N.Y. Public Authorities Law § 1821: Rate of interest to project occupant

§ 1821. Rate of interest to project occupant. Any loan made by the

authority pursuant to this subtitle to a local development corporation

for a project shall bear interest at such rate as the authority may

determine but such rate shall not be less than the average annual net

interest cost to the authority, as determined by the authority, on

pollution control bonds the proceeds of which, in the opinion of the

authority, are available to make such loan, or if no such proceeds are

then available in a sufficient amount to make such loan, the average

annual net interest cost to the authority, as determined by the

authority not more than six months previous to the making of such loan,

which would have been incurred by the authority on pollution control

bonds having an average maturity of twenty years if such bonds had been

issued on a date within thirty days of such determination. The rental or

other amount required to be paid by a project occupant to a local

development corporation under a lease or other agreement for use of the

said project shall include an interest element computed at such rate as

the authority shall determine but such rate shall not be less than the

interest rate charged by the authority to the local development

corporation in accordance with the preceding sentence of this section.