NY Priv Hous Fin L § 47-C (2021)
2021 New York Laws PVH - Private Housing Finance Article 3 - New York State Housing Finance Agency 47-C - Special Provisions Related to Certain Bonds and Notes.

§  47-c.  Special  provisions  related  to  certain  bonds  and notes. Notwithstanding any other provision of law, general or special:   1. Any public corporation or officer responsible for  the  acquisition of  real  property  or  the  planning,  supervision or administration of facilities thereon which may be  constructed,  acquired,  reconstructed, rehabilitated  or  improved  by  the  agency pursuant to this article is hereby authorized for and on behalf and in the name of the people of the state of New York, to execute  and  deliver  to  the  agency,  for  such consideration,  if  any, as may be determined by such public corporation or officer and the agency, but not to exceed  the  cost  of  acquisition thereof  and  the  cost  of improvements thereon, a lease for a term not exceeding fifty years or a quitclaim deed conveying to  the  agency  all the  right, title and interest of the people of the state of New York in and to any of the lands acquired by such public corporation  or  officer for  such facilities, and in and to any of the improvements thereon, for the purpose of constructing, reconstructing, rehabilitating or improving thereon one or more facilities pursuant to this  article  for  lease  or sublease  to  any such public corporation or officer, in accordance with the terms of an agreement entered into among  them  in  accordance  with law.  The  agency  is  hereby  authorized  to  accept  any such lease or conveyance, to lease or sublease such lands, improvements and facilities to such public corporation or officer, and to hold the same  subject  to the  terms  of  any such lease, conveyance, sublease or other agreement, and such public corporation or officer is hereby  authorized,  with  the approval  of  the  governor,  or where so designated by the governor for such purpose, the director of the budget, to lease or sublease any  such lands  or  improvements  or  the  facilities constructed, reconstructed, rehabilitated or improved thereon pursuant  to  this  article  or  other provisions  of  law, and to hold such lands, improvements and facilities subject to the terms of any such lease, sublease or other agreement.   2. a. In the event that the agency shall fail, within five years  from the date of a lease or conveyance authorized pursuant to subdivision one of  this section, to construct, reconstruct, rehabilitate or improve the facility or facilities thereon for which the  conveyance  was  made,  as provided  for  in a lease, sublease or other agreement entered into with such public corporation or officer, or in the event that  such  facility or facilities shall cease to be used for the purposes intended, then and in either event but subject to the terms of any lease, sublease or other agreement undertaken by the agency, such lands, and the improvements and facilities  thereon, shall revert to the people of the state of New York with right of re-entry thereupon, and such lease or deed shall  be  made subject  to  such  conditions;  provided,  however,  that as a condition precedent to the exercise of such right of re-entry  the  state  of  New York,  or such public corporation or officer, shall pay to the agency an amount equal to the purchase price of such lands and  improvements,  the depreciated   cost   of   any   facility   or   facilities  constructed, reconstructed, rehabilitated or improved thereon, and all other costs of the agency incident to the acquisition of such lands and  the  financing of  construction, reconstruction, rehabilitation or improvement relating to such facility or facilities, all as provided in the aforesaid  lease, sublease or other agreement entered into with such public corporation or officer.   b.  In  the event that the agency shall determine that any portions of the lands leased or conveyed pursuant to subdivision one hereof  are  in excess  of  the  lands needed to construct, reconstruct, rehabilitate or improve the facility or facilities thereon for which the conveyance  was made,  as  provided in a lease, sublease or other agreement entered into with such public corporation or officer, the agency  may  terminate  its  lease  with  respect  to  such excess portions of such lands or reconvey such excess portions to the people of the state of New  York;  provided, however,  that  the  state  of  New  York  or such public corporation or officer shall pay to the agency an amount equal to the consideration, if any,  paid by the agency to such public corporation or officer allocable to such excess lands and such other costs of the agency as are  incident to  the acquisition of such excess lands, all as may be approved by such public corporation or officer and the agency. Any monies so paid to  the agency  shall  be  used  and  applied,  subject to the provisions of any contract with noteholders and  bondholders,  for  the  sole  purpose  of paying costs and expenses of the agency incident to the financing of the facility  or  facilities to be constructed, reconstructed, rehabilitated or improved on such other portions of the land as shall have been leased or conveyed to the agency pursuant to subdivision one hereof.   3. The attorney general shall pass upon the form and  sufficiency  and manner  of  execution  of  any  deed  of  conveyance and of any lease or sublease of lands authorized to be given under subdivision one  of  this section and the same shall not be effective unless so approved by him.   4.    The   cost   of   construction,   acquisition,   reconstruction, rehabilitation or improvement of facilities  undertaken  by  the  agency pursuant to this article may include the cost of acquisition of any land and  improvements  leased  or  conveyed to the agency in accordance with subdivision  one  of  this  section  and  the  cost  of   the   original furnishings,  equipment,  machinery  and  apparatus  determined  by  the responsible public corporation or officer to be needed  to  furnish  and equip such facilities upon the completion of work. The agency shall have power to acquire or lease and to hold land and improvements required for the   construction,   acquisition,   reconstruction,  rehabilitation  or improvement of facilities undertaken by  the  agency  pursuant  to  this article  and  to  provide the original furnishings, equipment, machinery and apparatus  determined  by  the  responsible  public  corporation  or officer  to  be  needed  to  furnish  and equip such facilities upon the completion of  work  and  to  issue  its  bonds  and  notes  to  provide sufficient funds to pay the cost thereof.   5. Any public corporation or officer referred to in subdivision one of this  section is hereby authorized and empowered, in connection with any lease, sublease or other agreement with the agency to which such  public corporation  or  officer is a party, and subject to such agreements with third parties as may then exist, to:  (a) pledge or assign to the agency all or any portion of the  revenues and  monies  received  or  to  be received by such public corporation or officer, which may be available for the purpose of  paying  rentals  for the   use   of  the  facilities  constructed,  acquired,  reconstructed, rehabilitated or improved or to be constructed, acquired, reconstructed, rehabilitated or improved under such agreement, so that the  payment  of such rentals may be fully secured and protected; provided, however, that such pledge or assignment shall not extend to appropriations or advances from  the  state except appropriations or advances made specifically for the purpose of paying all or any part of such rentals;  (b) use and dispose of such  revenues  and  monies,  or  any  portions thereof, for the purpose of defraying, in whole or in part, (1) the cost of  acquiring  any  real  property  for  the  purpose  of  constructing, acquiring,  reconstructing,  rehabilitating  or   improving   facilities thereon which may be constructed, acquired, reconstructed, rehabilitated or  improved  by  the  agency  pursuant to this article, (2) the cost of financing the construction, acquisition, reconstruction,  rehabilitation or  improvement  of  such  facilities, and (3) the cost of acquiring the  original furnishings,  equipment,  machinery  and  apparatus  needed  to furnish and equip such facilities upon the completion of work;  (c)  set  aside  rental  reserves  and  to  agree  to the maintenance, regulation and disposition thereof;  (d) agree to limitations on the purposes to which the proceeds of sale of agency notes or bonds may be applied and  to  the  pledging  of  such proceeds  to secure the payment of agency notes or bonds or of any issue thereof;  (e) agree to limitations on the making of additional leases, subleases or agreements with the agency or with others, and the terms  upon  which such additional leases, subleases or agreements may be made;  (f)  recognize and give effect to such assignment, upon receipt of any notice of assignment by the agency of any such lease, sublease or  other agreement  with  the  agency,  or of any of its rights under such lease, sublease or other agreement, and to pay the assignee thereof rentals  or other  payments  then  due or which may become due under any such lease, sublease or other agreement which has been so assigned  by  the  agency; and  (g)  agree to any other matters, of like or different character, which in any way affect the security or  protection  of  the  rental  payments required  to  be  made  under the terms of such lease, sublease or other agreement with the agency.   6.  (a)  Any  state  university  facility,  as  defined   in   section forty-seven-a  of  this  article,  which has been constructed, acquired, reconstructed, rehabilitated or improved, in whole or in  part,  out  of monies  advanced  to  the  state  university  of  New  York,  the  state university construction fund, the state office of  general  services  or the  dormitory  authority since August first, nineteen hundred sixty-two pursuant to appropriations or  reappropriations  as  advances  from  the capital  construction  fund, and the lands upon which such a facility is located, may be leased or conveyed to the agency by the state university of New York, the state university construction  fund  or  the  dormitory authority  in accordance with the provisions of subdivisions one through five  of  this   section,   notwithstanding   that   the   construction, acquisition,  reconstruction,  rehabilitation  or  improvement  of  such facility may have been completed by the state university  of  New  York, the  state  university construction fund, the dormitory authority or the state office of general services, or may have  been  undertaken  or  may hereafter  be undertaken by the dormitory authority under agreement with the state university of New York or the  state  university  construction fund.  (b)  Subject  to such agreements with third parties as may then exist, the state university of New York and the state  university  construction fund are hereby authorized and empowered to enter into leases, subleases and  other  agreements  with  the  agency  with  respect  to  any  state university facility described in paragraph (a), and the lands upon which such a facility is or may be located, in accordance with the  provisions of  section  three  hundred  seventy-eight  of the education law and the provisions of subdivisions one through five of  this  section;  and  the agency  is  hereby  authorized  and  empowered  to  accept  any lease or conveyance of any such state university facility,  and  the  lands  upon which  such  a  facility  is  or  may be located, to acquire, construct, reconstruct, rehabilitate or improve any  such  facility  and  to  issue bonds  and notes to provide sufficient funds therefor in accordance with the  provisions  of  section  forty-seven-a  of  this  article  and  the provisions of subdivisions one through five of this section.  (c)  Any  mental hygiene facility, as defined in section forty-seven-b of this article, which has been  constructed,  acquired,  reconstructed,  rehabilitated  or  improved, in whole or in part, out of monies advanced or deemed to have  been  advanced  to  the  health  and  mental  hygiene facilities  improvement  corporation,  the  state  department  of mental hygiene  or  the office of general services, since April first, nineteen hundred sixty-three pursuant to appropriations  or  reappropriations  as advances  from  the  capital construction fund, and the lands upon which such a facility is located, may be leased or conveyed to the  agency  by the  health and mental hygiene facilities improvement corporation or the commissioner of mental hygiene in  accordance  with  the  provisions  of subdivisions  one through five of this section, notwithstanding that the construction, acquisition, reconstruction, rehabilitation or improvement of such facility may have  been  completed  by  the  health  and  mental hygiene  facilities  improvement  corporation,  the  state department of mental hygiene or the office of general services.  (d) Subject to such agreements with third parties as may  then  exist, the  health  and  mental  hygiene  facilities improvement corporation is hereby authorized and empowered to  enter  into  leases,  subleases  and other  agreements  with  the  agency  with respect to any mental hygiene facility described in paragraph (c), and the lands  upon  which  such  a facility  is  or  may  be  located, in accordance with the provisions of subdivision four of section  nine  of  the  health  and  mental  hygiene facilities  improvement  act  and  the  provisions  of  subdivisions one through five of this section; and the agency is  hereby  authorized  and empowered  to  accept any lease or conveyance of any such mental hygiene facility, and the lands upon which such a facility is or may be located, to acquire, construct, reconstruct, rehabilitate  or  improve  any  such facility,  and  to  issue  bonds  and  notes to provide sufficient funds therefor in accordance with the provisions of section  forty-seven-b  of this article and the provisions of subdivisions one through five of this section.   7. a. The agency shall have the power to acquire by lease or deed from the  health  and  mental  hygiene facilities improvement corporation any real property acquired by the corporation pursuant to the provisions  of subdivision  six  of  section  nine  of  the  health  and mental hygiene facilities  improvement  act  (i)  for  the  purpose  of   constructing, reconstructing,   rehabilitating   or  improving  thereon  one  or  more community mental health and  retardation  facilities  or  (ii)  for  the purpose  of  financing  the  acquisition,  construction, reconstruction, rehabilitation or improvement thereon of one or  more  community  mental health  and  retardation  facilities, pursuant to the provisions of this article and the health and mental hygiene  facilities  improvement  act. The  agency is hereby authorized to lease or sublease such real property and facilities thereon to the corporation for the purpose of making  the same  available  to a city or a county not wholly within a city, for use and occupancy in accordance with the provisions of a lease, sublease  or other agreement between the corporation and such city or county.   b.  In  the  event that the agency shall fail, within five years after the date of a lease or conveyance of such real property from  such  city or county to the corporation, to construct, reconstruct, rehabilitate or improve the community mental health and retardation facility or facility thereon  for which such lease or conveyance was made, as provided for in a lease, sublease or other agreement entered into by such city or county and the corporation, then, subject to the terms of any  lease,  sublease or  other agreement undertaken by the agency, such real property and any facilities thereon  shall  revert  to  the  corporation  with  right  of re-entry thereupon, and such lease or deed shall be made subject to such condition  of  reverter  and  re-entry;  provided,  however,  that  as a condition precedent to the  exercise  of  such  right  of  re-entry  the  corporation  shall  pay  to the agency an amount equal to the sum of the purchase price of such  real  property,  the  depreciated  cost  of  any community   mental   health   and  retardation  facility  or  facilities constructed,  reconstructed,  rehabilitated  or improved thereon and all other costs of the agency incident to the acquisition of such lands  and the   financing   of  construction,  reconstruction,  rehabilitation  or improvement relating to such community  mental  health  and  retardation facility or facilities, all as provided in the aforesaid lease, sublease or other agreement entered into with the corporation.   c.  No  real  property  or  interest  therein shall be acquired by the agency pursuant to this subdivision unless the title  thereto  shall  be approved by the attorney general.   d.  The  attorney general shall pass upon the form and sufficiency and manner of execution of any deed  of  conveyance  and  of  any  lease  or sublease  of  real  property  authorized  to  be  acquired by the agency pursuant to this subdivision and the same shall not be effective  unless such deed, lease or sublease shall be so approved by him.