§ 1285-B — Additional special powers of the corporation with respect to projects and persons

New York § 1285-B

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 12: New York State Environmental Facilities Corporation
• Art. 5: Public Utility Authorities

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§ 1285-b. Additional special powers of the corporation with respect to\nprojects and persons. In order to effectuate the purposes of this title,\nthe corporation shall have the following additional special powers; (1)\nto extend credit and make loans to a person or persons for the\nconstruction or acquisition of a project or for the reimbursement to a\nperson or persons for costs incurred in connection with a project\ncompleted or not completed at the time of such credit or loan, which\ncredits or loans may, but need not, be secured by mortgages, contracts\nor other instruments, upon such terms and conditions as the corporation\nshall determine reasonable in connection with such credits or loans, and\n(2) in the exercise of powers granted in this section in connection with\na project for a person or persons, to require the inclusion in any\ncontract, loan agreement or other instrument, of such provisions for the\nfinancing of such project and such other financial and other covenants\napplying to such person or persons, as the corporation may deem\nnecessary or desirable and to do all things and to execute all\ninstruments necessary and desirable in connection therewith. In\nconnection with the extension of any such credit or loan, the\ncorporation may fix and collect such fees and charges, including but not\nlimited to reimbursement of all costs of financing by the corporation as\nthe corporation shall determine to be reasonable. In connection with\nsuch extension of credit or loan to such person or persons for the\nconstruction or acquisition of a project as provided above, such person\nor persons shall submit to the corporation an application for the\nextension of credit or loan as set forth in the application. The\ncorporation may deny such application for any reason it deems\nappropriate in the public interest. The extension of any such credit or\nloan is subject to the ability of the corporation to secure the\nnecessary financing and subject to the obtaining by such person or\npersons of certification by the commissioner of environmental\nconservation that the project for which such credit or loan is extended\nis intended to meet or exceed applicable state environmental standards\nas set forth in law, rules and regulations.\n