NY Loc Fin L § 169.00 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 12 - Miscellaneous Provisions 169.00 - Installment Loans and Obligations Evidencing Installment Loans.

* §  169.00  Installment  loans and obligations evidencing installment   loans. a. Notwithstanding the provisions  of  any  other  law,  general,   special  or local, inconsistent with this section, relating to the power   of municipalities to enter into contracts and to contract  indebtedness,   the  finance board of any municipality selling bonds or notes at private   sale to the New York state environmental facilities corporation in order   to obtain  financial  assistance  pursuant  to  section  twelve  hundred   eighty-five-j  or twelve hundred eighty-five-m of the public authorities   law is hereby authorized and empowered to contract with such corporation   to receive from time to time advances of a loan up to a  stated  maximum   principal sum and to issue to such corporation, in order to evidence the   obligation  of  such  municipality  to repay such advances, its bonds or   notes in the form and in the manner provided by this section.  Any  such   bond or note may provide that the municipality issuing such bond or note   shall  pay  to  such  corporation  or  its  assigns  the  stated maximum   principal sum or,  if  less,  the  aggregate  principal  amount  of  the   advances  of  the  corresponding  loan  made to such municipality by the   corporation. The principal amounts of advances and the timing and manner   of the payment and repayment of such  advances  and  the  interest  rate   applicable  to such advances may be provided for in the related contract   or loan agreement or in any obligations evidencing such loan advances.b. Any obligation issued by a municipality pursuant  to  this  section   shall  be  deemed  indebtedness  of such municipality (i) only as of the   date and to the extent that the corporation makes or has made each  loan   advance  available  to  such municipality and (ii) only in the amount of   each such loan advance. Any such advance shall be considered a  separate   borrowing  for  purposes of determining compliance with the constitution   and laws of the state.c. Any obligation issued by a municipality pursuant  to  this  section   shall  provide  for  the  payment  of  principal  and  interest  without   presentation.d. The finance  board,  by  resolution,  may  delegate  its  power  to   contract and to issue indebtedness pursuant to this section to the chief   fiscal  officer  of  such  municipality, in which event the chief fiscal   officer  shall  exercise  such  power  until  the  finance   board,   by   resolution, shall elect to resume the same.e. On or before the first day of January, in any given year, beginning   on January first, nineteen hundred ninety-four, the president of the New   York  state  environmental  facilities  corporation  shall submit to the   director of the division of the budget, the chairperson  of  the  senate   finance  committee,  the  chairperson  of  the  assembly  ways and means   committee, and the chairpersons of the senate and assembly committees on   local  government,  a  comprehensive  report  detailing  the  activities   undertaken  pursuant to this section, which shall include, at a minimum,   (i) all project applicants; (ii) the amount of the state revolving  fund   bond  or  note  for  each  project;  (iii) the amount advanced; (iv) the   repayment terms and conditions; and (v) the interest rate savings to the   project applicant.* NB Repealed September 30, 2023