reglab/statecodes huggingface dataset:
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 2 › 2429-A - Payment of Insurance and Development Corporation Credit Support.

§  2429-a.  Payment  of  insurance  and development corporation credit
  support. 1. The agency shall establish procedures to be  followed  by  a
  mortgagee  in  the  event  of  a default under the terms of any mortgage
  insured by the agency. The agency may require that prior to submitting a
  claim to the agency for payment of insurance the  mortgagee  shall  take
  such  actions  with  respect  to  the  property  securing  the defaulted
  mortgage as may be specified by the agency to be  satisfactory  evidence
  of a continuing default, including but not limited to the following: (i)
  becoming  lawfully  the  mortgagee in possession thereof; (ii) causing a
  receiver to be appointed of such  property;  (iii)  obtaining  voluntary
  conveyance  of the mortgagor's right and title to such property; or (iv)
  obtaining by foreclosure clear and unencumbered title to such  property,
  all  in such manner as the agency may require. Following submission of a
  valid claim the agency shall pay an amount which shall  not  exceed  the
  lesser  of  (1)  the  then  outstanding  insured principal amount of the
  mortgage multiplied by the per centum of such outstanding amount insured
  by the agency and a per centum of the mortgagee's cost arising from  the
  default,  inclusive  of public liens and delinquent and unpaid interest,
  all as the agency may from time to time allow, which  per  centum  shall
  not  exceed  the  per  centum  of the outstanding principal indebtedness
  insured by the agency or (2) the insured amount of the mortgage  at  the
  date  of execution of the insurance contract or its latest amendment, if
  any, except that the agency shall pay the greater of the two amounts  on
  claims  by  a  public  employee  pension  fund,  or  by a public benefit
  corporation derived from the sale of  notes  or  bonds  issued  by  said
  corporation, provided that no more than the actual loss suffered by such
  public  employee  pension  fund  or  public benefit corporation shall be
  paid. Such payment may be made by the  agency  in  a  lump  sum,  or  in
  partial  payments  made  within  such period of time as may be agreed to
  between the agency and the mortgagee, all in accordance with  procedures
  to be established by the agency.
2. The agency shall establish, by contract or otherwise, procedures to
  be  followed  with respect to development corporation credit support for
  which the  development  corporation  credit  support  account  has  been
  determined by the agency to be a source or potential source of payment.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 2 › 2429-C - Charges and Fees.

§ 2429-c. Charges and fees. * 1. The agency shall fix a premium charge
  for  its  insurance  of mortgages pursuant to this article which, except
  for pool insurance, shall not be  less  than  an  amount  equivalent  to
  one-quarter  of  one  per  centum  per  annum  nor  more  than an amount
  equivalent to two per centum per  annum  of  the  outstanding  principal
  amount  of  the insurable mortgage loan at any time, without taking into
  account delinquent payments or prepayments.
* NB Effective until July 23, 2025
* 1. The agency shall fix  a  premium  charge  for  its  insurance  of
  mortgages  pursuant  to  this  article  which  shall not be less than an
  amount equivalent to one-quarter of one per centum per  annum  nor  more
  than an amount equivalent to two per centum per annum of the outstanding
  principal  amount  of  the  insurable mortgage loan at any time, without
  taking into account delinquent payments or prepayments.
* NB Effective July 23, 2025
2. The agency may establish and levy such other charges  and  fees  in
  connection  with  applications  for  mortgage  insurance  and  insurance
  commitments as it may deem appropriate and necessary. Such  charges  and
  fees  shall  not  exceed  a  total  of  two  percent  of the outstanding
  principal amount of the insurable mortgage loan.
3. Such premium charges and other charges  shall  be  payable  by  the
  mortgagor in cash in such manner as may be prescribed by the agency.
4. Such premium charges and other charges and fees shall not be deemed
  to  be  interest  for  the  purposes  of  sections  5-501 of the general
  obligations law.
5. The agency may, in its discretion, fix a  premium  charge  for  its
  provision  of  development  corporation  credit support pursuant to this
  part.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 2 › 2429-D - Contributions to Agency.

§  2429-d.  Contributions to agency. Notwithstanding the provisions of
  any general or special law or  the  provisions  of  any  certificate  of
  incorporation,  charter  or other articles of organization, all domestic
  corporations or associations organized for the purpose  of  carrying  on
  business  in  this state, and any other persons are hereby authorized to
  make contributions to the agency.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 2 › 2429-E - Examination.

§  2429-e. Examination. At least once in each calendar year the agency
  shall be examined by the superintendent of financial  services  for  the
  purposes  of determining the agency's net worth and the soundness of its
  management and operating policies. The agency  shall  not,  however,  be
  deemed  to  be  a banking organization. The agency shall pay the cost of
  each such examination. Copies of each examination report, including  the
  findings,  conclusions  and  recommendations  of the examiners, shall be
  furnished to the agency. The agency shall furnish  a  complete  copy  of
  each  report, including the findings, conclusions and recommendations of
  the examiners, to the comptroller.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 2 › 2429-F - Special Provisions Relating to Directors of the Agency.

§  2429-f. Special provisions relating to directors of the agency. The
  agency may purchase from, sell to, borrow from, loan to,  contract  with
  or  otherwise deal with any corporation, trust, association, partnership
  or other entity in which any director of  the  agency  has  a  financial
  interest,  direct  or  indirect,  provided  that  (1)  such  interest is
  disclosed to the board prior to the consummation  of  such  transaction,
  (2)  such disclosure is recorded in the minutes of the agency and (3) no
  director having  such  a  financial  interest  may  participate  in  any
  decision affecting such transaction.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2435 - Loans to Municipalities.

§  2435.  Loans  to  municipalities.  1.  The agency may purchase, and
  contract to purchase, municipal bonds from municipalities at such  price
  or  prices,  upon  such  terms  and  conditions  and in such manner, not
  inconsistent with the provisions of the local finance law, as the agency
  shall deem advisable; provided, however, that the average interest  rate
  payable  on  all  municipal  bonds (taken as a group) purchased with the
  proceeds of an issue of bonds shall equal or exceed the interest rate on
  such issue of bonds. The agency shall not purchase the  municipal  bonds
  of  any  municipality  if  (i)  the  aggregate principal amount thereof,
  together with the aggregate principal balances of the municipal bonds of
  such municipality then outstanding and held by  the  agency,  exceed  an
  amount  equal  to  ten  percent of the aggregate principal amount of the
  statutory authorization at the time for the issuance of bonds and notes,
  as provided in section twenty-four hundred thirty-eight of  this  title,
  and  (ii) the aggregate principal amount thereof exceeds an amount equal
  to fifty percent of the aggregate  principal  amount  of  all  municipal
  bonds  proposed  to be so purchased at the time; provided, however, that
  this sentence shall not apply to local ARRA bonds or local public safety
  communications bonds.
2. The agency shall require as a condition of  purchase  of  municipal
  bonds from municipalities that each such municipality shall agree (i) to
  pledge its full faith and credit for the payment of the principal of and
  interest on such municipal bonds, (ii) to make annual appropriations for
  amounts  required  for  the  payment of such principal and interest, and
  (iii) if at any  time  the  municipality  fails  to  make  the  required
  appropriation  to  pay such principal and interest, or fails to make the
  payment of the  required  principal  and  interest,  the  provisions  of
  section   twenty-four  hundred  thirty-six  and/or  twenty-four  hundred
  thirty-six-b of this title shall take effect. All municipalities selling
  municipal bonds to the agency are hereby authorized to  make  and  carry
  out the agreements with the agency required in this subdivision.
3.  In connection with the sale or proposed sale of municipal bonds to
  the agency, any municipality may, notwithstanding the provisions of  any
  general  or  special  law  to the contrary, pay (i) such fixed or annual
  charges as may be prescribed from time to time by the agency for or with
  respect to the purchase by the agency of the  municipal  bonds  of  such
  municipality,  and  (ii)  all  charges  or  expenses  necessary  for the
  conversion or reconversion of any of its municipal bonds  from  or  into
  coupon  form  or  registered  form  as  may be required by the agency in
  connection with any sale or other disposition of such municipal bonds.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2435-B - Tax Lien Purchase and Sale Agreements.

§  2435-b.  Tax  lien  purchase  and  sale agreements. (1) In order to
fulfill the purposes of this title and  to  provide  a  means  by  which
municipalities   may   collect   the  moneys  necessary  to  fund  their
expenditures and provide revenue to fund any other  lawful  purpose  and
notwithstanding  any  general or special law to the contrary, the agency
or its tax lien entity and any municipality  are  hereby  authorized  to
enter  into one or more purchase and sale agreements for the sale of tax
liens by such municipality and the purchase of such  tax  liens  by  the
agency or its tax lien entity, which purchase and sale agreements shall,
consistent  with  the  provisions  of  this  title,  contain such terms,
provisions and conditions as, in the judgment of the agency or  its  tax
lien  entity,  shall  be  necessary or desirable. Each purchase and sale
agreement  shall  specify  the  amount  to  be  made  available  to  the
respective  municipality  from  the  proceeds  of  an  issue of tax lien
collateralized securities which amount may be more or less than the face
amount of the tax liens purchased by the agency or its tax lien  entity,
and  any  other  amounts  which  may be made available to the respective
municipality on a contingent basis under the terms of the agreement.  In
addition,   each   purchase   and   sale   agreement  may  require  such
municipality, subject to appropriation by  the  appropriate  legislative
body  of  such  municipality, to make provisions for the payment of such
other fees, charges, costs and other amounts as the agency shall in  its
judgment determine to be necessary or desirable.
(2)   Any  purchase  and  sale  agreement  entered  into  pursuant  to
subdivision one of this section shall provide that the obligation of the
municipality executing such purchase and sale agreement to fund  or  pay
the  amounts  therein  provided  for shall not constitute a debt of such
municipality within the  meaning  of  any  constitutional  or  statutory
provision  and  shall  be  deemed executory only to the extent of moneys
available and that no liability shall be incurred by  such  municipality
beyond  the moneys available for such purpose, and that any such payment
obligation of such municipality other than the  timely  payment  of  any
moneys collected by it and due to the agency or its tax lien entity as a
result  of  the  redemption  of  tax liens which are the subject of such
purchase and  sale  agreements,  is  subject  to  appropriation  by  the
appropriate legislative body of such municipality.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2435-C - Purchase of Tax Liens.

§ 2435-c. Purchase of tax liens. (1) The agency or its tax lien entity
may purchase, and contract to purchase, tax liens from municipalities at
such price or prices, upon such terms and conditions and in such manner,
as the agency shall deem advisable.
(2)  The  agency shall require as a condition of purchase of tax liens
from municipalities that each  such  municipality  shall  agree  (i)  to
promptly  pay,  as  directed  by the agency, any moneys collected by the
municipality in connection with the redemption and cancellation of  such
tax  liens,  (ii)  to  pay,  subject to appropriation by the appropriate
legislative body of such municipality, any amounts due and owing to  the
agency or its tax lien entity as a result of the sale of such tax liens,
(iii)  to  make  such  covenants,  representations,  and warranties with
respect to the tax liens sold as required to effectuate the sale of such
tax liens and  facilitate  the  marketing  of  tax  lien  collateralized
securities  issued  by  the  agency  or  its tax lien entity and (iv) to
accept a note or other instrument issued by the agency or its  tax  lien
entity to evidence any contingent amounts payable under the terms of the
purchase and sale agreement. All municipalities selling tax liens to the
agency  or  its  tax lien entity are hereby authorized to make and carry
out the agreements with the agency or its tax lien entity as required in
this subdivision. All municipalities are  also  authorized  to  sell  on
their  own  behalf,  or  have  the agency or its tax lien entity sell on
their own behalf, all or part of the contingent amounts payable to  such
municipalities  under  the  terms  of  a  tax  lien  purchase  and  sale
agreement.
(2-a) In connection with the purchase  or  proposed  purchase  of  tax
liens  by  the agency or its tax lien entity, the agency or its tax lien
entity may purchase,  and  contract  to  purchase,  real  property  from
municipalities  acquired  by  the  municipalities  pursuant  to  any tax
enforcement proceeding, and which have not yet been disposed of by  such
municipalities.
(3)  In  connection with the sale or proposed sale of tax liens to the
agency or its tax lien entity, any municipality may, notwithstanding the
provisions of any general or special law to the contrary, pay  (i)  such
fixed  or  annual  charges as may be prescribed from time to time by the
agency for or with respect to the purchase by the agency or its tax lien
entity of the tax liens of such municipality, and (ii)  all  charges  or
expenses  necessary for the conversion or reconversion of any of its tax
liens into such form as may be required by the agency in connection with
any sale or other disposition of such tax liens.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2435-E - Special School Deficit Program Agreements.

§  2435-e.  Special School Deficit Program Agreements. (1) In order to
fulfill the purposes of this title and to provide a  means  by  which  a
special  school  deficit program district may receive assistance to meet
its obligations and, notwithstanding any general or special law  to  the
contrary,  the  agency  and  the special school deficit program district
are, subject to the provisions  of  subdivision  (3)  of  this  section,
hereby  authorized  to  enter  into  one  or more special school deficit
program agreements, which  special  school  deficit  program  agreements
shall, consistent with the provisions of this title, contain such terms,
provisions  and  conditions as, in the judgement of the agency, shall be
necessary or desirable. Each special school  deficit  program  agreement
shall  specify  the  amount  to  be made available to the special school
deficit program district through the proceeds of  an  issue  of  special
school  deficit  program  bonds  and  shall  require such special school
deficit program district, subject  to  appropriation  by  the  board  of
education  of  such  special  school  deficit  program district, to make
payments to the agency in the amounts and at the times determined by the
agency to be necessary to provide for payment of such issue  of  special
school  deficit  program  bonds and such other fees, charges, costs, and
other amounts as the agency shall  in  its  judgement  determine  to  be
necessary or desirable.
(2) Any special school deficit program agreement entered into pursuant
to  subdivision  one  of this section shall provide that the obligations
thereunder to fund or pay the amounts therein  provided  for  shall  not
constitute  a  debt  of the state or such special school deficit program
district within the meaning of any constitutional or statutory provision
and shall be deemed executory only to the extent of moneys available and
that no liability shall be incurred by the state or such special  school
deficit  program  district  beyond the moneys available for the purpose,
and that such obligation is subject to annual appropriation by the board
of education of such special school deficit program district.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2436-A - School Aid Revenues.

§  2436-a.  School  aid  revenues.  With  respect  to  each  issue  of
outstanding special school purpose bonds, the  chairman  of  the  agency
shall  annually  certify,  or  in the case of the first such certificate
within thirty days after the sale of an issue of special school  purpose
bonds, to the comptroller and the director of the budget, with a copy to
the  commissioner  of  education, a schedule setting forth the amount of
school aid revenue necessary for payment of the following obligations:
(a) all interest and all payments of principal and redemption premium,
if any, on such special  school  purpose  bonds  maturing  or  otherwise
coming due during the subsequent state fiscal year;
(b)  the  amounts required to be deposited in any debt service reserve
fund with respect to such special school purpose bonds;
(c) the amount, if any, due to any provider  of  any  bond  credit  or
liquidity  facility, representing payments made by it as provided in the
applicable  resolution  or  trust  indenture,  including   any   related
reasonable interest, fees or charges so provided;
(d) the amount, if any, required to be rebated to the United States to
provide  for  continued  federal  tax  exemption  of such special school
purpose bonds; and
(e) any administrative or other fees, costs  or  charges  due  to  the
agency or any other party in connection with such special school purpose
bonds.
The  certification  may  be  amended and, in the event of a bond sale,
shall be amended no later than thirty days after such sale. The schedule
accompanying such certification shall provide for such payment dates  as
the  agency  deems  appropriate  to ensure that sufficient funds will be
available to meet  its  obligations  relating  to  such  special  school
purpose bonds as they come due.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2436-C - Local Public Safety Communications Bonds.

§ 2436-c. Local public safety communications bonds. (1) The agency may
purchase  local public safety communications bonds using the proceeds of
public safety communication bonds, subject to  the  provisions  of  this
section and to any other provision of law applicable to the municipality
and  bonds  it  issues,  including any debt limitation applicable to the
municipality that issued the local public safety communications bond, as
well as to the other provisions of this title. To the  extent  that  any
such  other provision of law conflicts with a provision of this section,
the provision of this section shall control, except as otherwise stated.
(2) Local public safety communications bonds  shall  be  payable  from
funds  provided  by  a  municipality  for payment thereof as well as any
monies available from special public safety communications agreements.
(3)  The  agency's  public  safety  communications  bonds  secured  by
payments  of  principal  and  interest  due with respect to local public
safety communications bonds shall not be a debt of either the  state  or
any  municipality,  and  neither the state nor any municipality shall be
liable thereon, nor shall they be payable out of any  funds  other  than
those  of  the agency; and such local public safety communications bonds
shall contain on the face thereof a statement to such effect.
(4) Subject to the provisions of any contract with holders  of  bonds,
notes  or  other  obligations,  proceeds of public safety communications
bonds to be paid to a municipality to purchase its local  public  safety
communications  bonds shall be paid to the municipality and shall not be
commingled with any other money of the agency.
(5) Nothing contained in this title shall be  construed  to  create  a
debt  of the state within the meaning of any constitutional or statutory
provisions.
(6) (a) A municipality may covenant and agree  that  the  municipality
will  not  limit, alter or impair the rights hereby vested in the agency
to fulfill the terms of any agreements made with holders of the agency's
public safety communications bonds, the proceeds of which were  used  to
purchase the municipality's local public safety communications bonds, or
in  any  way  impair  the  rights  and  remedies  of such holders or the
security for such bonds, until such bonds, together  with  the  interest
thereon  and  all  costs  and  expenses in connection with any action or
proceeding by  or  on  behalf  of  such  holders,  are  fully  paid  and
discharged.
(b)  Any  such  agreement  with  a  municipality may be pledged by the
agency to secure its public safety communications bonds used to purchase
local public safety communications bonds issued by that municipality and
may not be modified thereafter except as provided by the  terms  of  the
pledge  or  subsequent agreements with the holders of such public safety
communications bonds.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2439 - Reserve Funds and Appropriations.

§  2439. Reserve funds and appropriations. The agency shall create and
  establish one or more special funds to be known as debt service  reserve
  funds  and shall pay into such reserve funds (a) any moneys appropriated
  and made available by the state for the purposes of such funds, (b)  any
  proceeds  of  sale  of  bonds  or  notes,  to the extent provided in the
  resolution of the agency authorizing the issuance thereof  and  (c)  any
  other  moneys  which  may be available to the agency for the purposes of
  such funds from any other source or  sources.  The  moneys  held  in  or
  credited  to  the  debt  service  reserve  fund  established  under this
  subdivision, except as hereinafter provided, shall be  used  solely  for
  the  payment of the principal of the bonds of the agency secured by such
  reserve fund, as the same mature, sinking fund payments, the purchase of
  such bonds of the agency, the payment of interest on such bonds  of  the
  agency,  or  the  payment  of any redemption premium required to be paid
  when such bonds are redeemed prior to maturity, provided, however,  that
  moneys  in any such fund shall not be withdrawn therefrom at any time in
  such amount as would reduce the amount of such fund  to  less  than  the
  debt  service reserve fund requirement, except for the purpose of paying
  principal and interest on the  bonds  of  the  agency  secured  by  such
  reserve fund maturing and becoming due and any sinking fund payments and
  for  the  payment of which other moneys of the agency are not available.
  Moneys in any debt service reserve fund not required for  immediate  use
  or  disbursement, at the discretion of the agency may be invested in any
  investments approved or authorized in accordance with the provisions  of
  section  ninety-eight of the state finance law.  In computing the amount
  of any debt service reserve fund  for  the  purposes  of  this  section,
  securities  in which all or a portion of such fund are invested shall be
  valued at par if purchased at par, or if purchased at other than par, at
  amortized value. The agency shall not issue bonds at any  time  if  upon
  issuance,  the  amount  in  the  debt service reserve fund securing such
  bonds will be less than  the  debt  service  reserve  fund  requirement,
  unless  the agency, at the time of issuance of such bonds, shall deposit
  in such reserve fund from the proceeds of the bonds so to be issued,  or
  otherwise,  an  amount  which,  together  with  the  amount then in such
  reserve fund, will be not  less  than  the  debt  service  reserve  fund
  requirement.
Any excess in any debt service reserve fund at the close of any fiscal
  year of the agency over the debt service reserve fund requirement may be
  transferred to any other fund or account of the agency as the agency may
  determine.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2441 - State and Municipalities Not Liable on Bonds and Notes.

§  2441.  State  and municipalities not liable on bonds and notes. The
  bonds, notes, tax lien collateralized securities and  other  obligations
  of  the  agency and its tax lien entity shall not be a debt of the state
  of New York or of any  municipality,  and  neither  the  state  nor  any
  municipality  shall  be liable thereon, nor shall they be payable out of
  any funds other than those of  the  agency  pledged  therefor  and  such
  bonds,  notes,  tax lien collateralized securities and other obligations
  shall contain on the face thereof a statement to such effect.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2442 - Agreement of the State.

§  2442. Agreement of the state. (1) The state of New York does hereby
pledge to and agree with the holders of any bonds,  notes  or  tax  lien
collateralized  securities  issued  under this title that the state will
not limit or alter the rights hereby vested in the agency to fulfill the
terms of any agreements made with the holders thereof,  or  in  any  way
impair the rights and remedies of such holders until such bond, notes or
tax  lien  collateralized securities together with the interest thereon,
with interest on any unpaid installments of interest, and all costs  and
expenses in connection with any action or proceedings by or on behalf of
such  holders, are fully met and discharged. The agency is authorized to
include this pledge and agreement of the state in any agreement with the
holders of such bonds, notes  or  tax  lien  collateralized  securities.
Nothing contained in this title shall be deemed to restrict any right of
the  state to amend, modify, repeal or otherwise alter (a) any provision
of law relating to state aid, or (b) statutes imposing  or  relating  to
taxes or fees, or (c) appropriations relating thereto.
(2)  The  agency  shall not include within any resolution, contract or
agreement with holders of the bonds, notes or other  obligations  issued
under this title any provision which provides that a default occurs as a
result  of the state exercising its right to amend, modify, or repeal or
otherwise alter (a) any provision of law relating to state aid;  or  (b)
statutes  imposing  or  relating to taxes or fees, or (c) appropriations
relating thereto. Nothing in this title shall be deemed to obligate  the
state  to  make  any  payments  or  impose any taxes to satisfy the debt
service obligations of the agency.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2443 - Property and Income.

§ 2443. Property and income. The property of the agency and its income
  and  operations  shall  be  exempt from taxation or assessments of every
  kind and nature, nor shall the agency be required to pay  any  recording
  fee or transfer tax of any kind on account of instruments recorded by it
  or on its behalf.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2444 - Exemption From Taxation of Bonds, Notes and Tax Lien Collateralized Securities.

§  2444.  Exemption  from  taxation  of  bonds,  notes  and  tax  lien
  collateralized securities. It is hereby determined that the creation  of
  the  agency  is  in  all  respects  for the benefit of the people of the
  state, for the improvement of their health  and  welfare,  and  for  the
  promotion of the economy, and that said purposes are public purposes and
  the  agency will be performing an essential governmental function in the
  exercise of the powers conferred upon it by this title,  and  the  state
  covenants with the purchasers and all subsequent holders and transferees
  of  bonds,  notes,  and tax lien collateralized securities issued by the
  agency and its tax lien entity, in consideration of  the  acceptance  of
  and payment for the bonds, notes, and tax lien collateralized securities
  that  the  bonds,  notes  and  tax lien collateralized securities of the
  agency, and its tax lien entity, issued pursuant to this title  and  the
  income  therefrom  and  all  its fees, charges, gifts, grants, revenues,
  receipts, and other moneys received or to be received, pledged to pay or
  secure the payment of such  bonds,  notes  or  tax  lien  collateralized
  securities  shall  at all times be free from taxation, except for estate
  or gift taxes and taxes on transfers.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2445 - Bonds and Notes as Legal Investments for Public Officers and Fiduciaries.

§  2445.  Bonds and notes as legal investments for public officers and
  fiduciaries.  The  bonds  and  notes  of  the  agency  are  hereby  made
  securities in which all public officers and bodies of this state and all
  municipalities  and  municipal subdivisions, all insurance companies and
  associations and other persons carrying on an  insurance  business,  all
  banks, bankers, trust companies, savings banks and savings associations,
  including savings and loan associations, building and loan associations,
  investment  companies  and other persons carrying on a banking business,
  all   administrators,   guardians,   executors,   trustees   and   other
  fiduciaries,  and  all  other  persons  whatsoever  who  are  now or may
  hereafter be authorized to invest in bonds or other obligations  of  the
  state,  may properly and legally invest funds including capital in their
  control or belonging to them. The bonds and notes are also  hereby  made
  securities which may be deposited with and may be received by all public
  officers  and  bodies of this state and all municipalities and municipal
  subdivisions for any purpose for which the deposit  of  bonds  or  other
  obligations of this state is now or may hereafter be authorized.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2446 - Moneys of the Agency.

§  2446.  Moneys  of  the  agency.  (1)  Subject to any agreement with
bondholders or noteholders or except as otherwise authorized or provided
in this act, all moneys of the agency from whatever source derived shall
be paid to the comptroller of the agency and shall be  invested  in  any
investments  approved or authorized in accordance with the provisions of
section ninety-eight of the  state  finance  law.  The  moneys  in  such
accounts shall be paid by the comptroller or other agent duly designated
by  the  agency  on requisition of the chairman of the agency or of such
other person or persons  as  the  agency  may  authorize  to  make  such
requisitions.  All  deposits  of  such moneys, shall, if required by the
agency, be secured by (i) obligations of the United States of America or
of the state of a market value equal at all times to the amount  of  the
deposit  and  all  banks and trust companies are authorized to give such
security for such deposits or (ii) in such other manner  as  the  agency
may  require.  The  obligations  securing  such deposits shall either be
deposited with the comptroller of the agency or be held by a trustee  or
agent  satisfactory  to  the  agency.  The  comptroller  or  his legally
authorized representatives are authorized and  empowered  from  time  to
time  to  examine  the  accounts  and books of the agency, including its
receipts, disbursements, contracts, leases, sinking  funds,  investments
and any other records and papers relating to its financial standing.
(2) The agency shall have power to contract with holders of any of its
bonds or notes, as to the custody, collection, securing, investment, and
payment  of  any  moneys  of  the agency, of any moneys held in trust or
otherwise for the payment of bonds or  notes,  and  to  carry  out  such
contract.  Moneys held in trust or otherwise for the payment of bonds or
notes or in any way to secure bonds or notes and deposits of such moneys
may be secured in the same manner as moneys of the agency, and all banks
and trust companies are  authorized  to  give  such  security  for  such
deposits.
(3)  Subject  to  the  provisions  of any contract with bondholders or
noteholders and to the approval of the  comptroller,  the  agency  shall
prescribe a system of accounts.
(4)  The  agency  shall submit to the governor, chairman of the senate
finance committee, chairman of the assembly ways and means committee and
the comptroller, within thirty  days  of  the  receipt  thereof  by  the
agency,  a copy of the report of every external examination of the books
and accounts of the agency other than copies  of  the  reports  of  such
examinations made by the comptroller.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2447 - Actions.

§ 2447. Actions. In any case founded upon tort a notice of claim shall
  be required as a condition precedent to the commencement of an action or
  special  proceeding  against  the  agency  or  any officer, appointee or
  employee thereof, and the provisions of section fifty-e of  the  general
  municipal law shall govern the giving of such notice.
Except  in  an action for wrongful death, no action shall be commenced
  (a) prior to the expiration of thirty days from the date  on  which  the
  demand,  claim or claims upon which the action is founded were presented
  to a director of the agency or other officer thereof designated for such
  purpose nor (b) more than one year and ninety days after  the  cause  of
  action  therefor  shall  have  accrued. An action against the agency for
  wrongful death shall be commenced in accordance with the notice of claim
  and time limitation provisions of title eleven of article nine  of  this
  chapter.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2448 - Limitation of Liability.

§  2448.  Limitation  of liability. Neither the members of the agency,
  nor any person or persons acting in its behalf, while acting within  the
  scope  of  their  authority,  shall be subject to any personal liability
  resulting from carrying out any of the powers expressly  given  in  this
  act.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2449 - Assistance by State Officers, Departments, Boards and Commissions.

§   2449.  Assistance  by  state  officers,  departments,  boards  and
  commissions. All officers, departments, boards, agencies, divisions  and
  commissions  of  the  state may render any services to the agency as are
  within the area of their respective governmental functions as  fixed  by
  law and as may be requested by the agency and shall comply promptly with
  any  reasonable  request  by the agency as to the making of any study or
  review as to desirability, need, cost or expense  with  respect  to  any
  public  project,  purpose  or  improvement, or the financial feasibility
  thereof  or  the  financial  or  fiscal  responsibility  or  ability  in
  connection therewith of any (a) municipality making application for loan
  to  the  agency and for the purchase by the agency of municipal bonds to
  be issued by that municipality, or (b) any special program  municipality
  making  application for the benefit of proceeds of special program bonds
  to be issued by the agency.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2450 - Annual Report.

§  2450.  Annual  report. The agency shall submit to the governor, the
  chairman of the senate finance committee, the chairman of  the  assembly
  ways and means committee, the comptroller and the director of the budget
  within  six  months  after  the  end  of its fiscal year, a complete and
  detailed report setting forth: (1) its operations  and  accomplishments;
  (2)  its receipts and expenditures during such fiscal year in accordance
  with the categories or classifications established by the agency for its
  operating and capital  outlay  purposes,  including  a  listing  of  all
  private  consultants  engaged  by  the  agency on a contract basis and a
  statement of the total amount paid to each such private consultant;  (3)
  its  assets  and  liabilities at the end of its fiscal year, including a
  schedule of the municipal bonds held and the status of reserve,  special
  or other funds; and (4) a schedule of its bonds and notes outstanding at
  the  end  of  its  fiscal year, together with a statement of the amounts
  redeemed and incurred during such fiscal year.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2451 - Court Proceedings; Preferences; Venue.

§   2451.   Court  proceedings;  preferences;  venue.  Any  action  or
  proceeding to which the agency or the people of the state  of  New  York
  may  be parties, in which any question arises as to the validity of this
  act, shall be preferred over all  other  civil  causes  except  election
  causes  in  all  courts  of the state of New York and shall be heard and
  determined in preference to all other  civil  business  pending  therein
  except  election  causes,  irrespective of position on the calendar. The
  same preference shall be granted upon  application  of  counsel  to  the
  agency  in  any  action  or  proceeding questioning the validity of this
  title in which he may be allowed to intervene. The  venue  of  any  such
  action  or proceeding shall be laid in the county in which the principal
  office of the agency is located.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2452 - Inconsistent Provisions of Other Laws Superseded.

§  2452.  Inconsistent provisions of other laws superseded. Insofar as
  the provisions of this title are inconsistent with the provisions of any
  other law, general, special or local, the provisions of this title shall
  be controlling.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2454 - Separability.

§  2454.  Separability. If any clause, sentence, paragraph, section or
  part of  this  title  shall  be  adjudged  by  any  court  of  competent
  jurisdiction  to  be  invalid, such judgment shall not effect, impair or
  invalidate the remainder thereof, but shall be confined in its operation
  to the clause, sentence, paragraph, section  or  part  thereof  directly
  involved  in  the  controversy  in  which  such judgment shall have been
  rendered.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 19 - New York State Sports Authority › 2461 - Legislative Findings.

*  §  2461.  Legislative  findings. It is hereby found, determined and
  declared that  there  is  an  immediate  need  to  promote  the  further
  development  of  recreational opportunities in the state by facilitating
  the acquisition, construction and rehabilitation  of  sports  complexes,
  stadiums,  arenas and related facilities for the holding of professional
  and amateur athletic events; to provide a means to  attract  and  locate
  major  professional team franchises in the state. It is further declared
  it is desirable that a state sports authority be created for the purpose
  of providing and maintaining such sports facilities and the creation and
  maintenance of facilities incidental  or  useful  in  the  operation  of
  sports  facilities.  It  is  hereby  further declared that the corporate
  purposes and powers conferred under this title and  the  expenditure  of
  public  moneys  pursuant  thereto constitute a serving of a valid public
  purpose.
* NB (Disbanded March, 1980)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 19 - New York State Sports Authority › 2462 - Definitions.

*  § 2462. Definitions. As used or referred to in this title, unless a
  different meaning clearly appears from the context:
1. The term "state" shall mean the state of New York;
2. The term "authority" shall  mean  the  corporate  body  created  by
  section two thousand four hundred sixty-three of this title;
3.  The  terms  "bonds  and  notes"  shall  mean  the  bonds and notes
  authorized in this title;
4. The term "participating municipality" shall mean any public benefit
  corporation, city, county, town,  village  or  any  combination  thereof
  exercising  its  powers  throughout the political subdivision in which a
  sports facility is or is proposed to be located, which  submits  a  plan
  pursuant  to the provisions of section twenty-four hundred sixty-five of
  this title or which joins in the submission of such  plan  with  such  a
  municipality or corporation;
5. The term "sports facility" shall mean a sports complex, stadium, or
  arena  and other related facilities suitable for the holding of athletic
  or sporting events, including parking therefor;
6. The "comptroller" shall be the comptroller of the state;
7.  The  "commissioner  of  taxation  and  finance"   shall   be   the
  commissioner of taxation and finance of the state;
8.  The  term  "state  aid"  shall  mean  any  moneys  payable  by the
  comptroller  to  any  participating  municipality  pursuant  to  section
  fifty-four  of  the  state finance law and section one hundred twelve of
  the highway law;
9. The term "amortized value" shall mean that for securities purchased
  at a premium above or a discount below par, the value as  of  any  given
  date obtained by dividing the total amount of the premium or discount at
  which  such securities were purchased by the number of days remaining to
  maturity on such  securities  at  the  time  of  such  purchase  and  by
  multiplying the amount so calculated by the number of days having passed
  since  the  date  of  such  purchase;  and (a) in the case of securities
  purchased at a premium, by deducting the product thus obtained from  the
  purchase  price,  and  (b)  in  the  case  of  securities purchased at a
  discount, by adding the product thus obtained to the purchase price.
* NB (Disbanded March, 1980)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 19 - New York State Sports Authority › 2465 - Plans for Sports Facilities.

*  § 2465. Plans for sports facilities. Any participating municipality
  may by resolution of its governing body or in the case of  the  city  of
  New  York,  the  board  of  estimate,  prepare  and submit a plan to the
  authority   for   the   acquisition,   construction,   improvement    or
  modernization of a sports facility. Such a plan may be jointly sponsored
  by  any  number  of  participating municipalities. After submission of a
  plan by one or more participating municipalities for a sports  facility,
  the  authority shall conduct a comprehensive evaluation study concerning
  the request, including but not limited to the amateur  and  professional
  team  interest  in  the  facility,  potential  local  support,  economic
  feasibility, the possibilities of multi-purpose use and the availability
  of land, transportation and ancillary facilities.
* NB (Disbanded March, 1980)