§ 169.00 — Installment loans and obligations evidencing installment loans

New York § 169.00

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 12: Miscellaneous Provisions
• Art. 2: Local Indebtedness

Text

* § 169.00 Installment loans and obligations evidencing installment\nloans. a. Notwithstanding the provisions of any other law, general,\nspecial or local, inconsistent with this section, relating to the power\nof municipalities to enter into contracts and to contract indebtedness,\nthe finance board of any municipality selling bonds or notes at private\nsale to the New York state environmental facilities corporation in order\nto obtain financial assistance pursuant to section twelve hundred\neighty-five-j or twelve hundred eighty-five-m of the public authorities\nlaw is hereby authorized and empowered to contract with such corporation\nto receive from time to time advances of a loan up to a stated maximum\nprincipal sum and to issue to such corporation, in order to evidence the\nobligation of such municipality to repay such advances, its bonds or\nnotes in the form and in the manner provided by this section. Any such\nbond or note may provide that the municipality issuing such bond or note\nshall pay to such corporation or its assigns the stated maximum\nprincipal sum or, if less, the aggregate principal amount of the\nadvances of the corresponding loan made to such municipality by the\ncorporation. The principal amounts of advances and the timing and manner\nof the payment and repayment of such advances and the interest rate\napplicable to such advances may be provided for in the related contract\nor loan agreement or in any obligations evidencing such loan advances.\n b. Any obligation issued by a municipality pursuant to this section\nshall be deemed indebtedness of such municipality (i) only as of the\ndate and to the extent that the corporation makes or has made each loan\nadvance available to such municipality and (ii) only in the amount of\neach such loan advance. Any such advance shall be considered a separate\nborrowing for purposes of determining compliance with the constitution\nand laws of the state.\n c. Any obligation issued by a municipality pursuant to this section\nshall provide for the payment of principal and interest without\npresentation.\n d. The finance board, by resolution, may delegate its power to\ncontract and to issue indebtedness pursuant to this section to the chief\nfiscal officer of such municipality, in which event the chief fiscal\nofficer shall exercise such power until the finance board, by\nresolution, shall elect to resume the same.\n e. On or before the first day of January, in any given year, beginning\non January first, nineteen hundred ninety-four, the president of the New\nYork state environmental facilities corporation shall submit to the\ndirector of the division of the budget, the chairperson of the senate\nfinance committee, the chairperson of the assembly ways and means\ncommittee, and the chairpersons of the senate and assembly committees on\nlocal government, a comprehensive report detailing the activities\nundertaken pursuant to this section, which shall include, at a minimum,\n(i) all project applicants; (ii) the amount of the state revolving fund\nbond or note for each project; (iii) the amount advanced; (iv) the\nrepayment terms and conditions; and (v) the interest rate savings to the\nproject applicant.\n * NB Repealed September 30, 2026\n