N.Y. ENV Law § 15-1713 — New York Code / Act ENV / Article 15 / Title 17 / Section 15-1713
Waters impounded by dams constructed for power purposes impressed with a public interest
Status: in_force

§ 15-1713. Waters impounded by dams constructed for power purposes\n             impressed with a public interest.\n  The waters impounded by any dam hereafter constructed for power\npurposes on any stream or waterway in the state, shall be impressed with\na public interest and open to the public to fish thereon, when\nauthorized by other applicable provisions of this chapter subject to the\nconditions and limitations found in section 11-1311 of this chapter.\n
N.Y. PBA Law § 2428 — New York Code / Act PBA / Article 8 / Title 17 / Part 2 / Section 2428
Insurance of mortgages
Status: in_force

§ 2428 Insurance of mortgages. 1. The agency is authorized, subject to\nthe provisions of this article, to make commitments to insure and to\ncontract to insure mortgage loans eligible for insurance hereunder.\n  * 1-a. The agency may issue commitments to provide and may provide\npool insurance in an amount not in excess of twenty-five percent of the\noutstanding principal indebtedness at the time of commitment of any\naggregate of mortgage loans or with respect to mortgage loans acquired\npursuant to section twenty-four hundred five-b of this title,\ntwenty-five percent of the initial principal indebtedness of any\naggregate of mortgage loans.\n  * NB Repealed July 23, 2027\n  2. The agency shall limit its insurance on a rehabilitation or\npreservation loan to an amount not in excess of fifty per centum of the\noutstanding principal indebtedness, provided, however, that the agency\nmay insure an amount not in excess of seventy-five per centum of the\noutstanding principal indebtedness of a rehabilitation loan if it shall\nfind, pursuant to rules or regulations which it shall establish that the\nextent of rehabilitation is sufficient to justify such additional\ninsurance, provided further, however, that the agency may insure an\namount equal to the full outstanding principal indebtedness when the\nloan has been made by a public benefit corporation of the state of New\nYork which public benefit corporation has issued or will issue bonds or\nnotes, some or all of the proceeds of which bonds or notes were used or\nwill be used to make such loan, or when the loan has been made by a\npublic employee pension fund.\n  However, the sum of the percentage of any mortgage loan insured by the\nagency and the percentage of such loan insured or to be insured by any\nother party shall not exceed one hundred per centum of the outstanding\nprincipal indebtedness.\n  * 2-a. The agency may issue a commitment to provide and may insure a\npreservation loan in an amount equal to the full outstanding principal\nindebtedness of such preservation loan if: (a) the existing indebtedness\nshall have been originated during the period from January first, two\nthousand four through December thirty-first, two thousand eight; (b) the\namount of each insured preservation loan shall not exceed one hundred\nfifty million dollars; (c) such preservation loan shall preserve or\ncreate affordable housing accommodations; and (d) the preservation loan\nshall have been made by a public benefit corporation of the state of New\nYork which public benefit corporation has issued or will issue bonds or\nnotes, some or all of the proceeds of which bonds or notes shall have\nbeen, or will be, used to make such preservation loan, or the\npreservation loan shall have been made by a public employee pension\nfund.\n  * NB Repealed July 23, 2027\n  * 3. Except for pool insurance, and except as otherwise provided in\nsubdivision three-a of this section, the agency shall not issue a\ncommitment to insure nor shall it insure any loan unless it shall first\nfind (a) that the property which is the security for such loan is\nlocated in a neighborhood characterized by a deficiency of available\nmortgage financing; (b) that such deficiency has caused or threatens to\ncause undermaintained and deteriorating housing accommodations and\nsubstandard and insanitary neighborhoods; (c) that the granting of such\nloan will aid in the preservation or rehabilitation of the neighborhood\nin which such property is located; (d) if the property which is the\nsecurity for such loan is not a housing accommodation, that the granting\nof such loan will assist in preventing the deterioration of housing\naccommodations in the neighborhood in which such property is located;\n(e) that the sum of (i) twenty percentum or such percentum as may be\nestablished by the board of the agency pursuant to subdivision seven of\nthis section, of the amount of such loan which is to be insured, plus\n(ii) the amount of the mortgage insurance fund requirement for the\ncategory of loan does not exceed the amount available in the special\naccount; and (f) that the property which is the security for such loan\nmeets such other requirements as the agency may from time to time\nestablish by guidelines adopted by the agency.\n  The agency shall not issue a commitment to provide pool insurance nor\nshall it provide such insurance unless it shall first find (a) that the\nsum of (i) twenty per centum, or such per centum as may be established\nby the board of the agency pursuant to subdivision seven of this\nsection, of the amount of such loans or aggregate of loans which is to\nbe insured, plus (ii) the amount of the mortgage insurance fund\nrequirement for the category of loan does not exceed the amount\navailable in the pool insurance account; and (b) that the property which\nis the security for such loan or loans meets such other requirements as\nthe agency may from time to time establish by guidelines adopted by the\nagency.\n  The agency may issue a commitment to insure and may insure an existing\nloan, first when an application for such mortgage insurance is pending\nprior to the making of a loan, when significant circumstances beyond the\nreasonable control of the mortgagor and mortgagee necessitate the making\nof the loan prior to the issuance of the commitment to insure and when\nit is determined by the agency that such loan would not have been made\nexcept for the reasonable expectation that the agency would insure the\nloan, or second, as part of a transaction in which the financial\ninstitution requesting insurance makes additional loan or loans which\nqualify for insurance by the agency, in accordance with provisions of\nthis section and requirements established by the agency, in a total\namount such that the uninsured portion of such additional loan or loans\nequals or exceeds the insured portion of such existing loan or loans.\n  * NB Effective until July 23, 2027\n  * 3. The agency shall not issue a commitment to insure nor shall it\ninsure any loan unless it shall first find (a) that the property which\nis the security for such loan is located in a neighborhood characterized\nby a deficiency of available mortgage financing; (b) that such\ndeficiency has caused or threatens to cause undermaintained and\ndeteriorating housing accommodations and substandard and insanitary\nneighborhoods; (c) that the granting of such loan will aid in the\npreservation or rehabilitation of the neighborhood in which such\nproperty is located; (d) if the property which is the security for such\nloan is not a housing accommodation, that the granting of such loan will\nassist in preventing the deterioration of housing accommodations in the\nneighborhood in which such property is located; (e) that the sum of (i)\ntwenty percentum or such percentum as may be established by the board of\nthe agency pursuant to subdivision seven of this section, of the amount\nof such loan which is to be insured, plus (ii) the amount of the\nmortgage insurance fund requirement for the category of loan does not\nexceed the amount available in the special account; and (f) that the\nproperty which is the security for such loan meets such other\nrequirements as the agency may from time to time establish by rules and\nregulations.\n  The agency may issue a commitment to insure and may insure an existing\nloan, first when an application for such mortgage insurance is pending\nprior to the making of a loan, when significant circumstances beyond the\nreasonable control of the mortgagor and mortgagee necessitate the making\nof the loan prior to the issuance of the commitment to insure and when\nit is determined by the agency that such loan would not have been made\nexcept for the reasonable expectation that the agency would insure the\nloan, or second, as part of a transaction in which the financial\ninstitution requesting insurance makes additional loan or loans which\nqualify for insurance by the agency, in accordance with provisions of\nthis section and requirements established by the agency, in a total\namount such that the uninsured portion of such additional loan or loans\nequals or exceeds the insured portion of such existing loan or loans.\n  * NB Effective July 23, 2027\n  * 3-a. The agency may issue a commitment to insure and may insure any\nloans or aggregate of loans and may issue a commitment to provide and\nmay provide mortgage pool insurance on any loans or aggregate of loans,\nnotwithstanding the criteria set forth in subparagraph (a), (b), (c) or\n(d) of the opening paragraph of subdivision three of this section\nprovided that it shall find that the property which is the security for\nsuch loan or loans is either: (a) located within an empire zone\ndesignated pursuant to article eighteen-B of the general municipal law,\nor (b) will provide affordable housing, or (c) the entity providing the\nproject's mortgage financing was or is created by local, state or\nfederal legislation and certifies to the agency that the project meets\nthe program criteria applicable to such entity, or (d) providing a\nretail or community service facility that would not otherwise be\nprovided.\n  * NB Repealed July 23, 2027\n  3-b. Notwithstanding any other provision of law to the contrary, when\nsuch insurance is not available through the private market the agency\nmay insure reverse mortgage loans which meet the following conditions:\n  (a) the authorized lender requires primary mortgage insurance on the\nreal property and the applicant is unable to procure such mortgage\ninsurance in the private market;\n  (b) the reverse mortgage loan is issued pursuant to section two\nhundred eighty or two hundred eighty-a of the real property law;\n  (c) the reverse mortgage loan amount shall not exceed the loan to\nvalue ratio as may be determined by the superintendent of financial\nservices; and\n  (d) the real property which is the security for such reverse mortgage\nloan meets such other requirements as the agency may from time to time\nestablish.\n  * 4. To be eligible for insurance under this article, a mortgage loan\nshall (a) (i) be a first lien of the kind which is commonly given to\nsecure advances on, or the unpaid purchase price of, real property, or\ntangible personal property constituting modular or manufactured housing\nin the case of mortgage loans purchased by the agency under its forward\ncommitment program, under the laws of the state together with any credit\ninstrument secured thereby, provided, however, that a mortgage loan may\nbe a second lien if such mortgage loan was purchased by the agency or\n(ii) be secured by an assignment or transfer of stock certificates or\nother evidence of ownership interest of the borrower in, and a\nproprietary lease from, a corporation formed for the purpose of the\ncooperative ownership of residential real estate in the state; (b)\nsecure a rehabilitation or preservation loan on real property held in\nfee simple or on a leasehold under a proprietary lease or a lease having\na period of years to run at the time the mortgage is insured under this\narticle of at least twenty per centum greater duration than the\nremaining term of the mortgage; (c) contain terms with respect to\nprepayment, insurance, repairs, alterations, payment of taxes, special\nassessments, service charges, default reserves, delinquency charges,\nforeclosure proceedings, additional and secondary liens, and such other\nmatters as the agency may in its discretion prescribe; (d) be\naccompanied by certificates, issued by such officers of the mortgage\nfinancial institutions, independent appraisers or other persons as the\nagency may require, certifying that (i) where appropriate, the annual\nincome to be derived from the property equals not less than one hundred\nand five per centum of the annual charges and expenses, including\nprovision for reserves, satisfactory to the agency, for the amortization\nof subordinate mortgage loans over the remaining terms of such loans\nnotwithstanding the provisions thereof; (ii) the remaining useful life\nof the property is greater than the term of the mortgage; and (iii) the\nproperty does not contain any substantial violations of local building\nmaintenance and construction codes, except that in the case of a loan\nmade to the owner of a property containing any such violations, the\nagency may insure or commit to insure such loan if the mortgagee and the\nowner have submitted a plan, satisfactory to the agency to eliminate\nsuch violations and the issuance of such insurance shall be conditioned\non removal of such violations to the satisfaction of the local code\nenforcement agency; and (e) satisfy such additional terms and conditions\nas the agency may prescribe. For pool insurance, the requirements of\nparagraph (b) of this subdivision shall not be applicable.\n  * NB Effective until July 23, 2027\n  * 4. To be eligible for insurance under this article, a mortgage loan\nshall (a) (i) be a first lien of the kind which is commonly given to\nsecure advances on, or the unpaid purchase price of, real property under\nthe laws of the state together with any credit instrument secured\nthereby, provided, however, that a mortgage loan may be a second lien if\nsuch mortgage loan was purchased by the agency or (ii) be secured by an\nassignment or transfer of stock certificates or other evidence of\nownership interest of the borrower in, and a proprietary lease from, a\ncorporation formed for the purpose of the cooperative ownership of\nresidential real estate in the state; (b) secure a rehabilitation or\npreservation loan on real property held in fee simple or on a leasehold\nunder a proprietary lease or a lease having a period of years to run at\nthe time the mortgage is insured under this article of at least twenty\nper centum greater duration than the remaining term of the mortgage; (c)\ncontain terms with respect to prepayment, insurance, repairs,\nalterations, payment of taxes, special assessments, service charges,\ndefault reserves, delinquency charges, foreclosure proceedings,\nadditional and secondary liens, and such other matters as the agency may\nin its discretion prescribe; (d) be accompanied by certificates, issued\nby such officers of the mortgage financial institutions, independent\nappraisers or other persons as the agency may require, certifying that\n(i) where appropriate, the annual income to be derived from the property\nequals not less than one hundred and five per centum of the annual\ncharges and expenses, including provision for reserves, satisfactory to\nthe agency, for the amortization of subordinate mortgage loans over the\nremaining terms of such loans notwithstanding the provisions thereof;\n(ii) the remaining useful life of the property is greater than the term\nof the mortgage; and (iii) the property does not contain any substantial\nviolations of local building maintenance and construction codes, except\nthat in the case of a loan made to the owner of a property containing\nany such violations, the agency may insure or commit to insure such loan\nif the mortgagee and the owner have submitted a plan, satisfactory to\nthe agency to eliminate such violations and the issuance of such\ninsurance shall be conditioned on removal of such violations to the\nsatisfaction of the local code enforcement agency; and (e) satisfy such\nadditional terms and conditions as the agency may prescribe.\n  * NB Effective July 23, 2027\n  5. In addition to the conditions set forth in subdivisions three and\nfour of this section, the agency shall not insure nor issue a commitment\nto insure any rehabilitation loan unless it shall first find that\nrehabilitation is necessary to upgrade the property and that\nrehabilitation will not necessitate more than a minimum amount of\nrelocation of the residents of any housing accommodation.\n  6. A financial institution may request insurance by written\napplication to the agency in such form and manner, together with such\ninformation and documents, as the agency may prescribe. No application\nshall be complete unless and until the financial institution has paid\nsuch processing fees and other charges as the agency may impose in\nconnection therewith. The agency shall signify its acceptance of such\napplication for insurance by issuance of a commitment to insure or a\ncontract of insurance.\n  7. * (a) The board of directors of the agency may, from time to time,\nby vote of a majority of all of its members, establish a percentage\ngreater than the per centum set in subdivision five of section\ntwenty-four hundred twenty-six of this title for any or all of the\nfollowing categories of loans insurable by the agency or for one or more\nloans within such categories: one to four family dwellings one unit of\nwhich is owner-occupied; one to four family dwellings which are not\nowner-occupied; five or more family dwellings; proprietary leases;\ncondominiums; loans secured by other real property; loans purchased or\nto be purchased by the agency with proceeds of bonds or notes issued by\nthe agency; loans securing bonds or notes issued by the agency; loans\ncovered by pool insurance; or, combinations thereof. The board shall\nspecify such percentage and shall specify the date on which the\nestablishment of such percentage shall take effect as to (i) commitments\nissued on or after such date and (ii) nothing contained in this section\nshall be construed to prohibit the board of directors of the agency from\nreducing the per centum used in calculating the mortgage insurance fund\nrequirement, provided such new per centum is not less than that set in\nsubdivision five of section twenty-four hundred twenty-six of this\ntitle.\n  * NB Effective until July 23, 2027\n  * (a) The board of directors of the agency may, from time to time, by\nvote of a majority of all of its members, establish a percentage other\nthan the percentum set in subdivision five of section twenty-four\nhundred twenty-six of this chapter for any or all of the following\ncategories of loans insurable by the agency: single family residences\nwhich are owner-occupied; single family residences which are not\nowner-occupied; multi-family residences; proprietary leases;\ncondominiums and loans secured by other real property; or, combinations\nthereof. The board shall specify such percentage in multiples of five\nand shall specify the date on which the establishment of such percentage\nshall take effect as to commitments issued on or after such date.\n  * NB Effective July 23, 2027\n  (b) No change in the amount of moneys which must be held in or\ncredited to the mortgage insurance fund pursuant to paragraph (a) of\nthis subdivision shall have force or effect until the governor of the\nstate of New York shall have an opportunity to approve or veto it. For\nthe purpose of procuring such approval or veto, the secretary of the\nboard shall transmit to the governor at the executive chamber in Albany\na certified copy of that portion of the minutes of the meeting of the\nboard in which such change was discussed and voted upon as soon after\nthe holding of such meeting as the minutes can be prepared. The governor\nshall, within thirty days, Saturdays, Sundays and public holidays\nexcepted, after such minutes shall have been delivered at the executive\nchamber as aforesaid, cause the same to be returned to the board either\nwith his approval or with his veto, provided, however, that if the\ngovernor shall not return such minutes within such period then at the\nexpiration thereof the change therein authorized will have full force\nand effect according to the wording thereof. If the governor within such\nperiod returns such minutes with a veto against the change, then such\nchange shall be null and void.\n  * 8. Notwithstanding any contrary provisions of this article or of any\nother law, rule or regulation, on and after the effective date of this\nsubdivision;\n  (a) Except for pool insurance, the agency shall not issue a commitment\nto insure nor shall it provide loan insurance for any loan if twenty\npercent (or such other percentage as may be established pursuant to\nsubdivision seven of this section) of the amount to be insured exceeds\nten percent of the mortgage insurance fund requirement for all loans\ninsured and loans for which commitments to insure have been issued at\nthat time.\n  (b) If less than fifty percent, or none of the space of the project is\nor is to be used for residential purposes, the amount of such loan\ninsurance shall not exceed five million dollars and no such loan\ninsurance may be issued unless the agency finds that the space which is\nto be used for other than residential purposes is to be used to provide\nthe residents of the neighborhood with retail and community service\nfacilities which would not otherwise be provided. The provisions of this\nparagraph shall not apply to loan insurance for projects which provide\ntemporary shelter for homeless persons or community health facilities.\n  (c) The agency shall not issue a commitment to insure nor shall it\nprovide loan insurance for a preservation loan unless: (i) such loan is\nmade with respect to a one to four family dwelling; or (ii) such loan is\nmade with respect to a building, which on the effective date of this\nsubparagraph, is owned by a cooperative housing corporation formed for\nthe purpose of the cooperative ownership of residential real estate in\nthe state where such refinancing is not otherwise available and such\nloan will facilitate or accommodate affordable homeownership\nopportunities; or (iii) such loan is made with respect to the real\nproperty and improvements owned by a cooperative housing corporation\nformed for the purpose of the cooperative ownership of residential\nmanufactured homes in the state where such refinancing is not otherwise\navailable and such loan will facilitate or accommodate affordable\nhomeownership opportunities; or (iv) such loan is made with respect to\nmulti-family residential buildings with existing indebtedness originated\nduring the period from January first, two thousand four through December\nthirty-first, two thousand eight, where such loan will facilitate or\naccommodate the preservation of affordable housing accommodations.\n  * NB Effective until July 23, 2027\n  * 8. Notwithstanding any contrary provisions of this article or of any\nother law, rule or regulation, on and after the effective date of this\nsubdivision;\n  (a) The agency shall not issue a commitment to insure nor shall it\nprovide loan insurance for an amount in excess of the lesser of ten\nmillion dollars or forty percent of the amount of money on deposit in\nthe mortgage insurance fund at that time.\n  (b) If less than fifty percent, or none of the space of the project is\nor is to be used for residential purposes, the amount of such loan\ninsurance shall not exceed five million dollars and no such loan\ninsurance may be issued unless the agency finds that the space which is\nto be used for other than residential purposes is to be used to provide\nthe residents of the neighborhood with retail and community service\nfacilities which would not otherwise be provided.\n  (c) The agency shall not issue a commitment to insure nor shall it\nprovide loan insurance for a preservation loan unless (i) such loan is\nmade with respect to a one to four family dwelling; or (ii) such loan is\nmade with respect to a building, which on the effective date of this\nsubparagraph, is owned by a cooperative housing corporation formed for\nthe purpose of the cooperative ownership of residential real estate in\nthe state where such refinancing is not otherwise available and such\nloan will facilitate or accommodate affordable homeownership\nopportunities; or (iii) such loan is made with respect to the real\nproperty and improvements owned by a cooperative housing corporation\nformed for the purpose of the cooperative ownership of residential\nmanufactured homes in the state where such refinancing is not otherwise\navailable and such loan will facilitate or accommodate affordable\nhomeownership opportunities.\n  * NB Effective July 23, 2027\n
N.Y. ENV Law § 15-1707 — New York Code / Act ENV / Article 15 / Title 17 / Section 15-1707
Procedure on application for license
Status: in_force

§ 15-1707. Procedure on application for license.\n  1. Each applicant for a license shall submit to the department a\nwritten verified application in such form as the department may\nprescribe and containing such data or information of the applicant's\nproject as the department may require. It shall be accompanied by\nproposed plans and specifications showing the nature and extent of the\napplicant's proposed development and estimates of cost as may be\nrequired for a full understanding of the proposed project. Such maps,\nplans and specifications when approved by the department shall be made a\npart of the license; and thereafter no changes shall be made in such\nmaps, plans or specifications until such changes shall have been\napproved and made a part of such license by the department. Applications\nshall be filed with the department in the order of their receipt.\n  2. Each license covering water power sites or lands, the title to\nwhich is vested in the state, shall require the payment by the licensee\nof an annual charge measured by a fair rental value thereof; in other\ncases, except where the state has no proprietary interest, an equitable\nannual charge may be made, in determining which the department shall\ngive consideration to the cost of producing power by others in\ncompetition with the licensee; and every license shall require the\npayment by the licensee of an annual charge for the purpose of\nreimbursing the state for the cost of administration of the provisions\nof title 17 of this article. The department, by resolution, shall fix\nand determine such annual charge, and the time or stage of development\nfrom which rentals are to be computed, whereupon if one or more\napplicants signifies his readiness, and establishes to the satisfaction\nof the department his ability, to construct and maintain the proposed\nproject, to pay the charge or rental fixed by the department, and\notherwise to comply with the provisions of title 17 of this article in\nthe use of such water and property, it shall give notice of such\ndetermination and of a time, not less than fifteen days from the date of\nthe first publication of the notice, and of the place of a meeting of\nthe department to take action on such application or applications.\n  3. A copy of such determination and notice shall be served upon each\napplicant for the license not less than fifteen days previous to the\ndate set for the hearing. If the application applies to or may affect\nany canal or canal feeder waters, a like notice shall be given to the\nCommissioner of Transportation. The department shall also cause such\nnotice to be published as provided in subdivision 1 of section 15-0903.\n  4. At the time and place designated in such notice, or at a time and\nplace to which the meeting may be adjourned, the department shall\ndetermine whether the plan or plans set forth in the application or\napplications on file with the department, or any such plan, is or may be\nconsistent with the proper development, conservation and utilization in\nthe public interest of power resources of the water shed, stream or\nlocalities to be affected by the determination. If it shall determine\nthat any of the plans is consistent with such development, conservation\nand utilization and that there is no reason why the water power involved\nshould at the time be withheld in the public interest from development\nby private interests, it may grant the application. If there be two or\nmore such applications it shall decide which of the plans is most\nsuitable for the proper development, conservation and utilization in the\npublic interest of the water power resources of the water shed, stream\nor locality affected.\n  5. The department in granting the license shall accord a preference to\nthe applicant whose plans, being approved under the preceding\nsubdivision, are best adapted to properly develop the water power site\nor sites covered by the application, provided that it is satisfied that\nsuch applicant is reliable and responsible and capable of consummating\nthe project; and provided further that as between two or more plans\nequally well adapted to such purpose, a preference may be given to the\napplication of a municipal corporation, if an order shall have been\npreviously made by the Public Service Commission approving the\ninstallation of a municipal power plant which it proposes to install\nunder the license, or in default of such an application to a riparian\nowner, and, otherwise, to the application first filed with the\ndepartment; and provided further that the department may impose as a\ncondition of granting the license that the plan be modified to improve\nthe development or otherwise conserve the public interest or protect\nprivate rights.\n  6. The department from time to time, either before or after a license\nis granted, may permit minor changes and corrections to be made in any\nmap, plans or specifications filed by an applicant for the purpose of\nimproving the same. It may also permit changes to be made therein for\nthe purpose of better adapting the same to the development, conservation\nand utilization in the public interest of the water power resources of\nthe water shed, stream or locality affected. No correction or change\nshall be made under this subdivision until the same has been authorized\nby a resolution adopted by the department.\n
N.Y. PBA Law § 2426 — New York Code / Act PBA / Article 8 / Title 17 / Part 2 / Section 2426
Definitions
Status: in_force

§ 2426. Definitions. As used in sections twenty-four hundred\ntwenty-five through twenty-four hundred twenty-nine inclusive.\n  1. "Financial institution". Any bank, trust company, national bank,\nsavings bank, state or federal savings and loan association, or state or\nfederal credit union, insurance company, pension fund or retirement\nsystem of any corporation, association, any other entity which is owned\nor controlled by any one or more of the above, provided the same is\nsupervised by or responsible to any agency of the federal government,\nthe state, any department thereof or the governing body of any city,\ntown or village of the state or any other entity approved by the agency\nor any one or more of the above when lawfully acting as a trustee or\notherwise in a fiduciary capacity. The term "financial institution"\nshall also include the New York state housing finance agency and the New\nYork state urban development corporation, the New York city housing\ndevelopment corporation, the New York city department of housing\npreservation and development and any person who is approved as a\nmortgage lender by the federal housing administration for purposes of\ninsurance issued by such administration or licensed by the state of New\nYork as a mortgage banker.\n  2. "Housing accommodation". Any existing building, structure, unit\nthereof or unimproved real property, which is used or occupied, or is\nintended to be used or occupied, wholly or partly, as the home or\nresidence of one or more persons.\n  3. "Other real property". Any existing building, structure or\nunimproved property which is used or occupied, or is intended to be used\nor occupied, primarily for the retail sale of goods or the rendering of\nservices.\n  4. "Mortgage insurance fund". The mortgage insurance fund established\npursuant to section twenty-four hundred twenty-nine-b of this article.\n  5. "Mortgage insurance fund requirement". For any category of loans or\ndevelopment corporation credit support as of any particular date of\ncomputation, an amount of money or cash equivalents equal to (a) the\naggregate of (i) such insured amounts of each category of loans and such\namount of development corporation credit support as the agency has\ndetermined to be due and payable as of such date pursuant to its\ncontracts to insure mortgages or provide development corporation credit\nsupport plus (ii) an amount equal to twenty per centum of the amounts of\neach category of loans insured under the agency's insurance contracts\nplus twenty per centum of the amounts to be insured under the agency's\ncommitments to insure less the amounts payable in each category of loans\npursuant to subparagraph (i) of this paragraph, provided, however, that\nif the board of directors of the agency shall have established a per\ncentum for a category of loans, or for one or more loans within such\ncategories, pursuant to subdivision seven of section twenty-four hundred\ntwenty-eight of this part, such per centum shall be substituted for\ntwenty per centum in this paragraph for such category or loan, and\nprovided further, that no such new per centum shall be lower than twenty\nper centum plus (iii) an amount equal to the respective amounts\nestablished by contract with respect to each reserve and financial\nsupport fund (which may be determined by reference to percentages of\namounts required or permitted to be on deposit in said funds and may be\ndifferent for each such fund) for which the agency has determined that\nthe development corporation credit support account established under\nsection twenty-four hundred twenty-nine-b of this part is or will be a\nsource or potential source of development corporation credit support,\nless the amounts payable with respect to development corporation credit\nsupport pursuant to subparagraph (i) of this paragraph less (b) the\naggregate of the amount of each reinsurance contract procured in\nconnection with agency obligations determined by the board of directors\nof the agency to be a reduction pursuant to this paragraph in\ncalculating the mortgage insurance fund requirement. For purposes of\npool insurance, in no event shall the reserve requirement be less than\ntwenty percent of the amounts insured under the agency's insurance\ncontracts.\n  6. "Mortgagee". The lender under a mortgage eligible for insurance\npursuant to section twenty-four hundred twenty-eight of this chapter,\nand its successors and assigns approved by the agency.\n  7. "Mortgagor". The original borrower under a mortgage eligible for\ninsurance pursuant to section twenty-four hundred twenty-eight of this\nchapter, and its successors and assigns approved by the agency.\n  8. "Operating expenses". All costs of administering the agency,\nincluding but not limited to salaries and wages, expenses of\nadministering staff functions, fees of consultants, legal fees, charges\nincurred for servicing insured mortgage loans, money management, office\nrents, utility charges, cost of supplies, furnishings, equipment,\nmachinery and apparatus, maintenance and repair of property and other\nexpenses incurred in connection with the foregoing.\n  9. "Region". One or more of the following named areas comprised of the\ncounties indicated:\n  (1) Buffalo: Cattaraugus, Chautauqua, Erie and Niagara counties;\n  (2) Rochester: Genesee, Livingston, Monroe, Ontario, Orleans, Seneca,\nWayne, Wyoming and Yates counties;\n  (3) Syracuse: Cayuga, Cortland, Madison, Onondaga and Oswego counties;\n  (4) Elmira-Binghamton: Allegany, Broome, Chemung, Chenango, Delaware,\nOtsego, Schuyler, Steuben, Tioga and Tompkins counties;\n  (5) Mid-Hudson: Columbia, Dutchess, Greene, Orange, Putnam, Sullivan\nand Ulster counties;\n  (6) Capital: Albany, Montgomery, Rensselaer, Saratoga, Schenectady and\nSchoharie counties;\n  (7) Mohawk Valley-Northern: Clinton, Essex, Franklin, Fulton,\nHamilton, Herkimer, Jefferson, Lewis, Oneida, St. Lawrence, Warren and\nWashington counties;\n  (8) Downstate: Rockland and Westchester counties;\n  (9) Long Island: Nassau and Suffolk counties;\n  (10) New York City: the five counties comprising the city of New York.\n  10. "Rehabilitation". Repairs, alterations or improvements of a\nhousing accommodation designed to raise the housing standards therein\nor, in the case of other real property, designed to provide needed\nimprovements therein.\n  11. "Preservation loan". A loan extended by a financial institution\nfor the purposes of refinancing existing indebtedness secured by one or\nmore mortgages on a housing accommodation or other real property and/or\nfinancing the acquisition of a housing accommodation or other real\nproperty and which otherwise complies with the conditions established\npursuant to section twenty-four hundred twenty-eight of this chapter.\n  * 12. "Rehabilitation loan". A loan extended by a financial\ninstitution which may include the refinancing of existing indebtedness,\nif any, secured by one or more mortgages on the housing accommodation or\nother real property to be rehabilitated or financing the acquisition of\nthe housing accommodation or other real property to be rehabilitated,\nand which otherwise complies with the conditions established pursuant to\nsection twenty-four hundred twenty-eight of this part, provided however\nthat a sum equal to at least twenty percent of the amount of the loan\nshall be used for the cost of rehabilitation of, or construction of\nimprovements on a housing accommodation or other real property; provided\nfurther that such percentage shall not be required for a community\nresidence as such term is defined in subdivision twenty-eight of section\n1.03 of the mental hygiene law, or for any other residential facility\nfunded by, under contract with, or subject to regulation by or under the\njurisdiction of the department of mental hygiene, providing services to\npersons with mental disabilities as such term is defined in subdivision\nthree of such section.\n  * NB Effective until July 23, 2027\n  * 12. "Rehabilitation loan". A loan extended by a financial\ninstitution which may include the refinancing of existing indebtedness,\nif any, secured by one or more mortgages on the housing accommodation or\nother real property to be rehabilitated or financing the acquisition of\nthe housing accommodation or other real property to be rehabilitated,\nand which otherwise complies with the conditions established pursuant to\nsection twenty-four hundred twenty-eight of this chapter, provided\nhowever that a sum equal to at least twenty-five percent of the amount\nof the loan shall be used for the cost of rehabilitation of, or\nconstruction of improvements on a housing accommodation or other real\nproperty.\n  * NB Effective July 23, 2027\n  13. "Residential purposes". The use or intended use of any space as\nthe home or residence of one or more persons, excluding use as a housing\naccommodation for transients, but including use or intended use for\nemergency, transitional or shelter housing.\n  14. "Cash equivalent". A letter of credit, insurance policy, surety,\nguarantee or other security arrangement.\n  15. "Pool insurance". Mortgage insurance provided by the agency to\ninsure an aggregate of mortgage loans.\n  16. Reverse mortgage. A reverse mortgage loan pursuant to section two\nhundred eighty or two hundred eighty-a of the real property law shall\nmean a loan which is secured by a first mortgage on real property\nimproved by a one to four-family residence or condominium that is the\nresidence of the mortgagor, the proceeds of which are advanced to the\nmortgagor during the loan term in equal installments, in advances\nthrough a line of credit or otherwise, in lump sums, or through a\ncombination thereof. A reverse mortgage may be structured to provide for\nthe addition of accrued but unpaid interest to principal. Such reverse\nmortgage loan may provide for an initial lump-sum advance wherein the\nmortgagor may receive an amount necessary to pay closing costs,\nincluding but not limited to loan or commitment fees, if any, insurance\npremiums, the cost of house repairs, legal fees, the cost of annuities,\nthe costs of third party counseling, the amount necessary to pay off\nexisting mortgages or liens, and other appropriate costs.\n  17. "Ancillary bond facility". That portion of an ancillary bond\nfacility, as defined in the convention center development corporation\nact, with respect to which the corporation has an actual or potential\nfinancial obligation or financial right.\n  18. "Bonds". Bonds as defined in the convention center development\ncorporation act.\n  19. "Corporation". The convention center development corporation,\ncreated by the convention center development corporation act.\n  20. "Development corporation credit support". The sum of the\nrespective amounts (or percentages) of required or permissive funding by\nthe corporation of each reserve and financial support fund established\nby the corporation for its bonds and, to the extent not otherwise\nprovided in respect of the support of bonds, for its ancillary bond\nfacilities for which the agency has determined that the development\ncorporation credit support account established under section twenty-four\nhundred twenty-nine-b of this part is or will be a source or potential\nsource of funding.\n  21. "Reserve and financial support fund". The convention center\ndevelopment fund created by the convention center development\ncorporation act and each fund (including, but not limited to, any fund\nor account in the nature of a reserve fund, a debt service fund, a\nrevenue fund, a redemption fund or a reimbursement fund) established by\nthe corporation in connection with its bonds or ancillary bond\nfacilities from which amounts are required to be, or available to be,\napplied in satisfaction of financial obligations or financial rights of\nthe corporation under such bonds or ancillary bond facilities.\n  22. "Convention center development corporation act". The convention\ncenter development corporation act, constituting chapter thirty-five of\nthe laws of nineteen hundred seventy-nine, as amended, by the chapter of\nthe laws of two thousand four which added this subdivision.\n
N.Y. PBA Law § 2405-C — New York Code / Act PBA / Article 8 / Title 17 / Part 1 / Section 2405-C
Purchase of new housing loans
Status: in_force

* § 2405-c. Purchase of new housing loans. (1) The agency is hereby\ndirected, to the extent it finds it practicable, to establish a program\nwhereby it purchases new housing loans from banks within the state\nduring periods when there is an inadequate supply of credit available\nfor new residential improvement loans or available for such loans at\ncarrying charges within the financial means of persons and families of\nlow or moderate income.\n  It is hereby found and declared that such activities by the agency\nwill alleviate a condition in this state which is contrary to the public\nhealth, safety and general welfare and which has constituted in the past\nand from time to time in the future can be expected to constitute a\npublic emergency. It is further found and declared that such purposes\nare in all respects for the benefit of the people of the state of New\nYork and the agency shall be regarded as performing an essential\ngovernmental function in carrying out its purposes and in exercising the\npowers granted by this title.\n  (2) The agency shall purchase new housing loans from banks at such\nprices and upon such terms and conditions as it shall determine;\nprovided, however, that each borrower receiving a housing loan purchased\nby the agency shall be a person of low or moderate income and provided\nfurther that the total purchase price, exclusive of any amounts\nrepresenting a refund of commitment or other fees paid by a bank to the\nagency, for all housing loans which the agency commits to purchase from\na bank at any one time shall in no event be more than the total of the\nunpaid principal balances thereof, plus accrued interest thereon.\n  (3) In conducting its program of purchasing new housing loans, the\nagency shall not be governed or limited by the provisions of clause (i),\n(ii) or (iii) of paragraph (b) of subdivision three of section\ntwenty-four hundred five of this title.\n  (4) The agency shall require as a condition of purchase of new housing\nloans from banks that each such bank certify that each such new housing\nloan is to an individual borrower and is in addition to the housing\nloans such certifying bank otherwise would have made.\n  (5) Notwithstanding the maximum interest rate, if any, fixed by\nsection 5-501 of the general obligations law or any other law not\nspecifically amending or applicable to this section, the agency may set\nthe interest rate to be borne by new housing loans purchased by the\nagency from banks at a rate or rates which the agency from time to time\nshall determine to be at least sufficient, together with any other\navailable monies, to provide for the payment of its bonds and notes, and\nnew housing loans bearing such interest rate shall not be deemed to\nviolate any such law or to be unenforceable if originated by a bank in\ngood faith pursuant to an undertaking with the agency with respect to\nthe sale thereof notwithstanding any subsequent failure of the agency to\npurchase the housing loan or any subsequent sale or disposition of the\nhousing loan by the agency to such bank or any other person.\n  (6) The agency shall require the submission to it by each bank from\nwhich the agency has purchased new housing loans evidence satisfactory\nto the agency of the making, and if applicable, the servicing, of such\nnew housing loans in conformity with such bank's undertaking with the\nagency and in connection therewith may, through its employees or agents\nor those of the department of financial services, inspect the books and\nrecords of any such bank.\n  (7) Compliance by any bank with the terms of its agreement with or\nundertaking to the agency with respect to the sale, and if applicable,\nthe servicing, of new housing loans may be enforced by decree of the\nsupreme court. The agency may require as a condition of purchase of new\nhousing loans from any national bank the consent of such bank to the\njurisdiction of the supreme court over any such proceeding. The agency\nmay also require agreement by any bank, as a condition of the agency's\npurchase of new housing loans from such bank, to the payment of\npenalties to the agency for violation by the bank of its undertakings to\nthe agency, and such penalties shall be recoverable at the suit of the\nagency.\n  (8) The agency shall require as a condition of purchase of any new\nhousing loan from a bank that the bank represent and warrant to the\nagency that:\n  (a) the unpaid principal balance of the housing loan and the interest\nrate thereon have been accurately stated to the agency;\n  (b) the amount of the unpaid principal balance is justly due and\nowing;\n  (c) the bank has no notice of the existence of any counterclaim,\noffset or defense asserted by the mortgagor or any successor in\ninterest;\n  (d) the housing loan is evidenced and secured in the manner specified\nin the bank's undertaking to the agency and all required loan documents\nhave been properly recorded with any appropriate public official;\n  (e) the housing loan is secured by the security described to the\nagency subject only to liens, security interests and encumbrances\ndescribed to the agency;\n  (f) the borrower is not now in default in the payment of any\ninstallment of principal or interest, escrow funds, real property taxes\nor otherwise in the performance of his obligations under the loan\ndocuments and has not to the knowledge of the bank been in default in\nthe performance of any such obligation for a period of longer than sixty\ndays during the life of the housing loan;\n  (g) the residential family dwelling unit improved, rehabilitated,\nreconstructed or redeveloped with the proceeds of the housing loan is\ncovered by a valid and subsisting policy of insurance issued by a\ncompany authorized by the superintendent of financial services to issue\nsuch policies in the state of New York and providing fire and extended\ncoverage to the extent specified in the bank's undertaking to the\nagency; and\n  (h) the housing loan is insured or guaranteed by the United States of\nAmerica or any agency thereof, or by a firm which is authorized by the\nsuperintendent of financial services of the state of New York to issue\nsuch policies in the state.\n  (9) Each bank shall be liable to the agency for any damages suffered\nby the agency by reason of the untruth of any representation or the\nbreach of any warranty and, in the event that any representation shall\nprove to be untrue when made or in the event of any breach of warranty,\nthe bank shall, at the option of the agency, repurchase the housing loan\nfor the original purchase price adjusted for amounts subsequently paid\nthereon, as the agency shall determine.\n  (10) The agency need not require the recording or filing of an\nassignment of any new housing loan purchased by it from a bank pursuant\nto this section and shall not be required to notify the borrower of its\npurchase of the housing loan. The agency shall not be required to\ninspect or take possession of the loan documents if the bank from which\nthe new housing loan is purchased by the agency shall enter a contract\nto service such housing loan and account to the agency therefor.\n  (11) Notwithstanding any other provision of law, the agency is\nauthorized to require, as a condition to the purchase from banks of new\nhousing loans, such restrictions upon assumability of the loan, default\nprovisions, rights to accelerate, and other terms applicable to new\nhousing loans made by banks pursuant to undertakings with the agency\nwith respect to the sale thereof as the agency may determine to be\nnecessary or desirable to assure the repayment of its bonds and notes\nand the exemption from federal income taxes of the interest payable on\nits bonds and notes. All such terms shall be enforceable by the\noriginating bank, the agency, and any successor holder of the housing\nloan unless expressly waived in writing by or on behalf of the agency.\n  (12) In conducting its program of purchasing new housing loans, the\nagency shall use its best efforts to work in conjunction with and\nmaximize the participation of programs operated by not-for-profit\ncorporations or charitable organizations for the improvement,\nrehabilitation, reconstruction or redevelopment of one to four unit\nresidences.\n  * NB Repealed July 23, 2027\n
N.Y. PBA Law § 2405 — New York Code / Act PBA / Article 8 / Title 17 / Part 1 / Section 2405
Purchase of existing mortgages
Status: in_force

* § 2405. Purchase of existing mortgages. (1) A purpose of the agency\nshall be to purchase existing mortgages from banks within the state\nduring periods when there is an inadequate supply of credit available\nfor new residential mortgages and to require such banks to invest an\namount equal to the proceeds thereof as rapidly as possible in new\nmortgages on residential real property for family units within the\nstate.\n  It is hereby found and declared that such activities by the agency\nwill alleviate a condition of affairs in this state which is contrary to\nthe public health, safety and general welfare and which has constituted\nin the past and from time to time in the future can be expected to\nconstitute a public emergency. It is further found and declared that\nsuch purposes are in all respects for the benefit of the people of the\nstate of New York and the agency shall be regarded as performing an\nessential governmental function in carrying out its purposes and in\nexercising the powers granted by this title.\n  (2) The agency shall purchase existing mortgages from banks at such\nprices and upon such terms and conditions as it shall determine;\nprovided, however, that the total purchase price for all existing\nmortgages which the agency commits to purchase from a bank at any one\ntime shall in no event be more than the total of the unpaid principal\nbalances thereof, plus accrued interest thereon.\n  (3) (a) The agency shall require as a condition of purchase of\nexisting mortgages from banks that such banks shall, within such period\nas may be approved by the agency not in excess of ninety days of receipt\nof the purchase price, enter into written commitments to loan and shall,\nwithin such period as may be approved by the agency, loan an amount\nequal to the entire purchase price of such existing mortgages on new\nmortgages within the state having such terms as the agency may\nprescribe.\n  (b) (i) The proportionate dollar amount of commitments from each\nagency issue of bonds or notes used to purchase mortgages from banks in\neach region of the state, as such regions are set forth in subdivision\nnine of section twenty-four hundred twenty-six of this title shall,\nsubject to subparagraph (ii) hereof, reflect the proportion that the\nnumber of families in each region bears to the number of families in the\nstate as a whole.\n  (ii) To the extent that the reasonable demand by banks in any region\nis insufficient to accommodate the proportion of an agency issue of\nbonds or notes determined pursuant to subparagraph (i) hereof for such\nregion, the agency shall use reasonable efforts to purchase mortgages\nsuch that the excess funds from such region are distributed among the\nother regions in proportion to the relative reasonable demand. In\ndetermining reasonable demand, the agency shall consider, among other\nthings, historical demand for mortgages in such regions, the dollar\namount of offers by banks to sell mortgages to the agency and the\nreasonableness of such offers, considering the size, mortgage history,\ntotal assets, liquidity and financial ability of the bank to conform to\nthe contract of sale and the bank's record of compliance with agency\nrequirements.\n  (iii) The agency shall use its best efforts to the end that not less\nthan one-sixth in dollar amount of new mortgages resulting from its\nprogram of purchasing mortgages shall be on newly constructed\nresidences. A newly constructed residence is defined as a one to four\nfamily dwelling not previously occupied.\n  (iv) During the time that the agency is accepting offers to sell\nmortgages from banks, the agency shall advertise, in newspapers of\ngeneral circulation within the state, the fact that it is accepting\noffers from banks, and such other information as the agency determines\nto be helpful in generating maximum participation by banks and potential\nmortgagors. All banks within each such region shall be invited by the\nagency to participate in the agency's purchase of mortgages from the\nproceeds of the sale of each issue by the agency of its bonds and notes.\nThe allocation of the proceeds of each such agency issue among the banks\nrequesting participation within each region shall, to the extent\npracticable, maximize the number of banks which participate. Any\ncommitment between the agency and a bank shall require that the bank\nprovide the agency with such information, as may be deemed necessary by\nthe agency, for the agency to assure that the requirements of this title\nor any other requirements imposed by the agency with respect to the\npurchase of mortgages with the proceeds of any agency issue of bonds or\nnotes has been fulfilled.\n  (c) No commitment to loan or loan on a mortgage secured or to be\nsecured by a multiple dwelling shall satisfy the requirement of\nparagraph (a) of this subdivision unless the prior written approval of\nsuch commitment shall have been obtained from the agency. The agency may\nrefuse to approve any commitment to lend on such a multiple dwelling\nmortgage if so required by the terms of any bonding resolution and shall\nnot approve any commitment to lend on such a multiple dwelling mortgage\nif the approval thereof would increase the total dollar amount of such\ncommitments on multiple dwelling mortgages approved by the agency to an\namount in excess of forty percent of the total purchase price of all\nmortgages theretofor purchased by the agency pursuant to this section.\n  (4) In the case of individual borrowers, new mortgages made by banks\nthat sell existing mortgages to the agency shall bear interest computed\nin accordance with section 5-501 of the general obligations law (whether\nor not insured or guaranteed by the United States of America or any\nagency thereof) at a rate which does not exceed the maximum interest\nrate, if any, set by the agency for such mortgages. The agency may set\nsuch a maximum interest rate chargeable to individual borrowers on such\nnew mortgages, notwithstanding the maximum interest rate, if any, fixed\nby section 5-501 of the general obligations law or any other law not\nspecifically amending or applicable to this section, at the rate that\nthe existing mortgages purchased by the agency were discounted to yield\nplus an interest differential, not in excess of one percent per annum,\nwhich the agency from time to time shall determine to be adequate\nconsideration to induce such banks to sell existing mortgages to the\nagency and to loan an amount equal to the proceeds on new mortgages in\nfurtherance of the purposes of and subject to the conditions of this\ntitle. In the case of corporate borrowers, such new mortgages shall bear\ninterest at a rate not substantially lower than the rate of interest\nthat banks are charging at the time of commitment on comparable new\nmortgages. Each such bank that sells existing mortgages to the agency\nshall annually account and pay over to the agency or to the New York\nstate housing finance agency for deposit in and for the purposes of the\nlow rent lease account as set forth in paragraphs (a) and (b) of\nsubdivision four of section forty-four-a of the private housing finance\nlaw or any successor entity as the agency may direct, or to both the\nagency and the New York state housing finance agency for such deposit\nand purposes in such proportions as the agency may direct, an amount\nequal to the difference between (a) the total amount of interest (which\nshall include all charges to individual and corporate borrowers that\nwould be treated as interest under section 5-501 of the general\nobligations law and any regulations of the superintendent of financial\nservices pursuant to section fourteen-a of the banking law) received by\nit during the preceding year on all such new mortgages and (b) the total\namount of interest which such new mortgages would have yielded if the\ninterest thereon had been at the maximum rate chargeable to individual\nborrowers on such new mortgages plus an additional interest\ndifferential, not in excess of one percent per annum, determined by the\nagency to be adequate consideration to induce participating banks to\nmake new loans on multiple dwellings.\n  (5) The agency shall require the submission to it by each bank from\nwhich the agency has purchased existing mortgages evidence satisfactory\nto the agency of the making of new mortgage loans and of paying over to\nthe low rent lease account as required by this section and in connection\ntherewith may, through its employees or agents or those of the\ndepartment of financial services, inspect the books and records of any\nsuch bank.\n  (6) Compliance by any bank with the terms of its agreement with or\nundertaking to the agency with respect to the making of any new\nmortgages in connection with the sale of existing mortgages and of\npaying over to the low rent lease account may be enforced by decree of\nthe supreme court. The agency may require as a condition of purchase of\nexisting mortgages from any national banking association the consent of\nsuch association to the jurisdiction of the supreme court over any such\nproceeding. The agency may also require agreement by any bank, as a\ncondition of the agency's purchase of existing mortgages from such bank,\nto the payment of penalties to the agency for violation by the bank of\nits undertakings to the agency, and such penalties shall be recoverable\nat the suit of the agency.\n  (7) The agency shall require as a condition of purchase of any\nexisting mortgage from a bank that the bank represent and warrant to the\nagency that\n  (a) the unpaid principal balance of the mortgage and the interest rate\nthereon have been accurately stated to the agency;\n  (b) the amount of the unpaid principal balance is justly due and\nowing;\n  (c) the bank has no notice of the existence of any counterclaim,\noffset or defense asserted by the mortgagor or any successor in\ninterest;\n  (d) the mortgage is evidenced by a bond or promissory note and a\nmortgage document which has been properly recorded with the appropriate\npublic official;\n  (e) the mortgage constitutes a valid first lien or second lien on the\nreal property described to the agency in accordance with subdivision\nfive of section twenty-four hundred two of this part subject only to\nreal property taxes not yet due, installments of assessments not yet\ndue, and easements and restrictions of record which do not adversely\naffect, to a material degree, the use or value of the real property or\nimprovements thereon;\n  (f) the mortgage when made was lawful under the banking law or federal\nlaw, whichever governs the affairs of the bank, and would be lawful on\nthe date of purchase by the agency if made by the bank on that date in\nthe amount of the then unpaid principal balance;\n  (g) the mortgagor is not now in default in the payment of any\ninstallment of principal or interest, escrow funds, real property taxes\nor otherwise in the performance of his obligations under the mortgage\ndocuments and has not to the knowledge of the bank been in default in\nthe performance of any such obligation for a period of longer than sixty\ndays during the life of the mortgage; and\n  (h) the improvements to the mortgaged real property are covered by a\nvalid and subsisting policy of insurance issued by a company authorized\nby the superintendent of financial services to issue such policies in\nthe state of New York and providing fire and extended coverage to an\namount not less than eighty percent of the insurable value of the\nimprovements to the mortgaged real property.\n  (8) Each bank shall be liable to the agency for any damages suffered\nby the agency by reason of the untruth of any representation or the\nbreach of any warranty and, in the event that any representation shall\nprove to be untrue when made or in the event of any breach of warranty,\nthe bank shall, at the option of the agency, repurchase the existing\nmortgage for the original purchase price adjusted for amounts\nsubsequently paid thereon, as the agency may determine.\n  (9) The agency need not require the recording of an assignment of any\nexisting mortgage purchased by it from a bank pursuant to this section\nand shall not be required to notify the mortgagor of its purchase of the\nmortgage. The agency shall not be required to inspect or take possession\nof the mortgage documents if the bank from which the existing mortgage\nis purchased by the agency shall enter a contract to service such\nmortgage and account to the agency therefor.\n  (10) Notwithstanding any other provision of law, the agency is\nauthorized to require, as a condition to the purchase from banks of\nexisting mortgages, such restrictions upon assumability of each new\nmortgage as the agency may determine to be necessary or desirable to\nassure the exemption from federal income taxes of the interest payable\non its bonds and notes. Such restrictions shall be enforceable by the\noriginating bank, the agency, and any successor holder of the mortgage\nunless expressly waived in writing by or on behalf of the agency.\n  (11) The agency shall maintain a continuous review of the availability\nof funds in regular banking channels for mortgages. Except as stated\nherein with respect to forward commitment mortgages and housing loans,\nin the event that the agency shall determine that an adequate supply of\nfunds exists in regular banking channels for mortgages the agency shall\nnot authorize the issuance of bonds for the purchase of mortgages except\nrefunding bonds, until such time as the agency shall determine that the\nsupply of funds available for mortgages is again inadequate. The agency\nshall notify the governor, the temporary president of the senate, and\nthe speaker of the assembly of any determination that there is an\ninadequate supply of funds available for mortgages made by it under this\nsubdivision. Discontinuance by the agency of the purchase of mortgages\npursuant to a determination that an adequate supply of funds exists in\nregular banking channels shall not constitute, or in any way effect,\ntermination of the agency as provided in subdivision six of section two\nthousand four hundred three of this title. Notwithstanding the\nforegoing, the agency may issue bonds or notes for the purpose of\nfurthering forward commitment mortgage programs described in section\ntwenty-four hundred five-b of this title and housing loan programs\ndescribed in section twenty-four hundred five-c of this title if the\nagency shall determine that such programs will increase the supply of\ncredit available for new residential mortgages and new residential\nimprovement loans at carrying charges within the financial means of\npersons and families of low or moderate income.\n  * NB Effective until July 23, 2027\n  * § 2405. Purchase of mortgages. (1) The purpose of the agency shall\nbe to purchase mortgages from banks within the state during periods when\nthere is an inadequate supply of credit available for new residential\nmortgage loans and to require such banks to invest an amount equal to\nthe proceeds thereof as rapidly as possible in new mortgages on\nresidential real property for family units within the state.\n  It is hereby found and declared that such activities by the agency\nwill alleviate a condition of affairs in this state which is contrary to\nthe public health, safety and general welfare and which has constituted\nin the past and from time to time in the future can be expected to\nconstitute a public emergency. It is further found and declared that\nsuch purposes are in all respects for the benefit of the people of the\nstate of New York and the agency shall be regarded as performing an\nessential governmental function in carrying out its purposes and in\nexercising the powers granted by this title.\n  (2) The agency shall purchase mortgages from banks at such prices and\nupon such terms and conditions as it shall determine; provided, however,\nthat the total purchase price for all mortgages which the agency commits\nto purchase from a bank at any one time shall in no event be more than\nthe total of the unpaid principal balances thereof.\n  (3) (a) The agency shall require as a condition of purchase of\nmortgages from banks that such banks shall, within such period as may be\napproved by the agency not in excess of ninety days of receipt of the\npurchase price, enter into written commitments to loan and shall, within\nsuch period as may be approved by the agency, loan an amount equal to\nthe entire purchase price of such mortgages on new mortgages within the\nstate having such terms as the agency may prescribe.\n  (b) (i) The proportionate dollar amount of commitments from each\nagency issue of bonds or notes used to purchase mortgages from banks in\neach region of the state, as such regions are set forth in subdivision\nnine of section twenty-four hundred twenty-six of this title shall,\nsubject to subparagraph (ii) hereof, reflect the proportion that the\nnumber of families in each region bears to the number of families in the\nstate as a whole.\n  (ii) To the extent that the reasonable demand by banks in any region\nis insufficient to accommodate the proportion of an agency issue of\nbonds or notes determined pursuant to subparagraph (i) hereof for such\nregion, the agency shall use reasonable efforts to purchase mortgages\nsuch that the excess funds from such region are distributed among the\nother regions in proportion to the relative reasonable demand. In\ndetermining reasonable demand, the agency shall consider, among other\nthings, historical demand for mortgages in such regions, the dollar\namount of offers by banks to sell mortgages to the agency and the\nreasonableness of such offers, considering the size, mortgage history,\ntotal assets, liquidity and financial ability of the bank to conform to\nthe contract of sale and the bank's record of compliance with agency\nrequirements.\n  (iii) The agency shall use its best efforts to the end that not less\nthan one-sixth in dollar amount of new mortgages resulting from its\nprogram of purchasing mortgages shall be on newly constructed\nresidences. A newly constructed residence is defined as a one to four\nfamily dwelling not previously occupied.\n  (iv) During the time that the agency is accepting offers to sell\nmortgages from banks, the agency shall advertise, in newspapers of\ngeneral circulation within the state, the fact that it is accepting\noffers from banks, and such other information as the agency determines\nto be helpful in generating maximum participation by banks and potential\nmortgagors. All banks within each such region shall be invited by the\nagency to participate in the agency's purchase of mortgages from the\nproceeds of the sale of each issue by the agency of its bonds and notes.\nThe allocation of the proceeds of each such agency issue among the banks\nrequesting participation within each region shall, to the extent\npracticable, maximize the number of banks which participate. Any\ncommitment between the agency and a bank shall require that the bank\nprovide the agency with such information, as may be deemed necessary by\nthe agency, for the agency to assure that the requirements of this title\nor any other requirements imposed by the agency with respect to the\npurchase of mortgages with the proceeds of any agency issue of bonds or\nnotes has been fulfilled.\n  (c) No commitment to loan or loan on a mortgage secured or to be\nsecured by a multiple dwelling shall satisfy the requirement of\nparagraph (a) of this subdivision unless the prior written approval of\nsuch commitment shall have been obtained from the agency. The agency may\nrefuse to approve any commitment to lend on such a multiple dwelling\nmortgage if so required by the terms of any bonding resolution and shall\nnot approve any commitment to lend on such a multiple dwelling mortgage\nif the approval thereof would increase the total dollar amount of such\ncommitments on multiple dwelling mortgages approved by the agency to an\namount in excess of forty percent of the total purchase price of all\nmortgages theretofor purchased by the agency pursuant to this section.\n  (4) In the case of individual borrowers, such new mortgages shall bear\ninterest computed in accordance with section 5-501 of the general\nobligations law (whether or not insured or guaranteed by the United\nStates of America or any agency thereof) at a rate which does not exceed\nthe maximum interest rate, if any, set by the agency for such mortgages.\nThe agency may set such a maximum interest rate chargeable individual\nborrowers on such new loans, notwithstanding the maximum interest rate\nfixed by section 5-501 of the general obligations law, at the rate that\nthe mortgages purchased by the agency were discounted to yield plus an\ninterest differential, not in excess of one percent per annum, which the\nagency from time to time shall determine to be adequate consideration to\ninduce such banks to sell existing mortgages to the agency and to loan\nan amount equal to the proceeds on new mortgages in furtherance of the\npurposes of and subject to the conditions of this title. In the case of\ncorporate borrowers, such new mortgages shall bear interest at a rate\nnot substantially lower than the rate of interest that banks are\ncharging at the time of commitment on comparable new mortgage loans.\nEach such bank shall annually account and pay over to the agency or to\nthe New York state housing finance agency for deposit in and for the\npurposes of the low rent lease account as set forth in paragraphs (a)\nand (b) of subdivision four of section forty-four-a of the private\nhousing finance law or any successor entity as the agency may direct, or\nto both the agency and the New York state housing finance agency for\nsuch deposit and purposes in such proportions as the agency may direct,\nan amount equal to the difference between (a) the total amount of\ninterest (which shall include all charges to individual and corporate\nborrowers that would be treated as interest under section 5-501 of the\ngeneral obligations law and any regulations of the superintendent of\nfinancial services pursuant to section fourteen-a of the banking law)\nreceived by it during the preceding year on all such new mortgages and\n(b) the total amount of interest which such mortgages would have yielded\nif the interest thereon had been at the maximum rate chargeable\nindividual borrowers on such new loans plus an additional interest\ndifferential, not in excess of one percent per annum, determined by the\nagency to be adequate consideration to induce participating banks to\nmake new loans on multiple dwellings.\n  (5) The agency shall require the submission to it by each bank from\nwhich the agency has purchased mortgages evidence satisfactory to the\nagency of the making of new mortgage loans and of paying over to the low\nrent lease account as required by this section and in connection\ntherewith may, through its employees or agents or those of the\ndepartment of financial services, inspect the books and records of any\nsuch bank.\n  (6) Compliance by any bank with the terms of its agreement with or\nundertaking to the agency with respect to the making of any mortgage\nloans and of paying over to the low rent lease account may be enforced\nby decree of the supreme court. The agency may require as a condition of\npurchase of mortgages from any national banking association the consent\nof such association to the jurisdiction of the supreme court over any\nsuch proceeding. The agency may also require agreement by any bank, as a\ncondition of the agency's purchase of mortgages from such bank, to the\npayment of penalties to the agency for violation by the bank of its\nundertakings to the agency, and such penalties shall be recoverable at\nthe suit of the agency.\n  (7) The agency shall require as a condition of purchase of any\nmortgage from a bank that the bank represent and warrant to the agency\nthat\n  (a) the unpaid principal balance of the mortgage and the interest rate\nthereon have been accurately stated to the agency;\n  (b) the amount of the unpaid principal balance is justly due and\nowing;\n  (c) the bank has no notice of the existence of any counterclaim,\noffset or defense asserted by the mortgagor or his successor in\ninterest;\n  (d) the mortgage is evidenced by a bond or promissory note and a\nmortgage document which has been properly recorded with the appropriate\npublic official;\n  (e) the mortgage constitutes a valid first lien or second lien on the\nreal property described to the agency in accordance with subdivision\nfive of section twenty-four hundred two of this part subject only to\nreal property taxes not yet due, installments of assessments not yet\ndue, and easements and restrictions of record which do not adversely\naffect, to a material degree, the use or value of the real property or\nimprovements thereon;\n  (f) the mortgage loan when made was lawful under the banking law or\nfederal law, whichever governs the affairs of the bank, and would be\nlawful on the date of purchase by the agency if made by the bank on that\ndate in the amount of the then unpaid principal balance;\n  (g) the mortgagor is not now in default in the payment of any\ninstallment of principal or interest, escrow funds, real property taxes\nor otherwise in the performance of his obligations under the mortgage\ndocuments and has not to the knowledge of the bank been in default in\nthe performance of any such obligation for a period of longer than sixty\ndays during the life of the mortgage, and\n  (h) the improvements to the mortgaged real property are covered by a\nvalid and subsisting policy of insurance issued by a company authorized\nby the superintendent of financial services to issue such policies in\nthe state of New York and providing fire and extended coverage to an\namount not less than eighty percent of the insurable value of the\nimprovements to the mortgaged real property.\n  (8) Each bank shall be liable to the agency for any damages suffered\nby the agency by reason of the untruth of any representation or the\nbreach of any warranty and, in the event that any representation shall\nprove to be untrue when made or in the event of any breach of warranty,\nthe bank shall, at the option of the agency, repurchase the mortgage for\nthe original purchase price adjusted for amounts subsequently paid\nthereon, as the agency may determine.\n  (9) The agency need not require the recording of an assignment of any\nmortgage purchased by it from a bank pursuant to this section and shall\nnot be required to notify the mortgagor of its purchase of the mortgage.\nThe agency shall not be required to inspect or take possession of the\nmortgage documents if the bank from which the mortgage is purchased by\nthe agency shall enter a contract to service such mortgage and account\nto the agency therefor.\n  (10) The agency shall maintain a continuous review of the availability\nof funds in regular banking channels for new mortgage loans. In the\nevent that the agency shall determine that an adequate supply of funds\nexists in regular banking channels for new mortgage loans the agency\nshall not authorize the issuance of bonds for the purchase of mortgages\nexcept refunding bonds, until such time as the agency shall determine\nthat the supply of funds available for mortgages is again inadequate.\nThe agency shall notify the governor, the temporary president of the\nsenate, and the speaker of the assembly of any determination that there\nis an inadequate supply of funds available for mortgages made by it\nunder this subdivision. Discontinuance by the agency of the purchase of\nmortgages pursuant to a determination that an adequate supply of funds\nexists in regular banking channels shall not constitute, or in any way\neffect, termination of the agency as provided in subdivision six of\nsection two thousand four hundred three of this title.\n  * NB Effective July 23, 2027\n
N.Y. ENV Law § 23-1711 — New York Code / Act ENV / Article 23 / Title 17 / Section 23-1711
Permit processing
Status: in_force

§ 23-1711. Permit processing.\n  1. Any person desiring to construct, reconstruct, enlarge the storage\ncapacity or, if constructed but unused, put into actual use and\noperation a liquefied natural or petroleum gas facility in the state\nshall obtain a permit pursuant to this section.\n  2.  Notice of any public hearing conducted in connection with any\nenvironmental safety permit shall be published in at least two\nnewspapers having a general circulation in the area in which the\nproposed activity is located, and in contiguous areas potentially\naffected by the proposed action.\n  3. The department shall render a decision based upon the record either\ngranting the permit, denying it, or granting it upon such terms,\nconditions, limitations, or modifications thereof as the department may\ndeem appropriate. The department shall deny a permit if residential\nareas and contiguous populations, will be endangered, or it otherwise\ndoes not conform to the siting criteria established for liquefied\nnatural or petroleum gas facilities, or the department finds that the\nfacility is not necessary, or is otherwise not in the public interest to\nbe approved.\n
N.Y. PBG Law § 420 — New York Code / Act PBG / Article 13 / Title 17 / Section 420
Cheektowaga Housing Authority
Status: in_force

§ 420. Cheektowaga Housing Authority.  A municipal housing authority,\nto be known as the Cheektowaga Housing Authority, is hereby created and\nestablished for the town of Cheektowaga in the county of Erie for the\naccomplishment of any or all of the purposes specified in article\neighteen of the constitution of the state of New York. It shall\nconstitute a body corporate and politic, be perpetual in duration and\nconsist of three members. It shall have all the powers and duties now or\nhereafter conferred by this chapter upon municipal housing authorities.\nIt shall be organized in the manner prescribed by and subject to the\nprovisions of this chapter, and the authority, its members, officers and\nemployees and its operations and activities shall in all respects be\ngoverned by the provisions of this chapter.\n
N.Y. PBA Law § 2403 — New York Code / Act PBA / Article 8 / Title 17 / Part 1 / Section 2403
State of New York mortgage agency
Status: in_force

§ 2403. State of New York mortgage agency. (1) There is hereby created\nthe state of New York mortgage agency. The agency shall be a corporate\ngovernmental agency of the state, constituting a political subdivision\nand public benefit corporation. Its membership shall consist of nine\ndirectors as follows: the comptroller or a member appointed by the\ncomptroller who shall serve until his or her successor is appointed, the\ndirector of the budget of the state of New York, the commissioner of\nhousing and community renewal, one director appointed by the temporary\npresident of the senate, one director appointed by the speaker of the\nassembly, and four directors to be appointed by the governor with the\nadvice and consent of the senate. The director first appointed by the\ngovernor pursuant to chapter three hundred fifty-six of the laws of two\nthousand four, which amended this subdivision, shall serve for a term\nending four years from January first next succeeding his or her\nappointment. The other directors first appointed by the governor shall\nbe appointed within ten days of the effective date of this title and\nshall serve for terms ending two, three and four years, respectively,\nfrom January first next succeeding their appointment. Their successors\nshall serve for terms of four years each. The directors appointed by the\ngovernor shall continue in office until their successors have been\nappointed and qualified. The directors appointed by the temporary\npresident of the senate and the speaker of the assembly shall serve at\nthe pleasure of the temporary president of the senate and the speaker of\nthe assembly respectively. In the event of a vacancy occurring in the\noffice of a director by death, resignation or otherwise, such vacancy\nshall be filled, for the unexpired term, if applicable, in the same\nmanner as the original appointment. From the four directors appointed by\nhim or her, the governor shall designate the chair of the agency. The\ngovernor shall designate the first chair within ten days of the\neffective date of this title.\n  (2) The directors, including the chairman, shall serve without salary\nor other compensation, but each director shall be entitled to\nreimbursement for actual and necessary expenses incurred in the\nperformance of his or her official duties.\n  (3) Such directors other than the comptroller, the budget director,\nand the commissioner of housing and community renewal may engage in\nprivate employment, or in a profession or business. The agency, its\ndirectors, officers and employees shall be subject to the provisions of\nsections seventy-three and seventy-four of the public officers law.\n  (4) Notwithstanding any inconsistent provisions of law, general,\nspecial or local, no officer or employee of the state or of any civil\ndivision thereof shall be deemed to have forfeited or shall forfeit his\noffice or employment by reason of his acceptance of membership on the\nagency created by this section; provided, however, a director who holds\nsuch other public office or employment shall receive no additional\ncompensation or allowance for services rendered pursuant to this title,\nbut shall be entitled to reimbursement for his actual and necessary\nexpenses incurred in the performance of such services.\n  (5) The governor may remove any director appointed by him for\ninefficiency, neglect of duty or misconduct in office after giving him a\ncopy of the charges against him and an opportunity to be heard, in\nperson or by counsel, in his defense, upon not less than ten days'\nnotice. If any such director shall be removed, the governor shall file\nin the office of the department of state a complete statement of charges\nmade against such director and his findings thereon, together with a\ncomplete record of the proceeding.\n  (6) The agency and its corporate existence shall continue until\nterminated by law, provided, however, that no such law shall take effect\nso long as the agency shall have bonds, notes and other obligations\noutstanding, unless adequate provision has been made for the payment\nthereof. Upon termination of the existence of the agency, all its rights\nand properties shall pass to and be vested in the state.\n  (7) A majority of the directors of the agency then in office shall\nconstitute a quorum for the transaction of any business or the exercise\nof any power or function of the agency. The agency may delegate to one\nor more of its directors, or its officers, agents or employees, such\npowers and duties as it may deem proper. The executive director\nappointed by the agency shall be the chief executive officer of the\nagency.\n  (8) The commissioner of housing and community renewal and the director\nof the budget each may appoint a person from their respective division\nto represent such member, respectively, at all meetings of the agency\nfrom which such member may be absent. Any such representative so\ndesignated shall have the power to attend and to vote at any meeting of\nthe agency from which the member so designating him as a representative\nis absent with the same force and effect as if the member designating\nhim were present and voting. Such designation shall be by written notice\nfiled with the chairman of the agency by each of the said members. The\ndesignation of such persons shall continue until revoked at any time by\nwritten notice to the chairman by the respective member making the\ndesignation. Such designation shall not be deemed to limit the power of\nthe appointing member to attend and vote at any meeting of the agency.\n
N.Y. ENV Law § 23-1723 — New York Code / Act ENV / Article 23 / Title 17 / Section 23-1723
Judicial review
Status: in_force

§ 23-1723. Judicial review.\n  Review under this title may be had in a proceeding under article\nseventy-eight of the civil practice law and rules at the instance of any\nperson aggrieved.\n
N.Y. PBA Law § 2405-F — New York Code / Act PBA / Article 8 / Title 17 / Part 1 / Section 2405-F
New York state community restoration fund
Status: in_force

§ 2405-f. New York state community restoration fund. (1) Definitions.\nFor the purposes of this section, the following terms shall have the\nfollowing meanings:\n  (a) "fund" shall mean the New York state community restoration fund\nestablished pursuant to subdivision two of this section;\n  (b) "residential home loan" shall mean a first or subordinate lien\nloan, including mortgage loans purchased by the agency under section\ntwenty-four hundred five-b of this part, that is secured by a borrower's\ninterest in: (i) residential real property, including as defined in\nsection thirteen hundred five of the real property actions and\nproceedings law, and any improvements or structures thereon; (ii) a\nshare or shares of a cooperative corporation that entitles a borrower to\na housing unit; or (iii) a residential structure that is part of a\ncondominium development. Residential home loan shall also include\ninterest, taxes, homeownership associations fees, carrying charges, and\nother liens encumbering the residence;\n  (c) "vacant and abandoned" residential real property shall mean (i)\nresidential real property, as defined in section thirteen hundred five\nof the real property actions and proceedings law, where the property is\nnot occupied by the tenant, as that term is defined in section thirteen\nhundred five of the real property actions and proceedings law,\nhomeowner, or mortgagor and (ii) either:\n  (A) the property is a risk to the health, safety, or welfare of the\npublic, or any adjoining or adjacent property owners, due to acts of\nvandalism, loitering, criminal conduct, or physical destruction or\ndeterioration of the property; or\n  (B) the relevant governmental authority has declared the property\nunfit for occupancy and either ordered that the property remain vacant\nand unoccupied or ordered that the property be demolished; or\n  (C) each homeowner or mortgagor has separately informed the mortgagee,\nin writing, that they do not intend to occupy the property in the\nfuture, and\n  (iii) where indicia of lack of occupancy may include, but shall not be\nlimited to: (A) overgrown or dead vegetation; (B) accumulation of\nnewspapers, circulars, flyers, or mail; (C) past due utility notices,\ndisconnected utilities or utilities not in use; (D) accumulation of\ntrash, refuse or other debris; (E) absence of window coverings such as\ncurtains, blinds, or shutters; (F) absence of furnishings or personal\nitems consistent with residential habitation; (G) one or more boarded,\nmissing or broken windows; (H) the property is open to casual entry or\ntrespass; (I) the property has a building or structure that is or\nappears structurally unsound or has any other condition that presents a\npotential hazard or danger to the safety of persons, and\n  (iv) where such residential real property shall not be considered\n"vacant and abandoned" if, on the property: (A) there is an unoccupied\nbuilding which is undergoing construction, renovation, or rehabilitation\nthat is proceeding to completion, and the building is in compliance with\nall applicable ordinances, codes, regulations, and statutes; (B) there\nis a building that is secure, but is the subject of a probate action,\naction to quiet title, or other similar ownership dispute; (C) there is\na building damaged by natural disaster upon declaration of a state\ndisaster emergency by the governor pursuant to section twenty-eight of\nthe executive law relating to any claim arising from the cause of such\ndeclaration, while awaiting funds to repair; or (D) there is a building\noccupied on a seasonal basis, but otherwise secure;\n  (d) "homeowner" shall mean a natural person who has a legal interest\nin the property other than a tenant and is the occupant of a residence\nthat secures such residential home loan;\n  (e) "eligible institution" shall mean a community development\nfinancial institution or a community development financial institution\npartnered with a not-for-profit, housing counseling agency, land bank,\nor other local government entity, or any of the aforementioned, either\non their own or partnered with a community development financial\ninstitution. An eligible community development financial institution\nshall have a record of success in serving investment areas or targeted\npopulations; and/or shall have agreed to expand its operations into a\nnew investment area or to serve a new targeted population, offer more\nproducts or services, or increase the volume of its current business.\nEligible not-for-profits shall, among other things, have the ability to:\nundertake repair or rehabilitation efforts; carry out property and asset\nmanagement, including servicing, undertake demolition; and/or provide\nassistance in finding housing options, market properties for sale or\nrental; coordinate, provide, and/or connect homeowners to counseling,\nmediation, legal representation, and negotiate on behalf of homeowners\nseeking a residential home loan payment modification, provide training\nand support for counselors, mediators, and attorneys regarding such\nassistance to homeowners, as well as provide credit counseling;\n  (f) "community development financial institution" or "CDFI" shall mean\nan organization located in this state which has been certified as a\ncommunity development financial institution by the federal community\ndevelopment financial institutions fund, as established pursuant to 12\nU.S.C. 4701 et seq., as amended from time to time;\n  (g) "investment area" means a geographic area that is determined by\nthe agency, from time to time, as meeting criteria indicative, as of\nsuch time, of economic distress, including unemployment rate;\nforeclosure rate; percentages and numbers of low-income residents; per\ncapita income and per capita real property wealth; and such other\nindicators of distress as the agency shall determine. Economically\ndistressed areas may include counties, cities, municipalities, block\nnumbering areas, and census tracts. The program shall to the fullest\nextent possible strive for regional diversity in providing foreclosure\nrelief and assistance consistent with the program goals to communities\nthroughout New York state that are impacted by the foreclosure crises;\n  (h) "lender" means banks as defined in section twenty-four hundred two\nof this part, investors including institutional investors, the agency,\nany state agency authorized to acquire and hold residential home loans,\nmortgage servicers and other private, non-bank entities that may own and\nhold a mortgage and mortgage note, the federal housing administration,\nthe U.S. department of agriculture rural development corporation, the\nU.S. department of housing and urban development, the federal housing\nfinance agency, and any privately owned, publicly chartered entities and\nwholly-owned corporate instrumentalities of the United States within the\nU.S. department of housing and urban development created by congress to\nencourage lending and reduce costs primarily in the housing sector of\nthe economy; and\n  (i) "residence" means residential real property as defined in section\nthirteen hundred five of the real property actions and proceedings law.\n  (2) The agency is hereby directed to establish and administer a fund\nto be known as the "New York state community restoration fund," which\nshall consist of monies deposited therein. Nothing contained in this\nsection shall prevent the agency from receiving grants, gifts, or other\nmonies from other sources, or bequests and depositing them into the\nfund. The agency shall not commingle the monies in such fund with any\nother monies of the agency.\n  (3) The monies in the fund shall be eligible to be used by the agency\nunder program guidelines established by the board of directors of the\nagency, in consultation with an advisory council to be created by the\nagency comprised of a minimum of seven members, where a majority of the\nmembership of the council will be comprised of representatives from\nnon-profit members of the community with knowledge of foreclosures,\nhousing, or community development needs in communities hard hit by\nforeclosures. The guidelines shall include, among other things,\nrequirements to ensure that fund monies are expended based upon\ndemonstrable community needs, for the purposes set forth in this\nsubdivision, and may also be awarded by the agency to eligible\ninstitutions following the process established pursuant to subdivision\nfour of this section, to:\n  (a) acquire, purchase, or sell residences and/or mortgage notes on\nresidential home loans and residences at or below market rates, or at\npar if so required to satisfy legal or programmatic restrictions\napplicable to the purchase of any mortgage loans expected to be\nacquired, from lenders, or from local, state, and/or the federal\ngovernment at auction, short sale, or other private or public sale with\nthe intent to:\n  (i) where possible, provided the homeowner can demonstrate an economic\nhardship, as such term is defined under the agency's guidelines, in\nconsultation with the advisory council, modify the residential home loan\nto an affordable rate to keep the current homeowners in the property;\n  (ii) permit the homeowner, provided the homeowner can demonstrate an\neconomic hardship, as such term is defined under the agency's\nguidelines, in consultation with the advisory council, to transfer his\nor her ownership interest in the home to the agency or to an eligible\ninstitution and to remain in the residence as a tenant on agreed-upon\nterms, or obtain assistance from the agency or an eligible institution\nto acquire a new affordable residence;\n  (iii) rehabilitate distressed properties; and/or\n  (iv) demolish homes that are dilapidated or reasonably beyond repair.\n  (b) make grants and loans to eligible homeowners or to potential\nbuyers of residences in the investment areas; or\n  (c) fund not-for-profit developers, affordable housing developers, and\nnot-for-profit agencies to acquire vacant and abandoned properties or\nother real property, mortgages, or mortgage notes acquired under this\nprogram, and develop such properties into affordable housing and to work\nwith homeowners in the investment area eligible to be assisted under\nthis section, through activities such as foreclosure prevention\ncounseling, providing new homeowner training, home repair and\nrehabilitation, property and asset management, demolition, and marketing\nproperties for sale and rental.\n  (4) (a) In awarding funding to eligible institutions, the agency shall\nselect from eligible institutions pursuant to criteria established by\nthe agency's board of directors, in consultation with the advisory\ncouncil established in subdivision three of this section, which criteria\nshall include, but not be limited to:\n  (i) the experience and background of the eligible institution's board\nof directors or management team;\n  (ii) the extent of need within the investment areas or targeted\npopulations;\n  (iii) the extent of economic distress within the investment areas or\nthe extent of need within the targeted populations;\n  (iv) the extent of the eligible institution's current and planned\ncommunity involvement;\n  (v) the extent to which the eligible institution will increase its\nresources through coordination with other eligible institutions or\nencourage collaborative applications by multiple eligible institutions;\n  (vi) in the case of an institution with a prior history of serving\ninvestment areas or targeted populations, the extent of success in\nserving such areas or populations;\n  (vii) the extent to which eligible institutions would use funds to\nrestructure residential home loans to allow homeowners to continue to\noccupy their residences; and\n  (viii) other factors deemed to be appropriate by the agency.\n  (b) In allocating funding to eligible institutions, the agency shall\nbe authorized to make funding available in any manner necessary for such\neligible institution to participate in auctions disposing of mortgage\nnotes or residences.\n  (5) The agency's board of directors shall establish, in consultation\nwith the advisory council established in subdivision three of this\nsection, guidelines to:\n  (a) develop application and reporting procedures for eligible\ninstitutions to use to apply for funds to carry out the provisions of\nthis section and criteria for use by the eligible institutions that\nreceive funds pursuant to this section to evaluate applications for\nassistance from homeowners;\n  (b) develop guidelines for funds issued to and loans issued by the\nagency and by eligible institutions, including guidelines for use by the\nagency for purchase and sales of residences and/or mortgages and notes;\n  (c) establish the procedure by which eligible institutions are\nselected and compensated, including establishing the relative importance\nand/or weight given to each criterion;\n  (d) establish terms by which eligible institutions shall maintain and\nutilize funds received pursuant to this section, provided however that\neligible institutions shall keep such funds separate from all other of\nits business or fiduciary accounts; and\n  (e) establish terms by which the eligible institutions shall repay the\nfund for monies allocated to them pursuant to this section, if\napplicable.\n  (6) Nothing in this section shall preclude an eligible institution\nfrom working with or coordinating activities and/or services with any\nentity that handles and facilitates the transfers of mortgage notes\nand/or property to eligible entities under this section; provided,\nhowever, that any funds awarded to an eligible institution shall only be\nused to advance the purposes of this section.\n  (7) The agency shall submit a report to the governor, the speaker of\nthe assembly, the minority leader of the assembly, the temporary\npresident of the senate, and the minority leader of the senate on or\nbefore the first of February each year. Such report shall include, but\nnot be limited to, a detailed description of the use of funds by the\nagency for programs under this section, and of the use of funds for each\neligible institution receiving funds under this section.\n
N.Y. ENV Law § 9-1701 — New York Code / Act ENV / Article 9 / Title 17 / Section 9-1701
Legislative findings
Status: in_force

§ 9-1701. Legislative findings.\n  The legislature finds that invasive plant and animal species pose an\nunacceptable risk to New York state's environment and economy and that\nthis risk is increasing through time as more invasive species become\nestablished within the state. The legislature additionally finds that\ninvasive species are having a detrimental effect upon the state's fresh\nand tidal wetlands, water bodies and waterways, forests, agricultural\nlands, meadows and grasslands, and other natural communities and systems\nby out-competing native species, diminishing biological diversity,\naltering community structure and, in some cases, changing ecosystem\nprocesses. Moreover, the legislature recognizes that the ecological\nintegrity of an increasing number of publicly and privately-owned parks\nand preserves is being adversely affected by invasive plants and\nanimals, challenging the ability of land management agencies to\neffectively manage these sites. The legislature further recognizes that\nnearly half (forty-six percent; fifty-seven percent of the plants,\nthirty-nine percent of the animals) of the species on the federal list\nof endangered species are declining, at least in part, due to invasive\nspecies. The legislature additionally finds that invasive species have\nan adverse impact on the New York state economy. Particularly affected\nby these species are the water supply, agricultural, and recreational\nsectors of the state economy. The economic impact to the national\neconomy has been estimated to be as high as one hundred thirty-seven\nbillion dollars annually.\n
N.Y. ENV Law § 17-1739 — New York Code / Act ENV / Article 17 / Title 17 / Section 17-1739
Repeal of provisions
Status: in_force

§ 17-1739. Repeal of provisions.\n  The provisions of sections 17-1701, 17-1705, 17-1707, 17-1713 to\n17-1737, inclusive, and 71-1925, shall remain in force and effect only\nuntil September 1, 1973.\n
N.Y. ENV Law § 17-1731 — New York Code / Act ENV / Article 17 / Title 17 / Section 17-1731
Revocation or modification of permits
Status: in_force

* 17-1731. Revocation or modification of permits.\n  1. Every permit for the discharge of sewage from a sewer system or for\nthe discharge of refuse or waste matter from a shop, factory, mill or\nindustrial establishment, shall when necessary to conserve the public\nhealth, be revocable or subject to modification or change by the\ncommissioner on due notice after an investigation and hearing and an\nopportunity for all interested therein to be heard thereon being served\non the public authorities of the municipality owning and maintaining the\nsewer system, or on the proprietor, lessee or tenant of the shop,\nfactory, mill or industrial establishment.\n  2. Plans for any such modification shall be submitted to and approved\nby the department.\n  3. The length of the time after receipt of the notice within which the\ndischarge of sewage or of refuse or waste matter shall be discontinued\nmay be stated in the permit, but in no case shall it exceed two years in\nthe case of a sewer system, or one year in the case of a shop, factory,\nmill or industrial establishment, and if the length of time is not\nspecified in the permit, it shall be one year in the case of a sewer\nsystem, and six months in the case of a shop, factory, mill or\nindustrial establishment.\n  4. On the expiration of the period of time prescribed after the\nservice of a notice of revocation, modification or change from the\ncommissioner, the right to discharge sewage or refuse or waste matter\ninto any of the waters of the state shall cease and terminate and the\nprohibition of section 17-1701 against such discharge shall be in full\nforce as though no permit had been granted, but a new permit may\nthereafter again be granted as hereinbefore provided.\n  * NB Expired September 1, 1973\n
N.Y. ENV Law § 17-1703 — New York Code / Act ENV / Article 17 / Title 17 / Section 17-1703
Contamination of salt wells
Status: in_force

§ 17-1703. Contamination of salt wells.\n  It shall be unlawful for any person to wilfully place, introduce or\ncause to flow or enter into any spring, brook or body of water, which is\nused in the manufacture of salt, or into any salt well, or salt mine, or\ninto any cavity or reservoir beneath the surface of the earth from which\nsalt or brine is taken or used in the manufacture of salt, any impure or\ndeleterious substance or thing whatsoever, which is liable to pollute\nthe waters thereof, or the brine or salt taken or manufactured\ntherefrom, provided that this act shall not interfere with any existing\nsystem of drainage or sewerage.\n
N.Y. ENV Law § 11-1728 — New York Code / Act ENV / Article 11 / Title 17 / Section 11-1728
Sale of live wild birds
Status: in_force

§ 11-1728. Sale of live wild birds.\n  Except as permitted by rule and regulation of the department, no\nperson shall sell live wild birds, as defined in paragraph b of\nsubdivision six of section 11-0103 of this chapter, unless such birds\nwere born and raised in captivity.\n
N.Y. ENV Law § 15-1715 — New York Code / Act ENV / Article 15 / Title 17 / Section 15-1715
Licenses and the protection of navigation
Status: in_force

§ 15-1715. Licenses and the protection of navigation.\n  Before granting any license, the department shall inquire and\ndetermine to its own satisfaction that the exercise of the privilege\nconferred will not impair or interfere with navigation on the waters\ncovered by the license and, whenever, the public interest requires,\nshall impose such conditions in granting the license as may be required\nto protect and safeguard navigation.\n
N.Y. ENV Law § 21-1701 — New York Code / Act ENV / Article 21 / Title 17 / Section 21-1701
The Delaware river basin water commission compact approved
Status: in_force

§ 21-1701. The Delaware river basin water commission compact approved.\n  The authority of the Governor to enter into a compact on behalf of the\nstate of New York with the states of Delaware and New Jersey and the\ncommonwealth of Pennsylvania in substantially the following form, which\nauthority was first conferred by chapter 701 of the laws of 1952, is\nhereby continued:\n                                 COMPACT\n               BETWEEN THE STATES OF DELAWARE, NEW JERSEY\n                  AND NEW YORK AND THE COMMONWEALTH OF\n                   PENNSYLVANIA CREATING THE DELAWARE\n                    RIVER BASIN WATER COMMISSION AND\n                     DEFINING ITS POWERS AND DUTIES\n  Whereas, the peoples of the States of Delaware, New Jersey, and New\nYork and the Commonwealth of Pennsylvania have a common interest in the\nwaters of the Delaware River Basin; and\n  Whereas, it is desirable that the water and water resources of the\nDelaware River and its tributaries be developed, utilized, controlled,\nand conserved for the benefit of all the people; and\n  Whereas, the United States Supreme Court, in its decision in the\nDelaware River Case (283 U.S. 336), established the principle of\nequitable apportionment of the waters of the upper Delaware River Basin;\nand\n  Whereas, political subdivisions and metropolitan areas in the States\nof New Jersey and New York and the Commonwealth of Pennsylvania have\nbeen confronted constantly with the problem of meeting existing and\nprospective requirements of the people within their respective areas for\nobtaining and maintaining an adequate and satisfactory supply of water,\nboth for domestic and industrial purposes; and\n  Whereas, it is essential that there be maintained an adequate minimum\nflow in the Delaware River for the protection of public health, for the\nbenefit of industry and of fisheries, such as oysters, clams and other\nshellfish, for animal and aquatic life, for recreation, for general\nsanitary conditions, for the dilution and abatement of pollution, and\nfor the prevention of undue salinity; and\n  Whereas, for the purpose of promoting interstate cooperation in\nvarious fields of governmental operations, including the utilization,\ncontrol and conservation of water resources of interstate river systems,\nthe States of Delaware, New Jersey, and New York and the Commonwealth of\nPennsylvania each has created and now maintains a Commission (or\nCommittee) on Interstate Cooperation, which Commissions have jointly\norganized and established and are now maintaining, in cooperation with\neach of the others, a joint advisory board known as "The Interstate\nCommission on the Delaware River Basin" for the purpose, among other\nactivities, of formulating and recommending integrated programs for the\ndevelopment, utilization, control and conservation of the water\nresources of the Delaware River Basin; and\n  Whereas, upon the recommendation of the said Interstate Commission on\nthe Delaware River Basin, submitted through the Commission on Interstate\nCooperation of each of the States concerned, the legislatures of the\nStates of New Jersey and New York and the Commonwealth of Pennsylvania,\nby reciprocal legislation, enacted laws at their 1949 Sessions (New\nJersey Laws of 1949, Chap. 105; New York Laws of 1949, Chap. 610;\nPennsylvania Laws of 1949, Act 475), authorizing and directing the said\nInterstate Commission on the Delaware River Basin to make surveys and\ninvestigations to determine and report on the feasibility and\nadvisability of the future construction of an integrated water project\ndesigned, among other purposes, to meet the combined prospective water\nsupply requirements of political subdivisions and metropolitan areas in\nthe said States, both within and outside the said Basin, empowering such\nCommission to enter upon lands, structures, and waters for the purposes\nof such surveys and investigations, making an appropriation to such\nCommission, and requiring a full report of its proceedings, findings,\nconclusions, recommendations, and such draft or drafts of legislation as\nit may deem necessary or proper for enactment by such States; and\n  Whereas, based upon a full report submitted by the Interstate\nCommission on the Delaware River Basin setting forth the findings,\nconclusions, and recommendations resulting from its surveys and\ninvestigations, it is the opinion of that Commission, concurred in by\neach of the aforesaid Commissions on Interstate Cooperation, that the\nfuture construction of integrated water projects in the Delaware River\nBasin is feasible, advisable, and urgently needed, and can best be\naccomplished by and through a joint administrative agency created by an\nagreement or compact between the States of Delaware, New Jersey, and New\nYork and the Commonwealth of Pennsylvania; and\n  Whereas, the Congress of the United States, by its joint Resolution of\nMarch 1, 1911 (36 Stat. 961), relating to the conservation of forests\nand water supply and protection of forests from fire, gave general\nconsent to encourage the making of agreements or compacts between States\nfor the purpose of conserving the forests and the water supply;\n  Now, Therefore, the Commonwealth of Pennsylvania and the States of New\nJersey and New York (and the State of Delaware if and when Delaware\nbecomes a signatory State) do hereby solemnly covenant and agree each\nwith the other as follows:\n                                ARTICLE 1\n                 CREATION AND PURPOSES OF THE COMMISSION\n  1. There is created hereby a body corporate and politic with perpetual\nsuccession, to be known as The Delaware River Basin Water Commission\n(hereinafter in this compact referred to as the Commission), which shall\nconstitute a public corporate instrumentality of the Commonwealth of\nPennsylvania and of the States of New Jersey and New York, (and of the\nState of Delaware if and when Delaware becomes a signatory State), and\nof each of them, to exercise an essential governmental function of each\nof the signatory States, for the purposes of developing, utilizing,\ncontrolling, and conserving the water resources of the Delaware River\nBasin in order to assure an adequate water supply:\n  (a) to meet the domestic and industrial requirements of political\nsubdivisions and metropolitan areas within those States;\n  (b) to provide an adequate minimum flow in the Delaware River for the\nprotection of public health, for the benefit of industry and of\nfisheries, such as oysters, clams, and other shellfish, for animal and\naquatic life, for recreation, for general sanitary conditions, for the\ndilution and abatement of pollution, and for the prevention of undue\nsalinity; and\n  (c) to provide for such other uses of water as navigation, flood\ncontrol, production of hydro-electric power, and related uses.\n  2. In order to effectuate the foregoing purposes, the Commission shall\ndetermine the exact locations and character of, formulate plans for, and\ndetermine all matters in connection with, the construction, operation\nand maintenance of dams, reservoirs, and appurtenant structures within\nthe Delaware River Basin as herein defined for the storage and effective\nregulation of the water resources thereof, and treatment plants,\naqueducts, conduits, or other facilities, and shall finance, construct,\noperate, and maintain such structures and facilities as are deemed\nnecessary to the following project, or a reasonable modification\nthereof, that is to say: (a) a dam across the West Branch of the\nDelaware River near Cannonsville, New York; (b) a dam across the\nDelaware River near Barryville, New York; (c) a dam across the Neversink\nRiver near Godeffroy, New York; (d) a dam across the Delaware River near\nWallpack Bend; (e) a dam across the East Branch of the Delaware River\nnear Fish Eddy; (f) a dam across Flat Brook near Flatbrookville, New\nJersey; (g) an aqueduct connecting the reservoir created by the dam\nacross the Delaware River near Barryville, New York, with the reservoir\non the Neversink River created by a dam near Godeffroy, New York; (h) an\naqueduct, with equalizing reservoir en route, to convey a supply of\nwater from the reservoir on the Neversink River created by the dam near\nGodeffroy, New York, to municipalities in northern New Jersy and to New\nYork City; and (i) such dams, reservoirs, tunnels, conduits, and other\nfacilities as may be required to furnish water supply to Philadelphia\nand adjacent areas.\n  3. For the purpose of this compact the "Delaware River Basin" is\ndefined as all that land from which surface water drains naturally into\nthe Delaware River.\n                               ARTICLE II\n                              COMMISSIONERS\n  1. The Commission shall consist of three members from each signatory\nState, who shall be citizens and residents thereof and shall be\nappointed by the Governor of that State, by and with the consent of its\nSenate, unless its Constitution otherwise provides.\n  2. The term of each such commissioner shall be for five years,\nprovided, however, that the terms of the three commissioners first\nappointed by each state shall be as follows, to wit: one for three\nyears, one for four years, and one for five years. All commissioners\nshall continue to hold office after the expiration of the terms for\nwhich they shall have been appointed until their respective successors\nshall have been appointed and qualified, but no period during which any\ncommissioner shall hold over shall be deemed to be an extension of his\nterm of office for the purpose of computing the date on which his\nsuccessor's term expires.\n  3. Any commissioner may be removed or suspended from office as\nprovided by the Constitution or applicable law of the State which he\nrepresents.  In the event of a vacancy in the office of any\ncommissioner, from any reason or cause, such vacancy shall be filled by\nappointment by the Governor of the State concerned, subject to\nconfirmation as above provided, for the unexpired term.\n  4. The commissioners shall serve without compensation but shall be\npaid their actual and necessary expenses incurred in and incident to the\nperformance of their duties, provided, however, that the elected\nofficers of the Commission shall receive such compensation as may be\nfixed by the Commission.\n  5. The Federal Government may be represented on the Commission by\nthree advisory members who shall serve without compensation from the\nCommission. The Constitution and other laws of the United States shall\napply to the appointment or removal of such advisory members and the\nterm or terms during which they shall serve.\n                               ARTICLE III\n              OFFICERS, EMPLOYEES, MANAGEMENT AND PROCEDURE\n  1. The commissioners shall have charge of the Commission's property\nand affairs. The Commission shall adopt an official seal and suitable\nby-laws and shall promulgate rules and regulations for its management\nand control.\n  2. A majority of the commissioners from the signatory States shall\nconstitute a quorum for the transaction of business at any meeting of\nthe Commission. No action shall be taken by the Commission unless a\nmajority of the members from each state are present at a meeting of the\nCommission and no action so taken, including any action which, for the\npurposes of the project authorized by paragraph two of Article I of this\ncompact or for any expansion thereof or any new project, imposes any\nfinancial obligation on any signatory State or on any political\nsubdivision therein or which allocates water for water supply or for the\nmaintenance of an adequate minimum flow to any signatory State or any\npolitical subdivision therein, shall be binding or effective unless a\nmajority of the members from each State shall have voted in favor\nthereof; provided, however, that no action taken at any meeting of the\nCommission by any member shall have force or effect until the Governor\nof the State, which such member represents, shall have an opportunity to\napprove or veto the same. For the purpose of procuring such approval or\nveto, the secretary or other officer of the Commission in charge of the\nminutes of the proceedings of the Commission shall transmit to the\nGovernors of the signatory States at their official offices a certified\ncopy of the minutes of every meeting of the Commission as soon after the\nholding of such meeting as such minutes can be written out. Each\nGovernor shall, within five days after such minutes shall have been\ndelivered at his official office, cause the same to be returned to the\nCommission either with his approval or with his veto of any action\ntherein recited as having been taken by any member of the Commission\nappointed from his State, provided, however, that if a Governor shall\nnot return the said minutes within the said period then at the\nexpiration thereof any action therein recited will have full force and\neffect according to the wording thereof. If a Governor within the said\nperiod returns the said minutes with a veto against the action of any\nmember of the Commission from his State as recited therein, then such\naction of such member shall be null and void. A governor may by order\nfiled with the secretary of the Commission relieve the members from his\nState from the duty of procuring his approval of their action upon any\nparticular matter or class of matters, and thereupon the secretary or\nother officer in charge of the minutes of the proceedings of the\nCommission shall be relieved from reporting the same to him.\n  3. The Commission shall elect annually a chairman and a vice-chairman.\nThe Commission shall appoint a secretary and a treasurer, who may be but\nneed not be members of the Commission. The secretary shall be custodian\nof the records of the Commission with authority to affix the\nCommission's official seal and to attest to and certify such records or\ncopies thereof. Disbursements by the Commission shall be valid only when\nauthorized by the Commission.\n  4. The Commission shall appoint and at its pleasure remove or\ndischarge counsel, an executive director, engineers, and such other\nagents and employees as it may require for the performance of the powers\nand functions of the Commission. The Commission shall determine and fix\nthe duties and compensation of its appointed officers and employees, and\nshall fix the compensation, if any, of its elected officers.\n  5. The Commission may establish and maintain one or more offices\nwithin the area of the signatory States for the transaction of its\nbusiness and may meet at any time or place, but must meet at least once\neach year.\n  6. The Commission shall keep accurate accounts of all receipts and\ndisbursements. The accounts of the Commission shall be open at any\nreasonable time for inspection and audit by such representative or\nrepresentatives of the respective signatory States as may be duly\nconstituted for that purpose, and for inspection by others who may be\nauthorized by the Commission.\n  7. The Commission shall make an annual report to the Governor and the\nlegislature of each signatory State setting forth in detail the\noperations and transactions conducted by it pursuant to this compact,\nand shall make recommendations for any legislative action deemed by it\nto be advisable, including amendments to the statutes of the signatory\nStates which may be deemed necessary to carry out the intent and purpose\nof this compact.\n  8. No member, agent or employee of the Commission shall have a\npersonal interest, either directly or indirectly, in any contract\nentered into by the Commission, including the sale to the Commission of\nany real or personal property. A violation of this provision shall\nconstitute a misdemeanor and, upon trial and conviction, shall be\npunishable in accordance with the laws of the signatory State in which\nthe offense is committed, but, in no event, shall the punishment\ntherefor exceed imprisonment for more than one year or a fine of more\nthan five hundred dollars, or both.\n  9. No member, agent or employee of the Commission, while acting within\nthe scope of his authority, shall be personally liable for any acts\nperformed in the execution of the powers expressly authorized by this\ncompact.\n                               ARTICLE IV\n                  GENERAL POWERS AND LIABILITY TO SUIT\n  1. For the effectuation of its authorized purposes, the Commission is\nhereby granted and shall have the following powers in addition to such\npowers as may be provided for elsewhere in this compact, to wit:\n  (a) To sue in its own name in Federal and State courts.\n  (b) To acquire, own, hire, use, operate, and dispose of personal\nproperty.\n  (c) To acquire, own, use, and operate real property and interests\ntherein, to make improvements thereon, and to convey, lease or otherwise\ndispose of any such property no longer necessary for the authorized\npurposes of the Commission.\n  (d) To grant, by lease or otherwise, the use of any property or\nfacility owned or controlled by the Commission, and to make charges\ntherefor.\n  (e) To exercise the right of eminent domain, as provided in Article V\nof this compact.\n  (f) To borrow money, make and issue from time to time negotiable bonds\nand notes, to fund and refund the same, and to provide for the rights of\nthe holders of its bonds and notes, as provided in Article XIII of this\ncompact.\n  (g) To establish, levy, and collect, without being subject to the\nsupervision or regulation of any commission, board, bureau or agency of\nany of the signatory States or political subdivisions thereof, such\nrentals, fees or other charges for use of the facilities of or for the\nservices rendered by the Commission, and to revise such rentals, fees,\nor other charges as may be necessary to assure revenues at least\nadequate to defray the expenses of operation and maintenance of the said\nfacilities, to pay the interest on and principal of any bonds or other\nobligations of the Commission, and to establish any reasonable reserves\ntherefor.\n  (h) To accept such payments, appropriations, grants, gifts, loans, and\nother funds, properties, and services as may be made available to it by\nthe Federal government or any of its agencies, by the governments and\npolitical subdivisions of the signatory States, or by private agencies,\ncorporations, or individuals.\n  (i) To conduct surveys of dam, reservoir, treatment plant, aqueduct,\nor conduit locations and study subsurface conditions affecting the\nselection of such locations. Members of the Commission and its duly\naccredited agents, engineers, contractors, and employees may enter upon\nany lands, structures, and waters within any of the signatory States for\nsuch purposes or whenever it is deemed necessary for any of the purposes\nauthorized by this compact, and such entry shall not be deemed a\ntrespass or an entry under any condemnation proceedings which may be\nthen pending. In the exercise of this power, the Commission shall save\nharmless the signatory States from, and be responsible to any property\nowner for, any damage caused by surveys or by entry on lands or any\nother damage resulting therefrom, and the Commission shall require every\ncontractor or other agency performing work for said Commission to\nprovide security for the faithful performance of any contract with the\nCommission and to save harmless the Commission and the signatory States\nfrom damages caused as aforesaid.\n  (j) To determine the exact locations and character of, to formulate\nplans for, and to determine all matters in connection with, the\nconstruction, operation, and maintenance of the dams, reservoirs, and\nappurtenant structures within the Delaware River Basin as herein defined\nfor the storage and effective regulation of the water resources thereof,\nand treatment plants, aqueducts, conduits, and other facilities deemed\nnecessary or convenient to effectuate the structures and facilities\ndescribed in paragraph 2 of Article I of this compact, and to finance,\nconstruct, operate and maintain such structures and facilities.\n  (k) To prepare, upon the request of two or more signatory States, or\nupon its own initiative, in appropriate form for submission to the\nlegislatures of the signatory States, a report covering plans for, and\nthe method of financing of, any new project, or any expansion of the\nproject authorized and described in paragraph 2 of Article I of this\ncompact; and, upon approval of such report by the legislatures of the\nsignatory States and upon approval by the appropriate agency or agencies\nof the State or States of the detailed plans and specifications, all in\naccordance with the provisions of Article XI of this compact, to\nfinance, construct, operate and maintain such new or expanded project.\n  (l) To determine and to allocate, subject to the provisions of\nparagraph 2 of Article III, to each of the signatory States an equitable\napportionment of available water supply in order to meet domestic and\nindustrial requirements of political subdivisions and metropolitan areas\ntherein.\n  (m) To release, subject to the provisions of Article IX, the quantity\nof water required to be released from storage in order to maintain an\nadequate minimum flow in the Delaware River during periods of low flow\ntherein for the protection of public health, for the benefit of industry\nand of fisheries, such as oysters, clams, and other shellfish, for\nanimal and aquatic life, for recreation, for general sanitary\nconditions, for the dilution and abatement of pollution, and for the\nprevention of undue salinity.\n  (n) To provide for such other uses of the water and water resources of\nthe Delaware River Basin as navigation, flood control, production of\nhydro-electric power, and related uses, and to cooperate with other\nappropriate agencies for that purpose.\n  (o) To develop, or to provide for the development of, subject to the\nprovisions of Article X, hydro-electric power and energy inherent in the\ndevelopment and use of the waters to which this compact relates and\nincident to the control and conservation of such waters.\n  (p) To make, enter into, and perform contracts with the Federal\ngovernment, with any of the signatory States or any of their political\nsubdivisions, with public or private agencies, and with corporations or\nindividuals, including (1) contracts for the sale of water for water\nsupply, for the sale of falling water and hydro-electric power and\nenergy, subject to the provisions of Article X, or for other services,\n(2) contracts for payments by the signatory States, or the political\nsubdivisions thereof, for benefits resulting from water released from\nstorage in order to maintain an adequate minimum flow in the Delaware\nRiver during periods of low flow therein, and (3) any other contracts\nnecessary or incidental to the performance of its duties and the\nexecution of its powers under this compact.\n  (q) To take all measures necessary to guard and protect the areas in\nwhich its facilities or developments are located or in which any work of\nconstruction under authority of this compact is in progress, and to\nprotect its facilities and developments from damage by pollution or\notherwise, and to appoint a suitable number of persons as guards for\nsuch purposes. Such persons shall possess the power and authority of a\nconstable, peace officer, or police officer and shall have full power to\nserve as such officers within the signatory States and to enforce the\nprovisions of such laws thereof as are applicable to the purposes of\nthis paragraph.\n  (r) To do all acts and things necessary or convenient to carry out the\npowers expressly granted in this compact.\n  2. The signatory States consent to suits, actions or proceedings of\nany form or nature at law, in equity or otherwise (including proceedings\nto enforce arbitration agreements) against the Commission, and to\nappeals therefrom and reviews thereof, except as hereinafter provided in\nsubparagraphs (a) and (b) hereof.\n  (a) The foregoing consent does not extend to civil suits, actions or\nproceedings for the recovery of statutory penalties.\n  (b) The foregoing consent does not extend to suits, actions or\nproceedings for judgments, orders or decrees restraining, enjoining or\npreventing the Commission from committing or continuing to commit any\nact or acts, other than suits, actions or proceedings by the attorney\ngeneral of any of the signatory States. The attorney general of each of\nthe signatory States is hereby authorized to bring such suits, actions\nor proceedings in his discretion on behalf of any person or persons\nwhatsoever who requests him so to do except in the cases excluded by\nsubparagraph (a) hereof; provided, that in any such suit, action or\nproceeding, no judgment, order or decree shall be entered except upon at\nleast two days' prior written notice to the Commission of the proposed\nentry thereof.\n  (c) The foregoing consent is granted upon the condition that venue in\nany suit, action or proceeding against the Commission shall be laid\nwithin a county or a judicial district, established by any of the said\nsignatory States or by the United States, and situated wholly or\npartially within one of the signatory States. The Commission shall be\ndeemed to be a resident of each such county or judicial district for the\npurpose of such suits, actions or proceedings. Although the Commission\nis engaged in the performance of governmental functions, the signatory\nStates consent to liability on the part of the Commission in such suits,\nactions or proceedings for tortious acts committed by it and its agents\nto the same extent as though it were a private corporation.\n  * (d) The foregoing consent is granted upon the condition that any\nsuit, action or proceeding prosecuted or maintained hereunder shall be\ncommenced within one year after the cause of action therefor shall have\naccrued, and upon the further condition that in the case of any suit,\naction or proceeding for the recovery or payment of money, prosecuted or\nmaintained hereunder, a notice of claim shall have been served upon the\nCommission by or on behalf of the plaintiff or plaintiffs at least sixty\ndays before such suit, action or proceeding is commenced. The provisions\nof this subparagraph shall not apply to claims arising out of provisions\nof any workmen's compensation law of any of the signatory States.\n  * NB Effective until concurrence by members of the Delaware River\nBasin Water Commission\n  * (d) The foregoing consent is granted upon the condition that any\nsuit, action or proceeding prosecuted or maintained hereunder shall be\ncommenced within one year and ninety days after the cause of action\ntherefor shall have accrued, and upon the further condition that in the\ncase of any suit, action or proceeding for the recovery or payment of\nmoney, prosecuted or maintained hereunder, a notice of claim shall have\nbeen served upon the Commission by or on behalf of the plaintiff or\nplaintiffs within the time limit established by and in compliance with\nsection fifty-e of the general municipal law. The provisions of this\nsubparagraph shall not apply to claims arising out of provisions of any\nworkmen's compensation law of any of the signatory States.\n  * NB Effective upon concurrence by the members of the Delaware River\nBasin Water Commission\n  (e) The notice of claim required by subparagraph (d) hereof shall be\nin writing, sworn to by or on behalf of the claimant or claimants, and\nshall set forth (1) the name and post office address of each claimant\nand of his attorney, if any, (2) the nature of the claim, (3) the time\nwhen, the place where and the manner in which the claim arose, and (4)\nthe items of damage or injuries claimed to have been sustained so far as\nthen practicable. Such notice may be served in the manner in which\nprocess may be served, or in lieu thereof, may be sent by registered\nmail to the Commission at its principal office. Where the claimant is an\ninfant or is mentally or physically incapacitated and by reason of such\ndisability no notice of claim is filed or suit, action or proceeding\ncommenced within the time specified in subparagraph (d) hereof, or where\na person entitled to make a claim dies and by reason of his death no\nnotice of claim is filed or suit, action or proceeding commenced within\nthe time specified in subparagraph (d) hereof, then any court in which\nsuch suit, action or proceeding may be brought may in its discretion\ngrant leave to serve the notice of claim and to commence the suit,\naction or proceeding within a reasonable time but in any event within\nthree years after the cause of action accrued. Application for such\nleave must be made upon an affidavit showing the particular facts which\ncaused the delay and shall be accompanied by a copy of the proposed\nnotice of claim if such notice has not been served, and such application\nshall be made only upon notice to the Commission.\n  (f) The commissioners, officers or employees of the Commission shall\nnot be subject to suits, actions or proceedings for judgments, orders or\ndecrees restraining, preventing or enjoining them in their official or\npersonal capacities from committing or continuing to commit any act or\nacts on behalf of the Commission other than suits, actions and\nproceedings brought by the attorney general of any of the signatory\nStates. The attorney general of each of the signatory States is hereby\nauthorized to bring such suits, actions or proceedings in his discretion\non behalf of any person or persons whatsoever who requests him so to do\nexcept in the cases excluded by subparagraph (a) hereof; provided, that\nin any such suit, action or proceeding brought by an attorney general,\nno judgment, order or decree shall be entered except upon at least two\ndays' notice to the defendant of the proposed entry thereof.\n                                ARTICLE V\n                        CONDEMNATION PROCEEDINGS\n  1. The commission shall have the power, except as hereinafter provided\nand limited, to acquire by condemnation lands, lands lying under water,\nrights in land, riparian rights, water rights, waters, and other\nproperty within the Delaware River basin as defined herein or required\nfor aqueducts, or conduits deemed necessary or convenient to effectuate\nthe structures and facilities described in paragraph two of Article I of\nthis compact. This grant of the power of eminent domain includes, except\nas hereinafter provided and limited, but is not limited to, the power to\ncondemn property, within the Delaware river basin as defined herein or\nrequired for aqueducts, or conduits deemed necessary or convenient to\neffectuate the structures and facilities described in paragraph two of\nArticle I of this compact, owned or held by a political subdivision for\nmunicipal or public purposes, by a public district, by a public\ncorporation or by a public authority, and includes as well the power to\ncondemn any property already devoted to a public purpose, by whomsoever\nowned or held, other than property owned or held by the signatory States\nand other than property owned or held by the City of New York, wherever\nsituate, for its water supply or for its water supply system. Nothing\nherein shall be deemed to include the power to condemn the lands,\nstructures or properties necessary or convenient to the exercise of the\nrights reserved in Article XVI of this compact.\n  2. Such power shall be exercised in accordance with the provisions of\nsuch special law, specifically applicable to the said Commission, as may\nnow or hereafter be in force in the signatory State in which such\nproperty is located; provided, that if there be no such special law in\nforce in such State, condemnation proceedings shall be in accordance\nwith the provisions of such applicable general condemnation law as may\nbe in force in such State.\n  3. Any award or compensation for the taking of property pursuant to\nthis Article shall be paid by the Commission, and none of the signatory\nStates nor any agency, instrumentality, or political subdivision thereof\nshall be liable for such award or compensation.\n                               ARTICLE VI\n         CONVEYANCE OF LANDS AND RELOCATION OF PUBLIC FACILITIES\n  1. The signatory States hereby consent to the acquisition, use and\noccupation by the Commission, pursuant to the laws of the respective\nStates, of any real property within the said States, or any of them,\nincluding lands lying under water and lands already devoted to public\nuse, which may be or may become necessary or convenient for the\nconstruction, operation, and maintenance of dams, reservoirs, treatment\nplants, aqueducts, conduits, and other structures or facilities,\napproved in accordance with the provisions of this compact; provided,\nsuch lands and property are located within the Delaware River Basin as\ndefined herein or required for aqueducts, or conduits deemed necessary\nor convenient to effectuate the structures and facilities described in\nparagraph 2 of Article I of this compact.\n  2. The signatory States hereby authorize their respective officers,\nagencies, departments, commissions or bodies having jurisdiction and\ncontrol over real property owned by the signatory States to convey in\naccordance with the laws of the respective States, to the Commission,\nwith or without consideration, any such real property as may be\nnecessary or convenient to the effectuation of the authorized purposes\nof the Commission.\n  3. Each political subdivision of each of the signatory States is\nhereby authorized and empowered, notwithstanding any contrary provision\nof law, to grant and convey to the Commission, upon the Commission's\nrequest, but not otherwise, upon reasonable terms and conditions, any\nreal property owned by such political subdivision, including lands lying\nunder water and lands already devoted to public use, which may be\nnecessary or convenient to the effectuation of the authorized purposes\nof the Commission.\n  4. The term "real property" as used in this compact shall include any\nand all things and rights usually included within the said term and\nincludes not only fees simple absolute, but also any and all lesser\ninterests such as easements, rights of way, uses, leases, licenses, and\nall other incorporeal hereditaments, and every estate, interest or\nright, legal or equitable, including terms of years and liens thereon by\nway of judgments, mortgages or otherwise, and also claims for damage to\nreal property.\n  5. Any highway, sewer, public utility, or other public facility, which\nwill be dislocated by reason of the constructions deemed necessary by\nthe Commission to effectuate the authorized purposes of this compact,\nshall be relocated, providing that such relocation be required to serve\nthe public interest, in the manner provided for by the laws of the\nrespective signatory States, at the expense of the Commission.\n                               ARTICLE VII\n                   TAXES AND PAYMENTS IN LIEU OF TAXES\n  1. The effectuation of its authorized purposes by the Commission is\nand will be in all respects for the benefit of the people of the\nsignatory States; and, since the Commission will be performing essential\ngovernmental functions in effectuating said purposes, the bonds or other\nsecurities or obligations issued by the Commission and the income\ntherefrom, or any profit made on the sale thereof, shall be exempt from\nall taxation by or within the States of Delaware, New Jersey and New\nYork and the Commonwealth of Pennsylvania except for transfer and\ninheritance taxes.\n  2. Lands acquired by the Commission for the purposes of this compact\nshall be taxable in the tax districts wherein such lands are located at\nthe average value thereof as improved on the date of acquisition. Such\naverage value shall be determined on the basis of computation of the\naverage assessed value of such lands as improved for the five-year\nperiod immediately prior to such date of acquisition. The assessed value\nof such land shall be reviewed by the taxing authority at the end of\neach five-year period after the date of acquisition and such assessed\nvaluation shall be increased or decreased percentagewise as the average\nassessed valuation of all the other property in the tax district has\nincreased or decreased in such five-year period. However, none of the\ndams, reservoirs, treatment plants, aqueducts, conduits, or other\nstructures, or facilities, or their appurtenances, to be built in\naccordance with the authority conferred by this compact shall be\ntaxable, nor shall the assessed value of the lands upon which such\nstructures are built be increased by reason of their presence thereon.\n  3. Notwithstanding the provisions of the last preceding paragraph, the\nCommission is hereby authorized and empowered to enter into agreements\nwith political subdivisions to pay a fair and reasonable sum or sums to\nthe said political subdivisions in lieu of taxes which otherwise would\nbe levied and collected with respect to any property hereafter acquired\nby the Commission. Any such payment or payments made by the Commission\nmay be paid on an annual basis, or such payment or payments may be made\nin a lump sum or sums or over a stated period of years, as shall be\nagreed upon by and between the Commission and such political\nsubdivision; provided, however, that in any case the payment or payments\nshall not be in excess of the amount of the taxes upon such property\nwhen last assessed prior to the time of its acquisition by the\nCommission. Every political subdivision wherein property shall be\nacquired by the Commission is authorized and empowered to enter into\nsuch agreement or agreements with the Commission to accept such payment\nor payments.\n                              ARTICLE VIII\n                       CONTRACTS FOR WATER SUPPLY\n  1. The term "political subdivision", as used in this Article, shall\nmean and include, in addition to its usual meaning, water districts,\nwater supply districts, and any other public authorities, public\ncorporations, commissions or bodies having power to own, acquire, or\ncontract for a public water supply.\n  2. Political subdivisions of the signatory States, either directly or\nthrough any board of water commissioners, district water supply\ncommissioners, or any other board, commission, or public authority\nhaving jurisdiction or control over all or any part of a water supply or\ndistribution system, may enter into contracts for the supplying of water\nby the Commission and the payment of any fees or other charges to the\nCommission. The contracts may be made for a specified or an unlimited\ntime notwithstanding any other provisions of law, general or special, on\nany terms and conditions which may be approved by the political\nsubdivision and which may be agreed to by the Commission, and such\ncontracts shall be valid and binding upon the political subdivision,\nnotwithstanding that no appropriation has been made or provided to cover\nthe cost or estimated cost of the contract.\n  3. Such political subdivision is hereby authorized and directed to do\nand perform any and all acts or things necessary, convenient or\ndesirable to carry out and perform every such contract and to provide\nfor the payment of any obligations thereunder in the same manner as\nother obligations of such political subdivision. Each political\nsubdivision shall pay promptly to the Commission all fees and other\ncharges due the Commission.\n                               ARTICLE IX\n                        RELEASE OF STORED WATERS\n  1. No signatory State shall permit the flow in the Delaware River to\nbe diminished by the diversion of any water from the main channel of the\nDelaware River during any period in which waters are being released from\nstorage reservoirs constructed under the provisions of this compact for\nthe purpose of maintaining an adequate minimum flow in the Delaware\nRiver during the periods of low flow therein, except in cases where such\ndiversion shall have been duly authorized under the provisions of this\ncompact.\n  2. The Commission shall release water from storage for the purpose of\nmaintaining an adequate minimum flow in the Delaware River during\nperiods of low flow therein in accordance with the following provisions:\n  (a) Upon and after completion of a storage reservoir on the West\nBranch of the Delaware River near Cannonsville, New York, sufficient\nwater shall be released from the aforesaid reservoir to maintain a\nminimum flow in the Delaware River, as measured at the stream gaging\nstation at Port Jervis, New York, of at least 1800 cubic feet per\nsecond.\n  (b) Upon and after completion of storage reservoirs on the West Branch\nof the Delaware River near Cannonsville, New York, on the main channel\nof the Delaware River near Barryville, New York, and on the Neversink\nRiver near Godeffroy, New York, sufficient water shall be released from\nthe system consisting of the three aforesaid reservoirs to maintain a\nminimum flow in the Delaware River, as measured at the stream gaging\nstation at Trenton, New Jersey, of at least 4000 cubic feet per second.\n  (c) Upon and after completion of storage reservoirs on the West Branch\nof the Delaware River near Cannonsville, New York, on the main channel\nof the Delaware River near Barryville, New York, on the Neversink River\nnear Godeffroy, New York, and on the main channel of the Delaware River\nnear Wallpack Bend, sufficient water shall be released from the system\nconsisting of the four aforesaid reservoirs to maintain a minimum flow\nin the Delaware River, as measured at the stream gaging station at\nTrenton, New Jersey, of at least 4800 cubic feet per second.\n  (d) The intent and purpose of the requirements of paragraphs (b) and\n(c) of this article are to provide for a flow at all times of at least\n4000 cubic feet per second, or at least 4800 cubic feet per second, as\nthe case may be, from the non-tidal section of the Delaware River above\nTrenton into the tidal section of the Delaware River below Trenton.\nAccordingly, the requirements for the flow of at least 4,000 cubic feet\nper second, or at least 4800 cubic feet per second, at Trenton may be\nreduced by the Commission in such a manner as to carry out this intent\nand purpose in the event the Commission is called upon to utilize a part\nof the waters which would otherwise flow in the Delaware River at\nTrenton as a source of water supply for the City of Philadelphia and\nother political subdivisions and metropolitan areas in the greater\nPhiladelphia-South Jersey area which are situated wholly within the\nDelaware River Basin.\n                                ARTICLE X\n                     HYDROELECTRIC POWER AND ENERGY\n  In the exercise of its power to develop, or to provide for the\ndevelopment of, hydroelectric power and energy, no water shall be used\nin addition to the water which would otherwise be developed and used by\nthe Commission for water supply and for water required to be released\nfrom storage in order to maintain an adequate minimum flow in the\nDelaware River during periods of low flow therein. The Commission shall\nnot engage in the transmission and distribution of power and energy\nexcept for its own use.\n                               ARTICLE XI\n                    FORMULATION AND APPROVAL OF PLANS\n  1. Upon the request of two or more signatory States, or upon its own\ninitiative, the Commission shall prepare, in appropriate form for\nsubmission to the legislatures of the signatory States, a report\ncovering plans for, and the method of financing, any new project, or any\nexpansion of the project authorized and described in paragraph 2 of\nArticle I of this compact, for the construction, operation, and\nmaintenance of such dams, reservoirs, and appurtenant structures within\nthe Delaware River Basin, and such treatment plants, aqueducts,\nconduits, and other facilities, as may be required to effectuate the\npurposes of this compact.\n  2. Prior to the submission of any such report to the legislatures of\nthe signatory States the Commission shall:\n  (a) Conduct investigations in such manner as to give appropriate\nconsideration and weight to the interrelation of the proposed project\nwith projects and programs of other agencies, public and private,\nfederal, interstate, state, and local, concerning the development,\nutilization, control and conservation of the water resources of the\nDelaware River Basin.\n  (b) Transmit a copy of its tentative draft of a report concerning any\nproposed project to the following agencies, or their respective\nsuccessors, for the purpose of affording such agencies an opportunity to\nsubmit to the Commission, within ninety days from the date of receipt of\nsuch tentative draft, written statements of their views and\nrecommendations regarding any such project: Water Pollution Control\nCommission of the State of Delaware; Division of Water Policy and Supply\nof the State of New Jersey; Water Power and Control Commission of the\nState of New York; Water and Power Resources Board of the Commonwealth\nof Pennsylvania; and the Interstate Commission on the Delaware River\nBasin. Representatives of each of the aforesaid agencies may, in order\nto analyze and appraise any project proposed by the Commission created\nby this compact, enter upon any lands, structures, and waters within the\nstates in which the Delaware River Basin is located, for the purpose of\nsurveying dam, reservoir, treatment plant, aqueduct, or conduit\nlocations, studying subsurface conditions affecting the selection of\nsuch locations, and for such other purposes as may be deemed necessary.\n  (c) Include in its report, for submission to the legislatures of the\nsignatory States, the statements of views and recommendations, if any,\nof the aforesaid agencies.\n  3. The report, prepared after compliance with the procedures\nhereinbefore provided, shall be submitted by the Commission to the\nlegislatures of the signatory States. The Commission shall have\nauthority to proceed with the project proposed in the said report when\nsuch report has been approved by the legislatures of all the signatory\nStates, or by the legislatures of the States of New Jersey and New York\nand the Commonwealth of Pennsylvania.\n  4. Prior to proceeding with any construction which is a part of the\nproject authorized and described in paragraph 2 of Article I of this\ncompact, or of any authorized expansion thereof, or of any authorized\nnew project, the Commission shall submit detailed plans and\nspecifications for the construction of any structure, or part thereof,\nto, and secure the approval of, the appropriate agency or agencies of\nthe State or States within which such construction is necessary as a\npart of the said project.\n                               ARTICLE XII\n     GRANTS, LOANS, OR PAYMENTS BY STATES OR POLITICAL SUBDIVISIONS\n  1. Any or all of the signatory States, or any political subdivisions\nthereof, may after appropriate legislative authorization for that\npurpose,\n  (a) Appropriate to the Commission such funds as may be necessary to\npay preliminary expenses such as the expenses incurred in the making of\nborings and other studies of sub-surface conditions, in the preparation\nof contracts for the sale of water, and in the preparation of detailed\nplans and estimates required for the financing of a construction\nproject.\n  (b) advance to the Commission, either as grants or loans, such funds\nas may be necessary or convenient to finance the operation and\nmanagement of, or construction by, the Commission.\n  (c) make payments to the Commission for benefits received, or to be\nreceived, from the operation of any of the structures or facilities of\nthe Commission.\n  2. Any funds which may be loaned to the Commission either by a\nsignatory State, or a political subdivision thereof, shall be repaid by\nthe Commission through the issuance of bonds, or out of other income of\nthe Commission, such repayment to be made within such period and upon\nsuch terms as may be agreed upon between the Commission and the State or\npolitical subdivision making the loan.\n                              ARTICLE XIII\n                                FINANCING\n  1. The Commission shall have power and is hereby authorized, from time\nto time, to issue its negotiable bonds for any of its authorized\npurposes, to issue its bonds to refund bonds issued by it, to issue its\nnegotiable notes in anticipation of bonds, and to pay its bonds and\nnotes from revenues of the Commission and the proceeds of its bonds and\nother moneys of the Commission, as the resolution authorizing the\nissuance may provide:\n  (a) Refunding bonds may be issued partially to refund bonds then\noutstanding and partially for any other of its authorized purposes.\nRefunding bonds may be issued whenever the Commission deems expedient,\nwhether the bonds to be refunded have or have not matured, and may be\nexchanged for the bonds to be refunded with such cash adjustments as may\nbe agreed, or may be sold before the bonds to be refunded become due and\nthe proceeds applied to the purchase, redemption or payment of the bonds\nto be refunded, including interest accrued, and any redemption premiums\npayable, thereon.\n  (b) Except as may be otherwise expressly provided by the Commission,\nevery issue of bonds shall be general obligations payable out of any\nmoneys or revenues of the Commission, subject only to any agreements\nwith the holders of any bonds pledging any moneys or revenues.\n  (c) Whether or not bonds or notes issued by the Commission are of such\nform and character as to be negotiable instruments, such bonds or notes\nshall be fully negotiable within the meaning and for all the purposes of\nthe Negotiable Instruments Law, subject only to any provisions of the\nbonds for registration.\n  (d) The Commission may issue temporary bonds, with or without coupons,\npending the preparation of definitive bonds, exchangeable for definitive\nbonds.\n  (e) Bonds shall be authorized by resolution of the Commission and\nshall bear such date or dates, mature at such time or times, bear\ninterest at such rate or rates not exceeding five per centum per annum,\nbe in such denominations, be in such form, either coupon or registered,\ncarry such registration privileges, be executed in such manner, be\npayable in such medium of payment and at such place or places, and be\nsubject to such terms of redemption, as such resolution or resolutions\nmay provide, but in no event shall the redemption price of a bond exceed\nthe par value thereof and a premium of four per centum plus accrued\ninterest. The official seal of the Commission, or a facsimile thereof,\nshall be impressed, engraved, or otherwise reproduced on each bond or\nnote, and be attested by the Secretary or by such other officer or agent\nas the Commission shall appoint and authorize. If any officer or\nauthorized agent whose signature, or a facsimile thereof, shall appear\non any bonds, coupons, or notes, shall cease to be such officer or\nauthorized agent before the delivery of the bonds or notes, such\nsignature or such facsimile signature shall be valid and sufficient for\nall purposes the same as if he had continued in office until such\ndelivery. The bonds shall be sold at public sale for a price not less\nthan ninety-six per centum of the par value thereof plus accrued\ninterest, provided that the interest cost to maturity of the money for\nany issue of such bonds shall not exceed five per centum per annum.\n  (f) Any resolution of the Commission authorizing the issuance of bonds\nmay appoint a trustee or trustees, a fiscal agent or fiscal agents, a\npaying agent or paying agents, and such other fiduciaries as such\nresolution may provide. Any trustee, fiscal agent, paying agent and\nother fiduciary so appointed may be any trust company or bank having the\npowers of a trust company within any one of the signatory States.\n  (g) In order to secure the payment of its bonds the Commission shall\nhave power, in the resolution authorizing the issuance of the bonds\n(which shall be deemed a contract with the bondholders):\n  (1) to pledge all or any part of its revenues to which its right then\nexists or may thereafter come into existence, and the moneys derived\ntherefrom, and the proceeds of bonds;\n  (2) to covenant against pledging all or any part of its revenues, or\nagainst mortgaging all or any part of its real or personal property then\nowned or thereafter acquired, or against permitting or suffering any\nlien on such revenues or property; to covenant with respect to\nlimitations on its right to sell, lease or otherwise dispose of any\nproject or any part thereof, or any property of any kind;\n  (3) to covenant as to the bonds to be issued and the limitations\nthereon and the terms and conditions thereof and as to the custody,\napplication and disposition of the proceeds thereof, and to covenant as\nto the issuance of additional bonds or as to limitations on the issuance\nof additional bonds and on the incurring of other debts by it;\n  (4) to provide for the replacement of lost, destroyed or mutilated\nbonds;\n  (5) to provide for the investment of all or a part of its funds on\ndeposit with the trustee or other fiduciary in such obligations as the\nresolution authorizing the issuance of the bonds may provide;\n  (6) to covenant against extending the time for the payment of bonds or\ninterest thereon; to covenant as to the redemption premiums and other\nterms and conditions thereof;\n  (7) to covenant as to the payment of the principal of or interest on\nthe bonds, or any other obligations, as to the sources and methods of\nsuch payment, as to the rank or priority of any such bonds or\nobligations with respect to any lien or security or as to the\nacceleration of the maturity of any such bonds or obligations;\n  (8) to covenant as to the rates of fees or other charges to be\nestablished and to be charged, and the amount to be raised each year or\nother period of time by such charges or other revenues and as to the use\nand disposition to be made thereof; to create or authorize the creation\nof special funds or moneys to be held in pledge or otherwise for\nconstruction, operating expense, payment or redemption of bonds,\nreserves or other purposes and to covenant as to the use and disposition\nof the moneys held in such funds;\n  (9) to establish the procedure, if any, by which the terms of any\ncontract or covenant with or for the benefit of the bondholders may be\namended or abrogated, the amount of bonds the holders of which must\nconsent thereto, and the manner in which such consent may be given;\n  (10) to covenant as to the maintenance of its real and personal\nproperty, the replacement thereof, the insurance to be carried thereon,\nand the use and disposition of insurance moneys;\n  (11) to provide for the rights and liabilities, powers and duties\narising upon the breach of any covenant, condition or obligation; to\nprescribe the events of default and the terms and conditions upon which\nany or all of the bonds shall become or may be declared due and payable\nbefore maturity and the terms and conditions upon which any such\ndeclaration and its consequences may be waived;\n  (12) to vest in a trustee or trustees such property, rights, powers\nand duties in trust for the bondholders, as the Commission may\ndetermine, which may include any or all of the rights, powers and duties\nof the statutory trustee appointed by the holders of bonds pursuant to\nsub-paragraph (a) of paragraph 2 of this Article; to limit or abrogate\nthe rights of the holders of such bonds to appoint such statutory\ntrustee, or to limit the rights, duties and powers of such statutory\ntrustee;\n  (13) to limit the rights of the bondholders to enforce any pledge or\ncovenant securing the bonds; and\n  (14) to make covenants other than and in addition to the covenants\nherein expressly authorized, of like or different character; and to make\nsuch covenants to do or refrain from doing such acts and things as may\nbe necessary or convenient or desirable in order to better secure the\nbonds or which, in the absolute discretion of the commission, will tend\nto make the bonds more marketable, notwithstanding that such covenants,\nacts or things may not be enumerated herein.\n  (h) Any pledge of revenues or other moneys made by the Commission\nshall be valid and binding from the time when the pledge is made; the\nrevenues or other moneys so pledged and thereafter received by the\nCommission shall immediately be subject to the lien of such pledge\nwithout any physical delivery thereof or further act, and the lien of\nany such pledge shall be valid and binding as against all parties having\nclaims of any kind in tort, contract or otherwise against the\nCommission, irrespective of whether such parties have notice thereof.\nNeither the resolution nor any other instrument by which a pledge is\ncreated need be filed or recorded except in the records of the\nCommission.\n  (i) Bonds may be issued under the provisions of this compact without\nobtaining the consent of any department, division, commission, board,\nbureau or agency of any of the signatory States, and without any other\nproceedings or the happening of any other conditions or things than\nthose proceedings, conditions or things which are specifically required\nby this compact.\n  (j) The Commission shall not have power to mortgage real property.\n  (k) Moneys of the Commission or moneys held in pledge or otherwise for\nthe payment of bonds or in any way to secure bonds and the deposits of\nsuch moneys may be secured in such manner as the Commission may require\nand all banks and trust companies in each of the signatory States are\nauthorized to give such security therefor.\n  (l) Neither the members of the Commission nor any person executing the\nbonds shall be liable personally on the bonds or be subject to any\npersonal liability or accountability by reason of the issuance thereof.\n  (m) The Commission shall have the power to purchase its bonds out of\nany funds available therefor. The Commission may refund, or it may hold,\ncancel, or resell, such bonds subject to and in accordance with\nagreements with bondholders.\n  2. The following provisions shall be applicable to an issue of bonds\nauthorized or issued by the Commission, only if the resolution of the\nCommission authorizing or providing for the issuance of such bonds shall\nprovide in substance that the holders of the bonds of such issue shall\nbe entitled to the benefits and be subject to the provisions of this\nparagraph 2:\n  (a) In the event that there shall be a default in the payment of\nprincipal of or interest on any bonds of such issue after the same shall\nbecome due, whether at maturity or upon call for redemption, and such\ndefault shall continue for a period of thirty days, or in the event that\nthe Commission shall fail or refuse to comply with the provisions of\nthis compact or shall fail or refuse to carry out and perform the terms\nof any contract or covenant with or for the benefit of the holders of\nany such bonds, and such failure or refusal shall continue for a period\nof thirty days after written notice by any holder of bonds of such issue\nor by a trustee for bondholders to the Commission of its existence and\nnature, the holders of twenty-five per centum (25%) in aggregate\nprincipal amount of the bonds of such issue then outstanding by\ninstrument or instruments filed in the office of the Secretary of State\nof each signatory State and proved or acknowledged in the same manner as\na deed to be recorded, may appoint a statutory trustee to represent the\nholders of the bonds of such issue for the purposes provided in this\nparagraph 2.\n  (b) Such statutory trustee may and, upon written request of the\nholders of twenty-five per centum (25%) in aggregate principal amount of\nthe bonds of such issue then outstanding, shall, in his or its own name:\n  (1) by civil action or suit, enforce all rights of the holders of such\nbonds, including the right to require the Commission to charge and\ncollect revenues adequate to carry out any contract as to, or pledge of,\nsuch charges and revenues, and to require the Commission to carry out\nand perform the terms of any contract or covenant with or for the\nbenefit of the holders of such bonds or its duties under this compact;\n  (2) bring action or suit upon all or any part of such bonds or\ninterest coupons or claims appurtenant thereto;\n  (3) by action or suit require the Commission to account as if it were\nthe trustee of an express trust for the holders of such bonds;\n  (4) by action or suit enjoin any acts or things which may be unlawful\nor in violation of the covenants of the Commission or the rights of the\nholders of such bonds; or\n  (5) declare all such bonds due and payable, whether or not in advance\nof maturity, upon thirty days' prior notice in writing to the Commission\nand if all defaults shall be made good, then with the consent of the\nholders of twenty-five per centum (25%) of the principal amount of such\nbonds then outstanding, annul such declaration and its consequences.\n  (c) Before declaring the principal of all such bonds due and payable\nthe statutory trustee shall first give thirty days' notice in writing to\nthe Commission.\n  (d) Any such statutory trustee, whether or not the issue of bonds\nrepresented by such trustee has been declared due and payable, shall be\nentitled as of right to the appointment of a receiver of any part or\nparts of the property of the Commission the revenues derived from which\nproperty are pledged for the security of the bonds of such issue and\nsuch receiver may enter and take possession of such part or parts of\nsuch property and subject to any pledge or agreement with bondholders\nshall take possession of all moneys and other property derived from or\napplicable to the construction, operation, maintenance and\nreconstruction of such part or parts of such property and proceed with\nany construction thereon which the Commission is under obligation to do\nand to operate, maintain and reconstruct such part or parts of the\nproperty and collect and receive all revenues thereafter arising\ntherefrom subject to any pledge thereof or agreement with bondholders\nrelating thereto, and perform the public duties and carry out the\nagreements and obligations of the Commission under the direction of the\ncourt. In any suit, action or proceeding by the statutory trustee the\nfees, counsel fees and expenses of the said trustee and of the receiver,\nif any, shall constitute taxable disbursements and all costs and\ndisbursements allowed by the court shall be a first charge on any\nrevenues derived from such property.\n  (e) Such statutory trustee shall, in addition to the foregoing, have\nand possess all of the powers necessary or appropriate for the exercise\nof any function specifically set forth herein or incident to the general\nrepresentation of bondholders in the enforcement and protection of their\nrights.\n  3. Notes issued in anticipation of bonds shall be paid from any moneys\nof the Commission available therefor and not otherwise pledged or from\nthe proceeds of sale of the bonds of the Commission in anticipation of\nwhich they were issued. The notes shall be issued and sold in the same\nmanner as the bonds and such notes and the resolution or resolutions\nauthorizing the same may contain any provisions, conditions or\nlimitations which the bonds or a bond resolution of the Commission may\ncontain. Such note shall be as fully negotiable as the bonds of the\nCommission.\n  4. Bonds issued by the Commission under the provisions of this compact\nare hereby made securities in which any signatory State and all\npolitical subdivisions thereof, their officers, boards, commissions,\ndepartments or other agencies, all banks, bankers, savings banks, trust\ncompanies, savings and loan associations, investment companies and other\npersons carrying on a banking business, all insurance companies,\ninsurance associations, and other persons carrying on an insurance\nbusiness, and other fiduciaries, and all other persons whatsoever,\nexcept as hereinafter provided, who now are or may hereafter be\nauthorized to invest in bonds or other obligations of any signatory\nState, may properly and legally invest any funds, including capital\nbelonging to them or within their control; provided that,\nnotwithstanding the provisions of any other general or special law to\nthe contrary, such bonds shall not be eligible for the investment of\nfunds, including capital, of trusts, estates or guardianships under the\ncontrol of individual administrators, guardians, executors, trustees and\nother individual fiduciaries. Said bonds or other securities or\nobligations are hereby made securities which may properly and legally be\ndeposited with and received by any State or municipal officers or agency\nof any signatory State for any purpose for which the deposit of bonds or\nother obligations of such State is now or may hereafter be authorized by\nlaw.\n  5. Each of the signatory States hereby pledges to and agrees with the\nholders of the bonds and notes issued in accordance with the provisions\nof this compact, that such State will not limit or restrict the rights\nhereby vested in the Commission to maintain, construct, reconstruct, and\noperate any project as defined in this compact or to establish and\ncollect such rents, fees, receipts or other charges as may be convenient\nor necessary to produce sufficient revenues to meet the expenses of\nmaintenance and operation thereof and to fulfill the terms of any\nagreements made with the holders of bonds authorized by this compact or\nin any way impair the rights or remedies of the holders of such bonds\nuntil the bonds, together with interest thereon, are fully paid and\ndischarged.\n                               ARTICLE XIV\n                 CREDIT OF SIGNATORY STATES NOT PLEDGED\n  Bonds or notes issued under the provisions of this compact shall not\nbe deemed to constitute a debt or liability of any of the signatory\nStates or of any political subdivision thereof or a pledge of the faith\nand credit of any of the signatory States or of any such political\nsubdivision. All such bonds or notes shall contain on the face thereof a\nstatement to the effect that none of the signatory States nor any\npolitical subdivision thereof is obligated to pay the same or the\ninterest thereon and that neither the faith and credit nor the taxing\npower of any signatory State or of any political subdivision thereof is\npledged to the payment of the principal of or the interest on such\nbonds.\n                               ARTICLE XV\n                      NONIMPAIRMENT OF STATE POWERS\n  1. Except as provided in Article XVI of this compact, the signatory\nStates, as of the effective date of this compact, waive, renounce and\nrelease any claim, or alleged claim, of or to a prior appropriation of\nthe waters of the Delaware river, and waive, renounce and release any\nclaim or alleged claim, of or to any superior right of appropriation,\ndiversion or use of said waters.\n  2. Nothing in this compact shall be construed as impairing the powers\nof any signatory State to develop, improve, utilize, control, or\nconserve the water resources of the upper Delaware River Basin within\nthe boundaries of such State; provided, however, that the exercise of\nsuch powers by said State shall not conflict with the power of the\nCommission established by this compact with respect to those water\nresources authorized to be developed, improved, utilized, controlled, or\nconserved by such Commission.\n  3. Nothing in this compact shall be deemed to authorize the taking in\nany of the signatory States of a supply of water from this Commission\nunless and until all of the laws of the State, in which the proposed\ntaking of such water is located, have been complied with, and the\napproval of such taking has been secured from the appropriate agency or\nagencies of said State having jurisdiction over the taking of water\nsupplied.\n                               ARTICLE XVI\n               EXISTING RIGHTS, DEVELOPMENTS AND COMPACTS\n  1. Nothing in this compact shall be deemed to affect any right of the\nStates of New Jersey, New York, the Commonwealth of Pennsylvania and the\nCity of New York, or any of them, granted or reserved by or pursuant to\nthe decision of the United States Supreme Court in New Jersey versus New\nYork, et al., (283 U.S. 336), or any modification thereof by that Court.\n  2. Nothing in any existing compact between any two or more of the\nsignatory States shall be impaired or invalidated by any of the\nprovisions of this compact.\n                              ARTICLE XVII\n                      CONSTRUCTION AND SEVERABILITY\n  The provisions of this compact, or of agreements thereunder, shall be\nseverable and if any phrase, clause, sentence, or provision of this\ncompact or such agreement is declared to be unconstitutional or the\napplicability thereof to any State, agency, or person is held invalid,\nthe constitutionality of the remainder of this compact or such agreement\nand the applicability thereof to any other State, agency, person, or\ncircumstance shall not be affected thereby. It is the legislative intent\nthat the provisions of this compact be reasonably and liberally\nconstrued.\n                              ARTICLE XVIII\n                             EFFECTIVE DATE\n  1. This compact shall enter into force and become effective and\nbinding between the States of New Jersey and New York and the\nCommonwealth of Pennsylvania when (a) it has been adopted and enacted\ninto law by the respective legislatures of the said States and\nCommonwealth, and (b) it has been signed by the respective Governors of\nthe said States and Commonwealth, after authorization therefor by their\nrespective legislatures, and has been attested by the Secretary of the\nState of each of said States and Commonwealth and the Seal of each of\nsaid States and Commonwealth has been affixed thereto, and (c) the\nCongress of the United States of America has consented thereto.\n  2. This compact shall become effective and binding with respect to the\nState of Delaware, either at the same time it becomes effective and\nbinding between the States of New Jersey and New York and the\nCommonwealth of Pennsylvania as provided in the first paragraph of this\nArticle or at any time thereafter, when (a) it has been adopted and\nenacted into law by the legislature of the State of Delaware, and (b) it\nhas been signed by the Governor of the State of Delaware, after\nauthorization therefor by the legislature thereof, and has been attested\nby the Secretary of State of the State and the Seal of that State has\nbeen affixed thereto.\n  3. This compact shall be signed, attested, and sealed in five\noriginals, one original to be forwarded to the Governor of each\nsignatory State for filing in accordance with the laws of that State and\none original to be deposited in the archives of the Commission upon its\nestablishment.\n  IN WITNESS WHEREOF, and in evidence of the adoption and enactment into\nlaw of this compact by the legislatures of the respective States, the\nrespective Governors of the signatory States do hereby, in accordance\nwith authority conferred by the legislatures of their respective States,\nsign this compact in five originals, as attested by the respective\nSecretaries of State of the said States, and have caused the respective\nSeals of the said States to be hereunto affixed,\nthis...................day of......................,19....\n
N.Y. ENV Law § 15-1717 — New York Code / Act ENV / Article 15 / Title 17 / Section 15-1717
Provisions for the revision and readjustment of rent in licenses
Status: in_force

§ 15-1717. Provisions for the revision and readjustment of rent in\n             licenses.\n  1. The annual charge or rental fixed by the department shall continue\nfor the period of the license, unless the license provides for a\nreadjustment of the charge or rental at a specified time or times, in\nwhich case the charge or rental, as fixed by the license, may be revised\nand readjusted by the department according to the terms of the license.\nPayments on account of any such charge or rental shall be treated as a\npart of the operating expense.\n  2. The licensee shall be given ten days' notice of the time and place\nof the meeting of the department at which the question of the revision\nand readjustment of such charge or rental will be considered.  The\nrevision and readjustment shall be in the form of a resolution adopted\nby the department and thereafter, the revised and readjusted rental or\ncharge, unless reviewed and reversed or modified as herein provided,\nshall apply to and govern the license.\n  3. Any such decision may be reviewed by the licensee pursuant to the\nprovisions of section 15-0905.\n  4. Pending the final determination of the review proceedings, the\nlicensee shall pay to the state the revised and readjusted rental or\ncharge as fixed by the department; and if it shall be determined that\nthe rental or charge shall be revised, the licensee shall be credited on\nlater payments with any excess he may pay over the rental as finally\nfixed, with interest. If the credits be insufficient to satisfy such\nexcess, the licensee may recover the balance in the Court of Claims.\n
N.Y. ENV Law § 15-1749 — New York Code / Act ENV / Article 15 / Title 17 / Section 15-1749
Previous grantees not to divert waters without a license
Status: in_force

§ 15-1749. Previous grantees not to divert waters without a license.\n  A person or corporation, other than a municipal corporation, claiming\nor purporting to have, or to have had, by general or special act or\nother grant from the state, the right to divert water from Lake Erie,\nNiagara River or the boundary waters of the state, or to divert any\nwaters in which the state has a proprietary interest, or the successor\nin interest of such a corporation, whether or not there has been or is\nnow an actual diversion of waters or development of power therewith\npursuant to such act or grant, may apply for a license under title 17 of\nthis article to divert such waters and shall not divert such waters\nwithout having obtained such license, unless the diversion of such\nwaters is subject to the charging or imposition of an equitable rental\npursuant to the provisions of title 17 of this article, and shall\notherwise be subject to the provisions of title 17 of this article.\n
N.Y. PBA Law § 2401 — New York Code / Act PBA / Article 8 / Title 17 / Part 1 / Section 2401
Legislative findings
Status: in_force

§ 2401. Legislative findings. * It is hereby found and declared that\nthere continues to exist throughout the state a seriously inadequate\nsupply of safe and sanitary dwelling accommodations, including\naccommodations for persons and families of low income, and a seriously\ninadequate supply of credit available for new residential improvement\nloans at carrying charges within the financial means of persons and\nfamilies of low or moderate income. This condition is contrary to the\npublic interest and threatens the health, safety, welfare, comfort and\nsecurity of the people of the state. It is found and declared that one\nmajor cause of this condition has been recurrent, cyclical shortages of\nfunds in private banking channels available for residential mortgages.\nSuch shortages have contributed to drastic reductions in construction\nstarts of new residential units. In addition, they have made the sale\nand purchase of existing residential units a virtual impossibility in\nmany parts of the state. The ordinary operations of private enterprise\nhave not in the past corrected these conditions.\n  * NB Effective until July 23, 2027\n  * It is hereby found and declared that there continues to exist\nthroughout the state a seriously inadequate supply of safe and sanitary\ndwelling accommodations, including accommodations for persons and\nfamilies of low income. This condition is contrary to the public\ninterest and threatens the health, safety, welfare, comfort and security\nof the people of the state. It is found and declared that one major\ncause of this condition has been recurrent, cyclical shortages of funds\nin private banking channels available for residential mortgages. Such\nshortages have contributed to drastic reductions in construction starts\nof new residential units. In addition, they have made the sale and\npurchase of existing residential units a virtual impossibility in many\nparts of the state. The ordinary operations of private enterprise have\nnot in the past corrected these conditions.\n  * NB Effective July 23, 2027\n  It is further found and declared that the drastic reduction in\nresidential construction starts associated with such shortages have\ncaused a condition of substantial unemployment and underemployment in\nthe construction industry which results in hardships to many individuals\nand families, wastes vital human resources, increases the public\nassistance burdens of the state and municipalities, impairs the security\nof family life, impedes the economic and physical development of\nmunicipalities and adversely affects the welfare and prosperity of all\nthe people of the state. A stable supply of adequate funds for\nresidential mortgages is required to spur new housing starts in an\norderly and sustained manner and thereby to reduce the hazards of\nunemployment and underemployment in the construction industry. The\nunaided operations of private enterprise have not met and cannot meet\nthe need for a stable supply of adequate funds for residential mortgage\nfinancing.\n  It is further found and declared that these conditions associated with\nsuch recurrent shortages of residential mortgage funds contribute to the\npersistence of slums and blight and to the deterioration of the quality\nof the environment and living conditions of a large number of persons\nresiding in the state of New York, have adversely affected the economy\nof the state as a whole and are contrary to the declared policy of the\nstate to promote a vigorous and growing economy, to prevent economic\nstagnation, to increase revenues to the state and to its municipalities\nand to achieve stable local economies.\n  * Based upon the experience of the past, most recently during the\nperiods of illiquidity which occurred in nineteen hundred sixty-six and\nagain in nineteen hundred sixty-nine, shortages of funds for residential\nmortgages in the private banking system can be expected to recur from\ntime to time in varying degrees of severity with the adverse\nconsequences described above. To avoid or minimize such consequences, to\nbring greater stability to the residential construction industry and\nrelated industries, and thus to assure a steady flow of production of\nnew housing units, there should be created a corporate governmental\nagency to be known as the "state of New York mortgage agency" which,\nthrough issuance of bonds and notes to the private investing public\nduring periods when there is an inadequate supply of credit available\nfor new loans for residential housing and housing improvement purposes,\nmay (i) purchase existing mortgages from banks and direct an amount\nequal to the proceeds from the liquidated mortgage investments into new\nmortgages on residential family dwelling units, (ii) purchase new\nmortgages on residential family dwelling units, (iii) purchase new\nhousing loans for the rehabilitation or improvement of residential\nfamily dwelling units, and (iv) purchase lease-to-own mortgage loans.\n  * NB Effective until July 23, 2027\n  * Based upon the experience of the past, most recently during the\nperiods of illiquidity which occurred in nineteen hundred sixty-six and\nagain in nineteen hundred sixty-nine, shortages of funds for residential\nmortgages in the private banking system can be expected to recur from\ntime to time in varying degrees of severity with the adverse\nconsequences described above. To avoid or minimize such consequences, to\nbring greater stability to the residential construction industry and\nrelated industries, and thus to assure a steady flow of production of\nnew housing units, there should be created a corporate governmental\nagency to be known as the "state of New York mortgage agency" which,\nthrough issuance of bonds and notes to the private investing public, may\npurchase existing mortgages from banks within the state during periods\nwhen there is an inadequate supply of credit available for new\nresidential mortgage loans and direct an amount equal to the proceeds\nfrom the liquidated mortgage investments into new mortgages on\nresidential real property for family units.\n  * NB Effective July 23, 2027\n  It is further found and declared that in addition to issuance of bonds\nand notes for such purposes, the accessibility of credit available for\nnew loans for residential housing and housing improvement purposes will\nalso be increased by making available to the people of the state to the\nfullest extent possible the benefit of federal programs providing\ncredits against income tax for a portion of interest paid on residential\nmortgage and housing loans.\n  The secondary mortgage market provided by the corporate governmental\nagency created by this title is hereby found and determined to be an\nappropriate and effective means of making residential mortgages a more\nattractive investment for the private banking system, of reducing the\nvolatility of mortgage flows over the business cycle, and of providing\ngreater stability for the economies of the state and its municipalities.\n  It is further found and determined that it has long been the public\npolicy of the state to encourage every student who has the desire and\ncapacity to pursue a post-secondary education. To this end, the state\nhas developed one of the foremost systems of public higher education in\nthe nation, as well as a substantial program of grants and loans to help\nfinance the education of students attending both public and private\npost-secondary educational institutions.\n  Nevertheless, the rising costs to students of post-secondary education\nare placing the goal of such study beyond the financial reach of a\ngrowing proportion of our potential student population, particularly\nthose young men and women coming from families of low- and\nmiddle-income. To effectively meet this fiscal crisis in post-secondary\neducation, which is contrary to the general welfare of our citizens, it\nis hereby found and determined that the student loan programs in the\nstate should be restructured to make available to every student\nfinancial assistance in the attainment of his college or career\neducation and that the state of New York mortgage agency should be\nauthorized to issue its bonds and notes for the purpose of making\navailable funds with which to make available such student loans.\n  It is further found and determined that there is a need to establish a\nprogram to assist homeowners in the state of New York who have been\naffected by the national mortgage crisis who are either delinquent on\ntheir mortgage payments or are in danger of going into default because\nof economic hardship, as such term is defined under the agency's\nguidelines, in consultation with the advisory council established in\nsubdivision three of section twenty-four hundred five-f of this part,\nwho may lose their homes to foreclosure, or who may have abandoned their\nhomes due to economic hardship and who may benefit from assistance. In\naddition, the existence of vacant, abandoned, distressed, dilapidated or\nreasonably beyond repair properties may contribute to the persistence of\nconditions that increase blight and add to the deterioration of the\nquality of the environment and living conditions of a large number of\npersons residing in the state. To address these conditions, it is hereby\nfound and determined that the state of New York mortgage agency shall be\nauthorized to create and manage a fund to acquire residences and to\npurchase mortgages and mortgage notes, or to provide monies to eligible\ninstitutions to acquire residences and to purchase mortgages and\nmortgage notes and to carry out such other functions in connection with\nsuch acquisitions as are necessary to accomplish the purposes of this\nparagraph. In connection therewith, the state of New York mortgage\nagency shall be authorized to create a subsidiary corporation to carry\nout the program authorized under this paragraph.\n  It is further found and determined that there is a shortage of\nadequate funds to assist in the new construction of modular and\nmanufactured housing, and to assist in the purchase of existing modular\nand manufactured housing.\n
N.Y. ENV Law § 21-1703 — New York Code / Act ENV / Article 21 / Title 17 / Section 21-1703
Force and effect of the compact
Status: in_force

§ 21-1703. Force and effect of the compact.\n  Upon its signature by the respective governors on behalf of at least\nthe state of New Jersey and the commonwealth of Pennsylvania and by the\nGovernor on behalf of the state of New York, and upon the attestation\nthereof by the secretary of state of each of the signatory states and\ncommonwealth and the affixing thereto of the seal of each of the said\nstates and commonwealth, and the aforesaid compact, which may be known\nand cited as the Delaware basin compact, shall be and become binding and\nshall have the force and effect of a statute of the state of New York,\nand the Delaware river basin water commission shall thereupon become\nvested with all the powers, rights and privileges, and be subject to the\nduties and obligations, contained in said compact as though the same\nwere specifically authorized and imposed by statute, and the state of\nNew York shall be bound by all of the obligations assumed by it under\nsaid compact; and the Governor shall transmit an original signed copy\nthereof to the Secretary of State of the state of New York for filing in\nhis office.\n
N.Y. PBA Law § 2409 — New York Code / Act PBA / Article 8 / Title 17 / Part 1 / Section 2409
Remedies of bondholders and noteholders
Status: in_force

§ 2409. Remedies of bondholders and noteholders. (1) In the event that\nthe agency shall default in the payment of principal or of interest on\nany issue of bonds or notes after the same shall become due, whether at\nmaturity or upon call for redemption, and such default shall continue\nfor a period of thirty days, or in the event that the agency shall fail\nor refuse to comply with the provisions of this title, or shall default\nin any agreement made with the holders of any issue of bonds or notes,\nthe holders of twenty-five per centum in aggregate principal amount of\nthe bonds or notes of such issue then outstanding, by instrument or\ninstruments filed in the office of the clerk of the county in which the\nprincipal office of the agency is located, and proved or acknowledged in\nthe same manner as a deed to be recorded, may appoint a trustee to\nrepresent the holders of such bonds or notes for the purposes herein\nprovided.\n  (2) Such trustee may, and upon written request of the holders of\ntwenty-five per centum in principal amount of such bonds or notes then\noutstanding shall, in his or its own name,\n  (a) enforce all rights of the bondholders or noteholders, including\nthe right to require the agency to collect interest and amortization\npayments on the mortgages held by it adequate to carry out any agreement\nas to, or pledge of, such interest and amortization payments, and to\nrequire the agency to carry out any other agreements with the holders of\nsuch bonds or notes and to perform its duties under this title;\n  (b) bring suit upon such bonds or notes;\n  (c) by action or suit, require the agency to account as if it were the\ntrustee of an express trust for the holders of such bonds or notes;\n  (d) by action or suit, enjoin any acts or things which may be unlawful\nor in violation of the rights of the holders of such bonds or notes;\n  (e) declare all such bonds or notes due and payable and if all\ndefaults shall be made good then with the consent of the holders of\ntwenty-five per centum of the principal amount of such bonds or notes\nthen outstanding, to annul such declaration and its consequences.\n  (3) Such trustee shall in addition to the foregoing have and possess\nall the powers necessary or appropriate for the exercise of any\nfunctions specifically set forth herein or incident to the general\nrepresentation of bondholders or noteholders in the enforcement and\nprotection of their rights.\n  (4) Before declaring the principal of bonds or notes due and payable,\nthe trustee shall first give thirty days' notice in writing to the\ngovernor, to the agency and to the attorney general of the state.\n  (5) The supreme court shall have jurisdiction of any suit, action or\nproceeding by the trustee on behalf of bondholders or noteholders.  The\nvenue of any such suit, action, or proceeding shall be laid in the\ncounty in which the principal office of the agency is located.\n