§ 24 — Corporation for the benefit of the city of New York

§ 24. Corporation for the benefit of the city of New York. 1.\nNotwithstanding any provision of state or local law, the city of New\nYork is hereby authorized to provide for the creation of a single\nnot-for-profit corporation subject to section fourteen hundred eleven of\nthe not-for-profit corporation law, except to the extent that such\nsection is inconsistent with this section, which corporation shall have\nthe purpose, among others, of financing or refinancing costs arising\nfrom or related to the closing of Freshkills landfill.\n 2. Such corporation shall have the authority to issue and sell one or\nmore series or classes of bonds, notes and other obligations from time\nto time on behalf of the city of New York to finance or refinance costs\nrelating to the closure of the Freshkills Landfill. Such bonds, notes\nand other obligations shall not constitute a debt or indebtedness of\nsuch city and, together with the income therefrom, shall be exempt from\ntaxation, except for transfer and estate taxes.\n 3. The incorporation of TSASC, Inc. under section fourteen hundred\neleven of the not-for-profit corporation law, and the approval of\narticles of incorporation and bylaws for such corporation, are hereby\nratified and shall be deemed to meet the requirements of this section,\nnotwithstanding that such requirements were enacted after such creation\nand approval, and such corporation shall be treated for all purposes as\nif it had been formed by and pursuant to the provisions of this section.\nTSASC, Inc. shall be deemed to be the corporation formed pursuant to the\nauthorization provided in subdivision one of this section.\n 4. The provisions of this section shall not be deemed or construed to\nalter or impair any other power of the city of New York to provide for\nthe creation of not-for-profit corporations pursuant to any other\napplicable provision of law, but shall be in addition to any other such\npower.\n