N.Y. Local Finance Law § 169.00: Installment loans and obligations evidencing installment loans

* § 169.00 Installment loans and obligations evidencing installment

loans. a. Notwithstanding the provisions of any other law, general,

special or local, inconsistent with this section, relating to the power

of municipalities to enter into contracts and to contract indebtedness,

the finance board of any municipality selling bonds or notes at private

sale to the New York state environmental facilities corporation in order

to obtain financial assistance pursuant to section twelve hundred

eighty-five-j or twelve hundred eighty-five-m of the public authorities

law is hereby authorized and empowered to contract with such corporation

to receive from time to time advances of a loan up to a stated maximum

principal sum and to issue to such corporation, in order to evidence the

obligation of such municipality to repay such advances, its bonds or

notes in the form and in the manner provided by this section. Any such

bond or note may provide that the municipality issuing such bond or note

shall pay to such corporation or its assigns the stated maximum

principal sum or, if less, the aggregate principal amount of the

advances of the corresponding loan made to such municipality by the

corporation. The principal amounts of advances and the timing and manner

of the payment and repayment of such advances and the interest rate

applicable to such advances may be provided for in the related contract

or loan agreement or in any obligations evidencing such loan advances.

b. Any obligation issued by a municipality pursuant to this section

shall be deemed indebtedness of such municipality (i) only as of the

date and to the extent that the corporation makes or has made each loan

advance available to such municipality and (ii) only in the amount of

each such loan advance. Any such advance shall be considered a separate

borrowing for purposes of determining compliance with the constitution

and laws of the state.

c. Any obligation issued by a municipality pursuant to this section

shall provide for the payment of principal and interest without

presentation.

d. The finance board, by resolution, may delegate its power to

contract and to issue indebtedness pursuant to this section to the chief

fiscal officer of such municipality, in which event the chief fiscal

officer shall exercise such power until the finance board, by

resolution, shall elect to resume the same.

e. On or before the first day of January, in any given year, beginning

on January first, nineteen hundred ninety-four, the president of the New

York state environmental facilities corporation shall submit to the

director of the division of the budget, the chairperson of the senate

finance committee, the chairperson of the assembly ways and means

committee, and the chairpersons of the senate and assembly committees on

local government, a comprehensive report detailing the activities

undertaken pursuant to this section, which shall include, at a minimum,

(i) all project applicants; (ii) the amount of the state revolving fund

bond or note for each project; (iii) the amount advanced; (iv) the

repayment terms and conditions; and (v) the interest rate savings to the

project applicant.

* NB Repealed September 30, 2029