N.Y. STF Law § 236 — New York Code / Act STF / Article 16 / Section 236
Definitions
Status: in_force

§ 236. Definitions. When used in this article, unless the context\nclearly indicates otherwise, the following terms shall have the\nfollowing meanings:\n  1. "Corporation" means the New York state environmental facilities\ncorporation, as continued by section twelve hundred eighty-two of the\npublic authorities law.\n  2. "Eligible borrower" means any recipient, including any entity\nreceiving or eligible to receive an agricultural assessment pursuant to\narticle twenty-five-AA of the agriculture and markets law and any\nindividual or small business eligible to undertake an eligible project\nrelated to residential and small business on-site wastewater treatment\nsystems.\n  3. "Eligible project" shall mean a project for the implementation of a\nmanagement program established under section 319 of the Federal Water\nPollution Control Act related to agricultural operations, the upgrade or\nreplacement of residential and small business on-site wastewater\ntreatment systems with a system approved by the state or local\ndepartment of health, or the abandonment of residential and small\nbusiness on-site wastewater treatment systems and connection to a sewer,\nwhen a sewer becomes available.\n  4. "Lender" means any state or federally-chartered savings bank,\nsavings and loan association, federal savings bank, federal savings and\nloan association, farm credit system institution, or commercial bank or\ntrust company designated by the corporation to participate in the\nprogram.\n  5. "Linked deposit" means financial assistance undertaken by the\ncorporation for the construction of an eligible project through a\ndeposit, or for a farm credit system institution an investment eligible\nto be held by such institution, placed with a lender by the corporation\nbearing interest at the linked deposit interest rate, provided the\nlender has agreed to:\n  (a) lend the equivalent value of such deposit to an eligible borrower\nat the linked loan interest rate; and\n  (b) permit the deposit to be comprised of a series of certificates of\ndeposit each bearing an interest rate equal to the linked deposit\ninterest rate fixed at the time the original linked deposit is placed.\n  Each linked deposit shall be continuously and fully secured by direct\nobligations of the state or the United States of America or by\nobligations the principal and interest on which are guaranteed by the\nstate or the United States of America.\n  This article and related statutes that refer to this article do not\ngrant savings banks, savings and loan associations, farm credit system\ninstitutions, federal savings banks, or federal savings and loan\nassociations eligibility to accept public funds or public moneys from\npublic entities for investment purposes. A linked deposit is intended to\nenable a lender to make a linked loan to an eligible borrower and such\ndeposit earns a yield lower than posted rates in order to accomplish the\ngoals of this article.\n  6. "Linked deposit interest rate" means a fixed rate of interest which\nis below the market rate.\n  7. "Linked loan" means a loan for purposes of an eligible project, in\nan amount equal to a linked deposit and bearing interest at the linked\nloan interest rate.\n  8. "Linked loan interest rate" means a fixed rate below the fixed\ninterest rate the lender would have charged for the loan in the absence\nof a linked deposit based on its usual credit considerations.\n  9. "Program" means the water pollution control linked deposit program.\n  10. "Recipient" means any person which is: (a) an individual or small\nbusiness which is eligible to undertake an eligible project related to\nresidential and small business on-site wastewater treatment systems; or\n(b) an entity receiving or eligible to receive an agricultural\nassessment pursuant to article twenty-five-AA of the agriculture and\nmarkets law which is eligible to undertake an eligible project; or (c)\nany two or more of the foregoing which are acting jointly in connection\nwith an eligible project.\n  11. "Residential and small business on-site wastewater treatment\nsystem" means a system serving a residence or small business that\nprovides for the treatment and/or disposition of the combination of\nhuman and sanitary waste with water not exceeding one thousand gallons\nper day.\n  12. "Small business" means any business which is resident in this\nstate, independently owned and operated, not dominant in its field, and\nemploying not more than one hundred individuals.\n