N.Y. Municipal Housing Authorities Law § 65: Loans and payments by municipality

* § 65. Loans and payments by municipality. 1. A municipality may

advance, lend or agree to lend to an authority, or it may pay or agree

with an authority or government to pay to an authority, without

reimbursement by or liability of the authority or government therefor,

such sums as the authority may require for its administrative expenses

not exceeding one million dollars for a city of more than a million

inhabitants, two hundred thousand dollars for any other city, fifty

thousand dollars for any county, or ten thousand dollars for any

village.

2. A municipality may make such loans or payments out of any funds

available for that purpose or it may direct the comptroller to issue and

sell special revenue bonds or other similar obligations of the

municipality and out of the proceeds thereof to make such loans or

payments. The amount necessary to pay the principal and interest of such

bonds or other obligations shall be included in the estimates of monies

necessary to be raised by taxation to carry on the business of the

municipality and shall be made a part of the tax levy for the year next

following the year in which such loans or payments are made.

* NB The text of Article 5 of the former State Housing Law (cited

herein as the "Municipal Housing Authorities Law"), as such article

existed immediately prior to its repeal pursuant to section 227 of

Chapter 808 of the Laws of 1939, is provided here for ease of reference

and historical purposes as such text continues to be applicable for the

New York City Housing Authority pursuant to the provisions of section

401 of the current Public Housing Law.