N.Y. General Municipal Law § 24: Corporation for the benefit of the city of New York

§ 24. Corporation for the benefit of the city of New York. 1.

Notwithstanding any provision of state or local law, the city of New

York is hereby authorized to provide for the creation of a single

not-for-profit corporation subject to section fourteen hundred eleven of

the not-for-profit corporation law, except to the extent that such

section is inconsistent with this section, which corporation shall have

the purpose, among others, of financing or refinancing costs arising

from or related to the closing of Freshkills landfill.

2. Such corporation shall have the authority to issue and sell one or

more series or classes of bonds, notes and other obligations from time

to time on behalf of the city of New York to finance or refinance costs

relating to the closure of the Freshkills Landfill. Such bonds, notes

and other obligations shall not constitute a debt or indebtedness of

such city and, together with the income therefrom, shall be exempt from

taxation, except for transfer and estate taxes.

3. The incorporation of TSASC, Inc. under section fourteen hundred

eleven of the not-for-profit corporation law, and the approval of

articles of incorporation and bylaws for such corporation, are hereby

ratified and shall be deemed to meet the requirements of this section,

notwithstanding that such requirements were enacted after such creation

and approval, and such corporation shall be treated for all purposes as

if it had been formed by and pursuant to the provisions of this section.

TSASC, Inc. shall be deemed to be the corporation formed pursuant to the

authorization provided in subdivision one of this section.

4. The provisions of this section shall not be deemed or construed to

alter or impair any other power of the city of New York to provide for

the creation of not-for-profit corporations pursuant to any other

applicable provision of law, but shall be in addition to any other such

power.