§ 47-C — Special provisions related to certain bonds and notes

New York § 47-C

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 3: New York State Housing Finance Agency

Text

§ 47-c. Special provisions related to certain bonds and notes.\nNotwithstanding any other provision of law, general or special:\n 1. Any public corporation or officer responsible for the acquisition\nof real property or the planning, supervision or administration of\nfacilities thereon which may be constructed, acquired, reconstructed,\nrehabilitated or improved by the agency pursuant to this article is\nhereby authorized for and on behalf and in the name of the people of the\nstate of New York, to execute and deliver to the agency, for such\nconsideration, if any, as may be determined by such public corporation\nor officer and the agency, but not to exceed the cost of acquisition\nthereof and the cost of improvements thereon, a lease for a term not\nexceeding fifty years or a quitclaim deed conveying to the agency all\nthe right, title and interest of the people of the state of New York in\nand to any of the lands acquired by such public corporation or officer\nfor such facilities, and in and to any of the improvements thereon, for\nthe purpose of constructing, reconstructing, rehabilitating or improving\nthereon one or more facilities pursuant to this article for lease or\nsublease to any such public corporation or officer, in accordance with\nthe terms of an agreement entered into among them in accordance with\nlaw. The agency is hereby authorized to accept any such lease or\nconveyance, to lease or sublease such lands, improvements and facilities\nto such public corporation or officer, and to hold the same subject to\nthe terms of any such lease, conveyance, sublease or other agreement,\nand such public corporation or officer is hereby authorized, with the\napproval of the governor, or where so designated by the governor for\nsuch purpose, the director of the budget, to lease or sublease any such\nlands or improvements or the facilities constructed, reconstructed,\nrehabilitated or improved thereon pursuant to this article or other\nprovisions of law, and to hold such lands, improvements and facilities\nsubject to the terms of any such lease, sublease or other agreement.\n 2. a. In the event that the agency shall fail, within five years from\nthe date of a lease or conveyance authorized pursuant to subdivision one\nof this section, to construct, reconstruct, rehabilitate or improve the\nfacility or facilities thereon for which the conveyance was made, as\nprovided for in a lease, sublease or other agreement entered into with\nsuch public corporation or officer, or in the event that such facility\nor facilities shall cease to be used for the purposes intended, then and\nin either event but subject to the terms of any lease, sublease or other\nagreement undertaken by the agency, such lands, and the improvements and\nfacilities thereon, shall revert to the people of the state of New York\nwith right of re-entry thereupon, and such lease or deed shall be made\nsubject to such conditions; provided, however, that as a condition\nprecedent to the exercise of such right of re-entry the state of New\nYork, or such public corporation or officer, shall pay to the agency an\namount equal to the purchase price of such lands and improvements, the\ndepreciated cost of any facility or facilities constructed,\nreconstructed, rehabilitated or improved thereon, and all other costs of\nthe agency incident to the acquisition of such lands and the financing\nof construction, reconstruction, rehabilitation or improvement relating\nto such facility or facilities, all as provided in the aforesaid lease,\nsublease or other agreement entered into with such public corporation or\nofficer.\n b. In the event that the agency shall determine that any portions of\nthe lands leased or conveyed pursuant to subdivision one hereof are in\nexcess of the lands needed to construct, reconstruct, rehabilitate or\nimprove the facility or facilities thereon for which the conveyance was\nmade, as provided in a lease, sublease or other agreement entered into\nwith such public corporation or officer, the agency may terminate its\nlease with respect to such excess portions of such lands or reconvey\nsuch excess portions to the people of the state of New York; provided,\nhowever, that the state of New York or such public corporation or\nofficer shall pay to the agency an amount equal to the consideration, if\nany, paid by the agency to such public corporation or officer allocable\nto such excess lands and such other costs of the agency as are incident\nto the acquisition of such excess lands, all as may be approved by such\npublic corporation or officer and the agency. Any monies so paid to the\nagency shall be used and applied, subject to the provisions of any\ncontract with noteholders and bondholders, for the sole purpose of\npaying costs and expenses of the agency incident to the financing of the\nfacility or facilities to be constructed, reconstructed, rehabilitated\nor improved on such other portions of the land as shall have been leased\nor conveyed to the agency pursuant to subdivision one hereof.\n 3. The attorney general shall pass upon the form and sufficiency and\nmanner of execution of any deed of conveyance and of any lease or\nsublease of lands authorized to be given under subdivision one of this\nsection and the same shall not be effective unless so approved by him.\n 4. The cost of construction, acquisition, reconstruction,\nrehabilitation or improvement of facilities undertaken by the agency\npursuant to this article may include the cost of acquisition of any land\nand improvements leased or conveyed to the agency in accordance with\nsubdivision one of this section and the cost of the original\nfurnishings, equipment, machinery and apparatus determined by the\nresponsible public corporation or officer to be needed to furnish and\nequip such facilities upon the completion of work. The agency shall have\npower to acquire or lease and to hold land and improvements required for\nthe construction, acquisition, reconstruction, rehabilitation or\nimprovement of facilities undertaken by the agency pursuant to this\narticle and to provide the original furnishings, equipment, machinery\nand apparatus determined by the responsible public corporation or\nofficer to be needed to furnish and equip such facilities upon the\ncompletion of work and to issue its bonds and notes to provide\nsufficient funds to pay the cost thereof.\n 5. Any public corporation or officer referred to in subdivision one of\nthis section is hereby authorized and empowered, in connection with any\nlease, sublease or other agreement with the agency to which such public\ncorporation or officer is a party, and subject to such agreements with\nthird parties as may then exist, to:\n (a) pledge or assign to the agency all or any portion of the revenues\nand monies received or to be received by such public corporation or\nofficer, which may be available for the purpose of paying rentals for\nthe use of the facilities constructed, acquired, reconstructed,\nrehabilitated or improved or to be constructed, acquired, reconstructed,\nrehabilitated or improved under such agreement, so that the payment of\nsuch rentals may be fully secured and protected; provided, however, that\nsuch pledge or assignment shall not extend to appropriations or advances\nfrom the state except appropriations or advances made specifically for\nthe purpose of paying all or any part of such rentals;\n (b) use and dispose of such revenues and monies, or any portions\nthereof, for the purpose of defraying, in whole or in part, (1) the cost\nof acquiring any real property for the purpose of constructing,\nacquiring, reconstructing, rehabilitating or improving facilities\nthereon which may be constructed, acquired, reconstructed, rehabilitated\nor improved by the agency pursuant to this article, (2) the cost of\nfinancing the construction, acquisition, reconstruction, rehabilitation\nor improvement of such facilities, and (3) the cost of acquiring the\noriginal furnishings, equipment, machinery and apparatus needed to\nfurnish and equip such facilities upon the completion of work;\n (c) set aside rental reserves and to agree to the maintenance,\nregulation and disposition thereof;\n (d) agree to limitations on the purposes to which the proceeds of sale\nof agency notes or bonds may be applied and to the pledging of such\nproceeds to secure the payment of agency notes or bonds or of any issue\nthereof;\n (e) agree to limitations on the making of additional leases, subleases\nor agreements with the agency or with others, and the terms upon which\nsuch additional leases, subleases or agreements may be made;\n (f) recognize and give effect to such assignment, upon receipt of any\nnotice of assignment by the agency of any such lease, sublease or other\nagreement with the agency, or of any of its rights under such lease,\nsublease or other agreement, and to pay the assignee thereof rentals or\nother payments then due or which may become due under any such lease,\nsublease or other agreement which has been so assigned by the agency;\nand\n (g) agree to any other matters, of like or different character, which\nin any way affect the security or protection of the rental payments\nrequired to be made under the terms of such lease, sublease or other\nagreement with the agency.\n 6. (a) Any state university facility, as defined in section\nforty-seven-a of this article, which has been constructed, acquired,\nreconstructed, rehabilitated or improved, in whole or in part, out of\nmonies advanced to the state university of New York, the state\nuniversity construction fund, the state office of general services or\nthe dormitory authority since August first, nineteen hundred sixty-two\npursuant to appropriations or reappropriations as advances from the\ncapital construction fund, and the lands upon which such a facility is\nlocated, may be leased or conveyed to the agency by the state university\nof New York, the state university construction fund or the dormitory\nauthority in accordance with the provisions of subdivisions one through\nfive of this section, notwithstanding that the construction,\nacquisition, reconstruction, rehabilitation or improvement of such\nfacility may have been completed by the state university of New York,\nthe state university construction fund, the dormitory authority or the\nstate office of general services, or may have been undertaken or may\nhereafter be undertaken by the dormitory authority under agreement with\nthe state university of New York or the state university construction\nfund.\n (b) Subject to such agreements with third parties as may then exist,\nthe state university of New York and the state university construction\nfund are hereby authorized and empowered to enter into leases, subleases\nand other agreements with the agency with respect to any state\nuniversity facility described in paragraph (a), and the lands upon which\nsuch a facility is or may be located, in accordance with the provisions\nof section three hundred seventy-eight of the education law and the\nprovisions of subdivisions one through five of this section; and the\nagency is hereby authorized and empowered to accept any lease or\nconveyance of any such state university facility, and the lands upon\nwhich such a facility is or may be located, to acquire, construct,\nreconstruct, rehabilitate or improve any such facility and to issue\nbonds and notes to provide sufficient funds therefor in accordance with\nthe provisions of section forty-seven-a of this article and the\nprovisions of subdivisions one through five of this section.\n (c) Any mental hygiene facility, as defined in section forty-seven-b\nof this article, which has been constructed, acquired, reconstructed,\nrehabilitated or improved, in whole or in part, out of monies advanced\nor deemed to have been advanced to the health and mental hygiene\nfacilities improvement corporation, the state department of mental\nhygiene or the office of general services, since April first, nineteen\nhundred sixty-three pursuant to appropriations or reappropriations as\nadvances from the capital construction fund, and the lands upon which\nsuch a facility is located, may be leased or conveyed to the agency by\nthe health and mental hygiene facilities improvement corporation or the\ncommissioner of mental hygiene in accordance with the provisions of\nsubdivisions one through five of this section, notwithstanding that the\nconstruction, acquisition, reconstruction, rehabilitation or improvement\nof such facility may have been completed by the health and mental\nhygiene facilities improvement corporation, the state department of\nmental hygiene or the office of general services.\n (d) Subject to such agreements with third parties as may then exist,\nthe health and mental hygiene facilities improvement corporation is\nhereby authorized and empowered to enter into leases, subleases and\nother agreements with the agency with respect to any mental hygiene\nfacility described in paragraph (c), and the lands upon which such a\nfacility is or may be located, in accordance with the provisions of\nsubdivision four of section nine of the health and mental hygiene\nfacilities improvement act and the provisions of subdivisions one\nthrough five of this section; and the agency is hereby authorized and\nempowered to accept any lease or conveyance of any such mental hygiene\nfacility, and the lands upon which such a facility is or may be located,\nto acquire, construct, reconstruct, rehabilitate or improve any such\nfacility, and to issue bonds and notes to provide sufficient funds\ntherefor in accordance with the provisions of section forty-seven-b of\nthis article and the provisions of subdivisions one through five of this\nsection.\n 7. a. The agency shall have the power to acquire by lease or deed from\nthe health and mental hygiene facilities improvement corporation any\nreal property acquired by the corporation pursuant to the provisions of\nsubdivision six of section nine of the facilities development\ncorporation act (i) for the purpose of constructing, reconstructing,\nrehabilitating or improving thereon one or more community mental health\nand developmental disabilities facilities or (ii) for the purpose of\nfinancing the acquisition, construction, reconstruction, rehabilitation\nor improvement thereon of one or more community mental health and\ndevelopmental disabilities facilities, pursuant to the provisions of\nthis article and the facilities development corporation act. The agency\nis hereby authorized to lease or sublease such real property and\nfacilities thereon to the corporation for the purpose of making the same\navailable to a city or a county not wholly within a city, for use and\noccupancy in accordance with the provisions of a lease, sublease or\nother agreement between the corporation and such city or county.\n b. In the event that the agency shall fail, within five years after\nthe date of a lease or conveyance of such real property from such city\nor county to the corporation, to construct, reconstruct, rehabilitate or\nimprove the community mental health and developmental disabilities\nfacility or facility thereon for which such lease or conveyance was\nmade, as provided for in a lease, sublease or other agreement entered\ninto by such city or county and the corporation, then, subject to the\nterms of any lease, sublease or other agreement undertaken by the\nagency, such real property and any facilities thereon shall revert to\nthe corporation with right of re-entry thereupon, and such lease or deed\nshall be made subject to such condition of reverter and re-entry;\nprovided, however, that as a condition precedent to the exercise of such\nright of re-entry the corporation shall pay to the agency an amount\nequal to the sum of the purchase price of such real property, the\ndepreciated cost of any community mental health and developmental\ndisabilities facility or facilities constructed, reconstructed,\nrehabilitated or improved thereon and all other costs of the agency\nincident to the acquisition of such lands and the financing of\nconstruction, reconstruction, rehabilitation or improvement relating to\nsuch community mental health and developmental disabilities facility or\nfacilities, all as provided in the aforesaid lease, sublease or other\nagreement entered into with the corporation.\n c. No real property or interest therein shall be acquired by the\nagency pursuant to this subdivision unless the title thereto shall be\napproved by the attorney general.\n d. The attorney general shall pass upon the form and sufficiency and\nmanner of execution of any deed of conveyance and of any lease or\nsublease of real property authorized to be acquired by the agency\npursuant to this subdivision and the same shall not be effective unless\nsuch deed, lease or sublease shall be so approved by him.\n