N.Y. Public Authorities Law § 1835-f: Loans to lenders funds

§ 1835-f. Loans to lenders funds. 1. The following shall constitute

loans to lenders funds of the authority and shall be kept separate and

apart from all other funds of the authority: (a) the proceeds of sale of

loans to lenders bonds and notes hereafter issued, (b) any moneys

appropriated and made available by the state for the purposes of this

subtitle, (c) any moneys made available to the authority for the

purposes of this subtitle from any other source, including without

limitation, any federal agency, (d) any moneys received by the authority

as principal, interest and other payments on account of loans hereafter

made by the authority pursuant to this subtitle, (e) any fees, charges

or other moneys received by the authority in respect of loans to lenders

hereinafter made by the authority pursuant to this subtitle or on

account of applications therefor, and (f) any income or interest

hereafter earned by or any increment hereafter added to any loans to

lenders funds due to the investment thereof.

2. Subject to the terms of any agreement with lenders, bondholders and

noteholders, loans to lenders funds may be used by the authority solely:

(a) to make loans to lenders for the purpose of financing loans for

agricultural business projects in any area of the state, (b) to pay

expenses of the authority referred to in any of the clauses of

subdivision one of section eighteen hundred twenty-eight of this title,

(c) to repay advances from the state for use as loans to lenders funds

in accordance with any provision of law or repayment agreement between

the authority and the state, (d) to pay the principal, redemption

premium or interest on loans to lenders bonds or notes, (e) to purchase

outstanding loans to lenders bonds and notes or (f) to exercise any of

the powers conferred in this subtitle.