion at\nany time to seek declaratory relief in the courts with respect to any\nmatters relating to transactions contemplated by this act, any request\nfor such relief shall be br…

§ 21-a. Actions against corporation. Except in an action for wrongful\ndeath, in any case founded upon tort a notice of claim shall be required\nas a condition precedent to the commencement of an action or special\nproceeding against the agency and the provisions of section fift…

§ 22. Construction.\n This act, being necessary for the welfare of the state and its\ninhabitants, shall be liberally construed so as to effectuate its\npurposes.\n

§ 3. Definitions.\n As used in this act, unless a different meaning clearly appears from\nthe context:\n 1. "Agency" shall mean the corporate governmental agency created by\nsection four of this act.\n 2. "Bonds" and "notes" shall mean bonds and notes, respectively,\nissued by t…

§ 4. New York state project finance agency.\n 1. There is hereby created the New York state project finance agency.\nThe agency shall be a corporate governmental agency constituting a\npublic benefit corporation. Its membership shall consist of the\ncommissioner of taxation and …

§ 5. Powers of the agency.\n Except as otherwise limited by this act and subject to the provisions\nof any contract with noteholders or bondholders, the agency shall have\npower:\n 1. To sue and be sued;\n 2. To have a seal and alter the same at pleasure;\n 3. To make and execut…

§ 6. Bonds and notes of the agency.\n 1. (a) The agency shall have power and is hereby authorized from time\nto time to issue its negotiable or non-negotiable bonds and notes in\nsuch principal amount as, in the opinion of the agency, shall be\nnecessary to provide sufficient fu…

§ 7. Reserve funds and appropriations.\n 1. (a) For the purposes of the issuance by the agency of bonds, the\nterm "capital reserve fund requirement" shall mean, as of any particular\ndate of computation, with respect to each capital reserve fund of the\nagency an amount of mone…

§ 8. Bonds and notes as legal investments.\n The bonds and notes of the agency are hereby made securities in which\nall public officers and bodies of this state and all municipalities and\nmunicipal subdivisions, all insurance companies and associations, and\nother persons carry…

§ 9. Exemption from taxation of property and income.\n The property of the agency and its income and operations shall be\nexempt from taxation.\n