N.Y. Private Housing Finance Law § 655-a: Authorization of contracts for taxation by the United States of interest on obligations guaranteed thereby

§ 655-a. Authorization of contracts for taxation by the United States

of interest on obligations guaranteed thereby. The corporation is hereby

authorized and empowered, from time to time and at any time to enter

into a contract or contracts with the United States, acting through any

department, officer, agency, or instrumentality thereof, (a) pursuant to

which the United States (i), unconditionally guarantees the payment,

when due, of the interest on, and the principal of, bonds, notes, or

other obligations issued or to be issued by the corporation or (ii) pays

a portion of the interest payable on such bonds, notes, or other

obligations issued or to be issued by the corporation and (b) in

consideration of which the corporation covenants and consents that the

interest on such bonds, notes, or other obligations shall be includible

under the internal revenue code of nineteen hundred fifty-four or any

subsequent corresponding internal revenue law of the United States in

the gross income of the holder or holders of such bonds, notes, or other

obligations to the same extent and in the same manner that the interest

on bills, bonds, notes or other obligations of the United States is

includible in the gross income of the holder or holders thereof under

said internal revenue code or any such subsequent law. The corporation

is hereby futher authorized and empowered to include in such bonds,

notes, or other obligations and any documents related thereto such

reference to, or summary of, the contract or contracts as shall be

satisfactory to such department, officer, agency, or instrumentality of

the United States. The powers herein conferred shall be in addition to

the powers conferred by any other law and such powers shall not be

subject to the limitations or restrictions of any other law, but nothing

contained herein or in any such contract or contracts shall be construed

to covenant or consent, or to authorize any covenant or consent, to the

application of any other provision of any other law, federal or state,

to the corporation or to such bonds, notes, or other obligations, or to

the elimination or modification in any way of any other exemption

(including without limitation exemption from taxation under section six

hundred sixty-three of this article), privilege, or immunity thereof.