N.Y. Municipal Housing Authorities Law § 77: Miscellaneous

* § 77. Miscellaneous. 1. For the purposes of the application of the

lien law and of the general corporation law an authority shall be deemed

to be a municipal corporation. The term "public improvement" used in the

lien law shall be deemed to include an improvement upon real property

belonging to an authority; the secretary of the authority shall, for the

purposes of the lien law, be deemed to be the financial officer of the

authority and the head of the department or bureau having charge of the

construction of an improvement.

2. All projects of an authority shall be subject to the planning,

zoning, sanitary and building laws, ordinances and regulations

applicable to the locality in which the project is situated.

3. In order to protect funds deposited by an authority, all banks,

bankers, trust companies or other persons carrying on a banking

business, organized under the laws of the state, are authorized to give

to the authority an undertaking with such sureties as shall be approved

by the authority, faithfully to keep and pay over upon the order of the

authority any such deposits and agreed interest thereon, or in lieu of

the said sureties, to deposit with the authority as collateral such

securities and in such amounts as may be agreed upon with the authority

pursuant to a collateral deposit agreement in form and terms

satisfactory to the authority. The collateral to be deposited shall

consist of securities in which savings banks may legally invest funds

within their control.

4. This article is to be construed liberally to secure the beneficial

interests and purposes thereof.

* 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.