§ 655-A — Authorization of contracts for taxation by the United States of interest on obligations guaranteed thereby

New York § 655-A

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 12: New York City Housing Development Corporation

Text

§ 655-a. Authorization of contracts for taxation by the United States\nof interest on obligations guaranteed thereby. The corporation is hereby\nauthorized and empowered, from time to time and at any time to enter\ninto a contract or contracts with the United States, acting through any\ndepartment, officer, agency, or instrumentality thereof, (a) pursuant to\nwhich the United States (i), unconditionally guarantees the payment,\nwhen due, of the interest on, and the principal of, bonds, notes, or\nother obligations issued or to be issued by the corporation or (ii) pays\na portion of the interest payable on such bonds, notes, or other\nobligations issued or to be issued by the corporation and (b) in\nconsideration of which the corporation covenants and consents that the\ninterest on such bonds, notes, or other obligations shall be includible\nunder the internal revenue code of nineteen hundred fifty-four or any\nsubsequent corresponding internal revenue law of the United States in\nthe gross income of the holder or holders of such bonds, notes, or other\nobligations to the same extent and in the same manner that the interest\non bills, bonds, notes or other obligations of the United States is\nincludible in the gross income of the holder or holders thereof under\nsaid internal revenue code or any such subsequent law. The corporation\nis hereby futher authorized and empowered to include in such bonds,\nnotes, or other obligations and any documents related thereto such\nreference to, or summary of, the contract or contracts as shall be\nsatisfactory to such department, officer, agency, or instrumentality of\nthe United States. The powers herein conferred shall be in addition to\nthe powers conferred by any other law and such powers shall not be\nsubject to the limitations or restrictions of any other law, but nothing\ncontained herein or in any such contract or contracts shall be construed\nto covenant or consent, or to authorize any covenant or consent, to the\napplication of any other provision of any other law, federal or state,\nto the corporation or to such bonds, notes, or other obligations, or to\nthe elimination or modification in any way of any other exemption\n(including without limitation exemption from taxation under section six\nhundred sixty-three of this article), privilege, or immunity thereof.\n