§ 15-1951 — Financing of improvements

§ 15-1951. Financing of improvements.\n 1. For defraying the costs of all proceedings, surveys, studies and\nconstruction projects authorized by any section of title 19 of this\narticle, the department may raise funds pursuant to the Local Finance\nLaw. Such funds may not be borrowed unless the proceedings authorizing\nsuch expenditures have become final.\n 2. In addition the department is authorized in the name of the\ndistrict to apply for, receive and expend funds or services which may be\ngranted or contributed for the purpose by the federal government or\nother public authorities or by private persons or organizations.\nObligations issued for such purpose shall not be construed in any event\nas obligations or indebtedness of the state, and neither the state, the\ndepartment or any member thereof personally shall be obligated to pay\nthe principal or interest therefor. Bonds issued for such purpose shall\nbe lawful investments for savings banks, trust companies, executors and\ntrustees and for any of the funds of the state which by law may be\ninvested.\n 3. The proceeds of such bonds shall be deposited in a national or\nstate bank or trust company either in Albany or in one of the counties\nin which such improvement is made, to be designated by the Comptroller.\nBefore any such deposit is made, the Comptroller shall require from the\ndepository security for the repayment of the same to the department upon\ndemand of the moneys so deposited in the manner provided in section 106\nof the State Finance Law.\n