N.Y. Public Authorities Law § 1679-b: Equipment loans

§ 1679-b. Equipment loans. 1. The dormitory authority may make an

equipment loan to any private entity for the benefit of which the

dormitory authority is authorized to issue bonds or other obligations of

the dormitory authority. The proceeds of such a loan are to be used

substantially to finance the acquisition through purchase or lease of

equipment including construction and rehabilitation related to the

installation of such equipment or the acquisition of intellectual

property or other intangible property, including information technology

and software, that is eligible for tax-exempt financing under the United

States internal revenue code. The dormitory authority may make an

equipment loan by the purchase, lease or sublease of equipment by the

dormitory authority and the lease or sublease of such equipment to any

such private entity for the purpose of providing for the acquisition of

such equipment and the construction and rehabilitation related to the

installation thereof or pursuant to an installment purchase agreement.

2. Except to the extent otherwise expressly prohibited by law, each

private entity described in subdivision one of this section shall have

full power and authority to assign and pledge to the dormitory authority

any and all public funds to be appropriated, apportioned or otherwise

made payable to such private entity by the federal government, any

agency thereof, the state of New York, a political subdivision, as

defined in section one hundred of the general municipal law, or any

social services district in the state of New York in an amount

sufficient to make all payments required to be made by such private

entity pursuant to any necessary or useful agreement entered into

between such private entity and the dormitory authority for an equipment

loan. All state and local officers are hereby authorized and required to

pay all such funds so assigned and pledged to the dormitory authority

or, upon the direction of the dormitory authority, to any trustee of any

dormitory authority bond or note issued pursuant to a certificate filed

with any such state or local officer by the dormitory authority pursuant

to the provisions of this subdivision.

3. The making of equipment loans by the authority shall be a corporate

purpose of the authority.