§ 1835-B — Additional powers of the authority

New York § 1835-B

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 8: New York Job Development Authority
• Subtitle 5-A: Loans to Lenders Program
• Art. 8: Miscellaneous Authorities

Text

§ 1835-b. Additional powers of the authority. The authority shall have\nthe following additional powers only with respect to making loans to\nlenders for the purpose of financing loans for agricultural business\nprojects pursuant to this subtitle:\n 1. To prescribe standards and criteria for the granting of\napplications for loans to lenders and for the making of loans for\nagricultural business projects, which standards and criteria shall\nimplement the intent and purposes of this subtitle. In developing such\nstandards and criteria the authority shall consult with the\nsuperintendent of financial services regarding the qualifications of\nlenders and with the commissioner of agriculture and markets and the\ncommissioner of economic development regarding the standards and\ncriteria for the making of loans for business projects.\n 2. To make, and undertake commitments to make, loans to lenders under\nsuch terms and conditions as shall require the proceeds of such loans to\nlenders to be used by lenders to make loans for agricultural business\nprojects;\n 3. To make and execute contracts for the administration or servicing\nof any loan to lender made by the authority and to pay the reasonable\nvalue of services rendered to the authority pursuant to such contracts;\n 4. To borrow money and issue bonds and notes as provided in section\none thousand eight hundred thirty-five-d of this subtitle; and\n 5. To do any and all things necessary or convenient to carry out its\ncorporate purposes and exercise the powers given and granted in this\nsubtitle.\n