reglab/statecodes huggingface dataset:
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 4 - Contracts of Public Authorities › 2880-A - Contracts for the Financing of Local Water Supply Systems.

§  2880-a.  Contracts for the financing of local water supply systems.
  Notwithstanding any other provisions of this title or the provisions  of
  any  general,  special  or  local  law,  any  public benefit corporation
  created pursuant to article five of this chapter which is authorized  by
  law  to  produce,  develop,  distribute  and sell water, water services,
  facilities and commodities shall have the power:
1. to enter into contracts, with any entity specified  in  subdivision
  two  of this section, providing for the financing of the acquisition and
  construction of  improvements  to  the  water  supply  system  or  water
  distribution  system  of  such  entity,  the terms of which may include,
  among other provisions, provisions requiring  such  entity  to  purchase
  water  only from such public benefit corporation during the term of such
  contract, which term shall be limited to the lesser of (a) thirty  years
  or  (b)  the  probable  useful life of the items for which any bonds are
  issued by such public benefit corporation to finance the acquisition and
  construction of improvements  to  such  water  supply  system  or  water
  distribution system, and
2.  to  issue  bonds,  in accordance with the applicable provisions of
  this  chapter,  to  finance  the   acquisition   and   construction   of
  improvements  to  any  water  supply system or water distribution system
  owned by any water authority, municipality, county, town, village, water
  district or Indian tribe to which such  public  benefit  corporation  is
  authorized by law to furnish water.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 5 - Funds and Accounts of Public Authorities › 2890 - Funds and Accounts of Public Authorities.

§  2890. Funds and accounts of public authorities. Notwithstanding any
  inconsistent provision of this chapter or any other general, special  or
  local  law,  every  authority  or  commission  hereafter created by this
  chapter is hereby empowered to establish such funds and accounts  as  it
  may  deem  necessary  subject  to  such  agreements as such authority or
  commission shall conclude with the holders of its bonds or notes.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 5-A - Disposition of Property by Public Authorities › 2895 - Definitions.

§  2895.  Definitions.  For  the  purposes  of  this  title,  unless a
  different meaning is required by the context:
1. "Contracting officer" shall mean  the  officer  or  employee  of  a
  public  authority  who  shall be appointed by resolution of the board of
  the public authority to be responsible for the disposition of property.
2. "Dispose" or "disposal" shall mean transfer of title or  any  other
  beneficial  interest  in  personal  or  real property in accordance with
  section twenty-eight hundred ninety-seven of this title.
3. "Property" shall mean personal property in excess of five  thousand
  dollars  in  value, real property, and any inchoate or other interest in
  such property, to the extent that  such  interest  may  be  conveyed  to
  another person for any purpose, excluding an interest securing a loan or
  other financial obligation of another party.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 6 - Eminent Domain Taking; Property of Public Benefit Corporation › 2900 - Compensation; Eminent Domain Taking.

§ 2900. Compensation; eminent domain taking. When property of a public
  benefit  corporation  is  taken  in the exercise of the power of eminent
  domain for a purpose substantially different from that for which  it  is
  held by such public benefit corporation, just compensation to the public
  benefit corporation shall be made in the same manner, to the same extent
  and subject to the same limitations as though it were private property.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 7 - Investments of Public Authorities › 2927 - Investment of Funds by Public Authorities and Public Benefit Corporations in Deposits Insured by the Federal Deposit Insurance Corporation.

§  2927.  Investment of funds by public authorities and public benefit
  corporations in  deposits  insured  by  the  federal  deposit  insurance
  corporation.
Notwithstanding  any  inconsistent  provision  of  this chapter or any
  other general, special or local law, every corporation  whether  or  not
  such  corporation is otherwise governed by this chapter, may temporarily
  invest moneys not required for immediate expenditure in accordance  with
  the following conditions:
1. the moneys are invested through a bank or trust company located and
  authorized to do business in this state selected by the corporation;
2.  the  selected  bank or trust company arranges for the redeposit of
  the moneys in certificates of deposit and other deposit accounts in  one
  or  more  banking  institutions,  as  defined  in  section nine-r of the
  banking law, for the account of the corporation;
3. the full amount of principal and  accrued  interest  of  each  such
  deposit is insured by the federal deposit insurance corporation;
4.  the selected bank or trust company in this state acts as custodian
  for the corporation with respect to the funds  redeposited  pursuant  to
  this section; and
5.  at  the  same  time  that the corporation's moneys are redeposited
  pursuant to this section, the selected bank or  trust  company  in  this
  state  receives  an amount of deposits from customers of other financial
  institutions equal to or greater than the amount of the moneys  invested
  by  the  corporation  through the selected bank or trust company in this
  state.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 8 - Internal Control Responsibilities of Public Authorities › 2930 - Definitions.

§  2930.  Definitions.  For  the purposes of this title, the following
  terms shall have the following meanings:
1. "Internal control".  A  process  that  integrates  the  activities,
  plans, attitudes, policies, systems, resources and efforts of the people
  of  an  organization  working  together, and that is designed to provide
  reasonable assurance that the organization will achieve  its  objectives
  and  mission.  The objectives of an internal control system include, but
  are not limited to: the safeguarding of assets;  checking  the  accuracy
  and  reliability  of  accounting data and financial reporting; promoting
  the effectiveness and efficiency of operations; ensuring compliance with
  applicable laws and regulations; and encouraging adherence to prescribed
  managerial  policies.  Internal  control  review  processes   are   used
  periodically  to  evaluate  the  ongoing  internal control system and to
  assess and monitor the implementation of necessary corrective actions.
2.  "Internal  audit".  An  appraisal  activity  established  by   the
  management of an organization for the review of operations as a means of
  assuring  conformity  with  management policies and the effectiveness of
  internal control, and conducted in conformance with  generally  accepted
  standards for internal auditing.
3.  "Covered  authority".  Any  public  authority  or  public  benefit
  corporation,  other  than  a  bi-state  authority  or   public   benefit
  corporation,  a  majority of whose members are appointed by the governor
  or serve as members by virtue of holding state  offices  to  which  they
  were appointed by the governor, or any combination thereof.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 8 - Internal Control Responsibilities of Public Authorities › 2931 - Internal Control Responsibilities.

§ 2931. Internal control responsibilities. The governing board of each
  covered  authority  shall:  1.  establish and maintain for the authority
  guidelines for a system of internal control that are in accordance  with
  this article and internal control standards;
2.  establish  and  maintain  for  the  authority a system of internal
  control and a  program  of  internal  control  review.  The  program  of
  internal   review   shall  be  designed  to  identify  internal  control
  weaknesses,  identify  actions  that  are  needed   to   correct   these
  weaknesses,  monitor  the implementation of necessary corrective actions
  and periodically assess the adequacy of the authority's ongoing internal
  controls;
3. make available to each member, officer and  employee  a  clear  and
  concise  statement  of  the generally applicable managerial policies and
  standards with which he or she is expected  to  comply.  Such  statement
  shall  emphasize  the  importance  of  effective internal control to the
  authority and the responsibility of each member,  officer  and  employee
  for effective internal control;
4. designate an internal control officer, who shall report to the head
  of   the  authority,  to  implement  and  review  the  internal  control
  responsibilities established pursuant to this section; and
5. implement education and training efforts to  ensure  that  members,
  officers   and   employees   have   achieved   adequate   awareness  and
  understanding  of  internal  control  standards  and,  as   appropriate,
  evaluation techniques.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 8 - Internal Control Responsibilities of Public Authorities › 2932 - Internal Audit Responsibilities.

§  2932.  Internal  audit  responsibilities. 1. The governing board of
  each covered authority or its designee shall determine, and periodically
  review the determination of, whether an internal audit  function  within
  the  covered authority is required. Establishment of such function shall
  be based upon an evaluation of exposure to risk, costs and  benefits  of
  implementation,  and  any  other  factors  that  are  determined  to  be
  relevant. In the event it is determined that an internal audit  function
  is  required,  the  governing  board  of  each  covered  authority shall
  establish an internal audit function which operates in  accordance  with
  generally  accepted  professional  standards  for internal auditing. Any
  such internal audit function shall be  directed  by  an  internal  audit
  director  who  shall  report  directly  to  the  governing  board of the
  authority. Internal  audit  director  appointments  shall  be  based  on
  appropriate  internal  auditing  credentials  of the proposed appointee,
  consistent with generally  accepted  standards  for  internal  auditing,
  including internal auditing education and experience. The internal audit
  function   shall   evaluate   the   authority's  internal  controls  and
  operations, identify internal control  weaknesses  that  have  not  been
  corrected and make recommendations to correct these weaknesses.
2.  In  the  event  the governing board does not establish an internal
  audit function pursuant to subdivision one  of  this  section  it  shall
  nevertheless  establish  and  maintain  the  program of internal control
  review required by section twenty-nine hundred thirty-one of this title.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 9 - Interest Rates on Public Authority Bonds and Notes › 2960 - Interest Rates.

§  2960.  Interest rates. Notwithstanding any other provisions of this
  chapter or the provisions of any other general, special  or  local  law,
  any  public  authority  may  agree  or  contract  to pay interest on its
  certificates, notes or bonds, including those now outstanding,  at  such
  rate  or  rates,  without limit, as may be necessary for an authority to
  sell such notes or bonds.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 10 - State Governmental Cost Recovery System › 2976 - Cost Recovery on the Issuance of Certain Bonds.

§  2976.  Cost  recovery  on  the  issuance  of  certain  bonds.    1.
  Notwithstanding  any  other  law  to  the   contrary,   public   benefit
  corporations   (which   for  purposes  of  this  section  shall  include
  industrial development agencies created pursuant to title one of article
  eighteen-A of the general municipal law or any other  provision  of  law
  and  the  New York city housing development corporation created pursuant
  to article twelve of the private housing finance law) which issue bonds,
  notes or other obligations shall pay to the state a bond issuance charge
  upon the issuance of such bonds in  an  amount  determined  pursuant  to
  subdivision  two of this section. Such charge shall be paid to the state
  department of taxation and finance, upon forms prescribed  therefor,  no
  later  than  fifteen  days  from  the end of the month within which such
  bonds are issued.
2. The bond issuance charge  shall  be  computed  by  multiplying  the
  principal  amount  of  bonds  issued  by the percentage set forth in the
  schedule  below,  provided  that:  (a)  the  charge  applicable  to  the
  principal  amount of single family mortgage revenue bonds shall be seven
  one-hundredths of one percent; (b)  the  issuance  of  bonds  shall  not
  include  the  remarketing  of bonds; and (c) the issuance of bonds shall
  not include the refunding of bonds, notes or other obligations.
SCHEDULE
  Principal Amount of Bonds Issued             Percentage Charge
  a. $20,000,000 or less                           0%
  b. More than $20,000,000                         .35%
3. The provisions of subdivisions one and two of  this  section  shall
  not apply to any public benefit corporation which enters into a contract
  or  agreement  with  the director of the budget which otherwise provides
  for cost recovery to  the  state  under  this  section  and  includes  a
  provision  that,  in  accordance with this subdivision, subdivisions one
  and two  of  this  section  shall  not  apply  to  such  public  benefit
  corporation.  The  circumstances  for  the  entry  into such contract or
  agreement may include, but shall not be  limited  to,  those  where  the
  amount  to  be  paid thereunder equals or exceeds the amount of the bond
  issuance  charge  which  would  otherwise  be  applicable  pursuant   to
  subdivisions one and two of this section.
4.  The  provisions  of subdivisions one and two of this section shall
  not apply to recovery  act  bonds  issued  by  the  state  of  New  York
  municipal  bond  bank  agency in connection with local American Recovery
  and Reinvestment Act pursuant  to  section  two  thousand  four  hundred
  thirty-six-b of this chapter.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 10 - State Governmental Cost Recovery System › 2977 - Applicability of Title.

§  2977. Applicability of title. 1. The provisions of this title shall
not be construed to, nor shall they be implemented in such a  manner  as
to:
(a)  require  the  application  of  monies  pledged to the security of
bonds, notes or  other  obligations  in  violation  of  applicable  bond
covenants; or
(b)  otherwise  impair the rights of bondholders of the public benefit
corporations affected by this title.
2. To the extent precluded  by  interstate  or  international  compact
which  creates  any  public  benefit corporation, the provisions of this
title shall not apply to any such public benefit corporation  until  the
passage  of  legislation,  by  the  other  party  to such compact, which
validates or has the same effect as this title.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 11 - Wrongful Death Actions › 2980 - Wrongful Death; Notice of Claim.

§  2980.  Wrongful  death;  notice  of claim. No wrongful death action
  against a public  authority  or  public  benefit  corporation  shall  be
  commenced  unless  a notice of claim has been served on the authority or
  corporation in accordance with the provisions of section fifty-e of  the
  general municipal law.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 11 - Wrongful Death Actions › 2981 - Wrongful Death; Limitation Period.

§  2981.  Wrongful  death;  limitation period. A wrongful death action
  against a public  authority  or  public  benefit  corporation  shall  be
  commenced within two years of the happening of the death.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 11 - Wrongful Death Actions › 2982 - Scope of Title.

§  2982.  Scope  of  title. Except where such an action is statutorily
  required to be brought only in the court of claims, this title shall  be
  applicable  to  all  wrongful  death  actions  brought  against a public
  authority   or   public   benefit   corporation,   notwithstanding   any
  inconsistent  provisions  of  law,  general,  special  or  local, or any
  limitation contained in the provisions of any city charter.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 12 - Whistleblower Access and Assistance Program › 2986 - Whistleblower Access and Assistance Program.

§  2986.  Whistleblower access and assistance program. 1. Definitions.
  a. "Employees of  state  and  local  authorities"  means  those  persons
  employed  at  state and local authorities, including but not limited to:
  full-time and part-time employees, those  employees  on  probation,  and
  temporary employees.
b.  "Attorney general" shall mean the attorney general of the state of
  New York.
c. "Whistleblower" shall  mean  any  employee  of  a  state  or  local
  authority  who  discloses  information  concerning  acts  of wrongdoing,
  misconduct, malfeasance, or other inappropriate behavior by an  employee
  or   board   member   of   the  authority,  concerning  the  authority's
  investments, travel, acquisition  of  real  or  personal  property,  the
  disposition  of  real  or personal property and the procurement of goods
  and services.
2. The director of the authorities budget office,  after  consultation
  with   the   attorney  general,  shall  develop  and  recommend  to  the
  legislature a whistleblower access and assistance  program  which  shall
  include, but not be limited to:
a. evaluating and commenting on whistleblower programs and policies by
  state and local authorities pursuant to paragraph (e) of subdivision one
  of section twenty-eight hundred twenty-four of this article;
b.  establishing  toll-free telephone and facsimile lines available to
  employees at state and local authorities;
c. offering advice regarding employee rights  under  applicable  state
  and federal laws and advice and options available to all persons; and
d.   offering   an  opportunity  for  employees  of  state  and  local
  authorities to identify concerns regarding any issue at a state or local
  authority.
3. Any communications between an employee and the  authorities  budget
  office  pursuant  to this section shall be held strictly confidential by
  the authorities budget office, unless the employee  specifically  waives
  in   writing   the   right   to   confidentiality,   except   that  such
  confidentiality shall not exempt  the  authorities  budget  office  from
  disclosing  such  information, where appropriate, to the state inspector
  general in accordance with section fifty-five of the executive  law,  or
  prevent disclosure to any law enforcement authority.
2023 New York Laws › PBA - Public Authorities › Article 9 - General Provisions › Title 12-A - Public Authorities Lobbying Contacts › 2987 - Lobbying Contacts.

§ 2987. Lobbying contacts. 1. Definitions. As used in this title:
a.  "lobbyist" shall have the same meaning as defined in section one-c
of the legislative law.
b. "lobbying" shall mean and include any attempt to influence:
(i) the adoption or rejection of any rule  or  regulation  having  the
force and effect of law by a public authority, and
(ii) the outcome of any rate making proceeding by a public authority.
c.  "contact"  shall mean any conversation, in person or by telephonic
or other remote means, or correspondence between any lobbyist engaged in
the act of lobbying and any person within a state authority who can make
or influence a decision on the subject of the lobbying on behalf of  the
authority, and shall include, at a minimum, all members of the governing
board and all officers of the state authority.
2.  Every  state  authority  shall  maintain  a record of all lobbying
contacts made with such authority.
3. Every member, officer or employee  of  a  state  authority  who  is
contacted  by  a  lobbyist  shall  make a contemporaneous record of such
contact containing the day and time of the contact, the identity of  the
lobbyist and a general summary of the substance of the contact.
4.  Each  state  authority  shall  adopt  a  policy  implementing  the
requirements of this section. Such policy shall appoint  an  officer  to
whom  all  such  records shall be delivered. Such officer shall maintain
such records for not less than seven years in a filing  system  designed
to  organize  such records in a manner so as to make such records useful
to determine whether the decisions of the authority were  influenced  by
lobbying contacts.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 1 - Short Title; General Definitions; Legislative Findings and Statement of Purposes › 3002 - Legislative Findings and Statement of Purposes.

§  3002.  Legislative findings and statement of purposes. It is hereby
  found and declared that, by reason of the  severe  economic  and  social
  dislocations  of  recent  years,  there has been a great increase in the
  need and demand for public  services  at  a  time  when  financing  such
  services  has  become increasingly difficult, and that, due to a general
  decline in investor acceptance of local  government  securities  and  to
  almost  unprecedented interest rates, a number of municipalities in this
  state have,  despite  the  financial  soundness  of  their  obligations,
  recently  faced  increased  difficulty in selling a sufficient amount of
  their securities to enable them to refund their outstanding  obligations
  or  to  meet  their  cash  requirements.  For the immediate future, this
  increased difficulty has caused concern that such municipalities may  be
  unable  to  provide,  without  interruption,  many services essential to
  their inhabitants while also meeting their obligations to the holders of
  their outstanding securities as they come  due.  It  is  in  the  public
  interest  and  is  the  policy  of  this  state to assist municipalities
  attempting to provide, without interruption, services essential to their
  inhabitants while meeting their obligations  to  the  holders  of  their
  outstanding   securities.   The   impairment   of   the  credit  of  the
  municipalities within the state may affect the ability of the  state  to
  issue  its  own  obligations  at normal interest rates. Such effect is a
  matter of state concern. It is further declared that  the  state  should
  exercise  its  power  in  the interest of such municipalities and should
  implement such policy by authorizing  on  behalf  of  each  municipality
  which  is found by the legislature to require the state's assistance and
  which expressly requests  such  assistance,  the  creation  of  a  state
  instrumentality  to  be a body corporate and politic, having full powers
  to borrow money and to issue its bonds and  notes  for  the  purpose  of
  providing  to  that  municipality  assistance sufficient to enable it to
  avoid the interruption of services essential to  its  inhabitants  while
  meeting its obligations to the holders of its outstanding securities. It
  is  further  declared  to be in the public interest and is the policy of
  this state  that  each  such  instrumentality  shall  provide  financial
  assistance  to  a  municipality only if that municipality agrees to make
  and observe such changes in its record  keeping,  accounting,  budgeting
  and  financial  management  practices  as  that  instrumentality  may be
  authorized, by the special law creating it, to require as a condition of
  providing financial assistance.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 1 - Short Title; General Definitions; Legislative Findings and Statement of Purposes › 3003 - Definitions.

§  3003. Definitions. As used in this article, the following words and
  terms shall  have  the  following  meanings  unless  the  context  shall
  indicate another or different meaning or intent:
1. "Municipality" means any city in the state.
2. "State" means the state of New York.
3. "Governor" means the governor of the state of New York.
4. "Comptroller" means the comptroller of the state of New York.
5.  "Director  of  the budget" means the director of the budget of the
  state of New York.
6. "Legislature" means the legislature of the state of New York.
7. "Special law" means the special law of the legislature pursuant  to
  which a municipal assistance corporation is created.
8.  "Municipal  assistance  corporation"  means  a corporation created
  pursuant to section three thousand ten of this article.
9. "Bonds" and "notes" means bonds and notes, respectively, issued  by
  a municipal assistance corporation pursuant to this article.
10. "Obligations" means bonds and notes.
11.  "Amortized  value"  means  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.
12.  "Revenues"  means all federal or state aid, rents, fees, charges,
  payments and other income and receipts paid or payable  to  a  municipal
  assistance  corporation  or  for  the  account of a municipal assistance
  corporation, including any payment permitted or required to be  made  to
  such a corporation by this article.
13.  "Board  of directors" means the board of directors of a municipal
  assistance corporation.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 2 - General Provisions Relating to Municipal Assistance Corporations › 3014 - Conditions on Payment of Funds to or Purchase of Obligations of Municipality.

§  3014.  Conditions on payment of funds to or purchase of obligations
  of municipality. 1. A corporation shall require, in connection with  any
  payment  of funds to, or purchase or exchange of the obligations of, the
  municipality being assisted, or the extension of other benefits thereto,
  that such municipality agree to observe such conditions with respect  to
  expenditure  control,  record  keeping, accounting, budgeting, financial
  management and other practices of such municipality as may be set  forth
  in  or  permitted  under the special law creating such corporation. Such
  agreement  may  provide  such  remedies  for  failure  to  observe  such
  conditions as shall be necessary or desirable to accomplish the purposes
  of  this  article  and  such special law and are authorized or permitted
  thereunder.
2. Notwithstanding the provisions of any other law,  general,  special
  or  local, inconsistent with the provisions hereof, any municipality may
  sell notes and bonds authorized to  be  issued  pursuant  to  the  local
  finance law by private sale to the corporation or to receive moneys from
  the  corporation  as  herein  provided  and  such municipality is hereby
  authorized to agree to and undertake any agreements made pursuant to the
  terms hereof.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 2 - General Provisions Relating to Municipal Assistance Corporations › 3015 - Agreement With the State.

§  3015. Agreement with the state. The state does hereby pledge to and
  agree with the holders of any notes or bonds  issued  by  a  corporation
  under  this act that the state will not limit or alter the rights hereby
  vested in such corporation to fulfill the terms of any  agreements  made
  with  the  said  holders  thereof,  or  in any way impair the rights and
  remedies of such holders until such notes and bonds  together  with  the
  interest  thereon, with interest on any unpaid installments of interest,
  and all costs and expenses in connection with any action  or  proceeding
  by  or  on  behalf  of  such  holders,  are fully paid and discharged. A
  corporation is authorized to include this pledge and  agreement  of  the
  state in any agreement with the holders of such notes or bonds.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 2 - General Provisions Relating to Municipal Assistance Corporations › 3016 - State or State-Aided Municipality Not Liable on Notes and Bonds.

§  3016.  State  or  state-aided  municipality not liable on notes and
  bonds. The notes, bonds or other obligations of a  municipal  assistance
  corporation  shall not be a debt of either the state or the municipality
  being assisted, and neither the state nor  such  municipality  shall  be
  liable  thereon,  nor  shall they be payable out of any funds other than
  those of such corporation; and such notes and bonds shall contain on the
  face thereof a statement to such effect.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 2 - General Provisions Relating to Municipal Assistance Corporations › 3017 - Remedies of Noteholders and Bondholders.

§  3017. Remedies of noteholders and bondholders. 1. In the event that
a corporation shall default in the payment of principal of  or  interest
on  or  sinking  fund  payment on, any issue of notes or bonds after the
same shall become due, whether at maturity or otherwise or in the  event
that  a corporation shall default in any agreement made with the holders
of any issue of notes or bonds, the holders of twenty-five per centum in
aggregate principal amount of the notes or  bonds  of  such  issue  then
outstanding,  by  instrument  or  instruments filed in the office of the
clerk of the county in which the principal office of such corporation is
located and proved or acknowledged in the same manner as a  deed  to  be
recorded,  may  appoint a trustee to represent the holders of such notes
or bonds for the purposes herein provided.
2. Such trustee may, and  upon  written  request  of  the  holders  of
twenty-five  percentum  in  principal amount of such notes or bonds then
outstanding, shall, in his or its own name:
(a) by suit,  action  or  proceeding  in  accordance  with  the  civil
practice  law  and  rules,  enforce  all  rights  of  the noteholders or
bondholders, including the right to require the corporation to carry out
any agreement with such holders and to perform  its  duties  under  this
act;
(b) bring suit upon such notes or bonds;
(c)  by  action  or  suit, require the corporation to account as if it
were the trustee of an express trust for the holders of  such  notes  or
bonds;
(d) by action or suit, enjoin any acts or things which may be unlawful
or in violation of the rights of the holders of such notes or bonds;
(e)  declare  all  such  notes  or  bonds  due and payable, and if all
defaults shall be made good, then, with the consent of  the  holders  of
twenty-five  per  centum  of the principal amount of such notes or bonds
then outstanding, annul such declaration and its consequences.
3. The supreme court shall have jurisdiction of any  suit,  action  or
proceeding  by  the  noteholder  or bondholder trustee on behalf of such
noteholders or bondholders. The  venue  of  any  such  suit,  action  or
proceeding  shall be laid in the county in which the principal office of
the corporation is located.
4. Before declaring the principal of notes or bonds due  and  payable,
the  trustee  shall  first  give  thirty  days' notice in writing to the
governor, the corporation and to the attorney general of the state.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 2 - General Provisions Relating to Municipal Assistance Corporations › 3018 - Notes and Bonds as Legal Investments.

§ 3018. Notes and bonds as legal investments. The notes and bonds of a
  corporation  are hereby made securities in which all public officers and
  bodies of this state and all political subdivisions  of  the  state  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 in other obligations of
  the state, may properly and legally invest funds, including capital,  in
  their control or belonging to them. Such notes and bonds are also hereby
  made  securities  which may be deposited with and may be received by all
  public officers and bodies of the state and all  political  subdivisions
  of  the  state  and  public  corporations  for any purpose for which the
  deposit of bonds or other  obligations  of  the  state  is  now  or  may
  hereafter be authorized.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 2 - General Provisions Relating to Municipal Assistance Corporations › 3019 - Exemption From Taxation.

§  3019.  Exemption from taxation. 1. It is hereby determined that the
  creation of a corporation and the carrying out of its corporate  purpose
  is  in all respects a public and governmental purpose for the benefit of
  the people of the state and for the improvement of their health, safety,
  welfare, comfort  and  security,  and  that  said  purposes  are  public
  purposes  and  that  a  corporation  will  be  performing  an  essential
  governmental function in the exercise of the powers conferred upon it by
  this act.
2. The property of a corporation and its income and  operations  shall
  be exempt from taxation.
3.  The  notes and bonds of a corporation issued pursuant to authority
  granted in the special act creating  it  or  this  act  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  notes  or bonds shall at all times be free from
  taxation, except for estate and gift taxes and taxes on transfers.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 2 - General Provisions Relating to Municipal Assistance Corporations › 3021 - Assistance by State Officers, Departments, Boards and Commissions.

§   3021.  Assistance  by  state  officers,  departments,  boards  and
  commissions. 1. The department of audit and control, department of  law,
  and  all  other state agencies may render such services to a corporation
  within  their  respective  functions  as  may  be  requested   by   such
  corporation.
2.  Upon  request  of  a  corporation,  any  state  agency  is  hereby
  authorized and empowered to transfer to the  corporation  such  officers
  and  employees as it may deem necessary from time to time to assist such
  corporation in carrying out its functions and  duties  under  this  act.
  Officers  and  employees  so transferred shall not lose or forfeit their
  civil service status or rights.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 3 - Municipal Assistance Corporation for the City of New York › 3030 - Short Title.

* §  3030. Short title. This title shall be known and may be citied as
  the "Municipal Assistance Corporation for the city of New York Act".
* NB The corporation shall continue for a term  ending  the  later  of
  July  1, 2008 or one year after its liabilities have been fully paid and
  discharged per § 3033 sub 1.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 3 - Municipal Assistance Corporation for the City of New York › 3031 - Legislative Findings and Statement of Purposes.

* §   3031.  Legislative  findings  and  statement  of  purposes.  The
  legislature hereby finds  and  declares  that  it  is  necessary  for  a
  municipal assistance corporation to be created to assist the city of New
  York   in  providing  essential  services  to  its  inhabitants  without
  interruption and in creating investor confidence in the soundness of the
  obligations of such city so that it may retain its ability to  sell  its
  obligations to the public.
The  legislature further finds that it is in the interest of the state
  of New York and the city of New York  that  the  long-term  construction
  programs  of  the  New York city transit authority and the New York city
  school construction authority continue to be fully funded, and that  the
  remaining  commitments  of  the municipal assistance corporation for the
  city of New York to provide funds for such capital  programs  be  funded
  with  the  proceeds  of  debt  obligations,  including securities of the
  municipal assistance corporation for the city  of  New  York,  provided,
  however,  that funding for such programs shall to the extent practicable
  be provided by the city of New York.
* NB The corporation shall continue for a term  ending  the  later  of
  July  1, 2008 or one year after its liabilities have been fully paid and
  discharged per § 3033 sub 1.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 3 - Municipal Assistance Corporation for the City of New York › 3032 - Definitions.

* §  3032. Definitions. As used in this title, the following words and
  terms shall  have  the  following  meanings  unless  the  context  shall
  indicate another or different meaning or intent:
1.  "Corporation"  means  the corporate governmental agency created by
  section three thousand thirty-three of this chapter.
2. "City" means the city of New York.
3. "Mayor" means the mayor of the city of New York.
4. "City comptroller" means the comptroller of the city of New York.
5. "City budget director" means the director of management and  budget
  of the city of New York.
6.  "Short-term  obligations"  means  tax  anticipation notes, revenue
  anticipation notes, bond anticipation  notes,  budget  notes  and  urban
  renewal notes.
* NB The  corporation  shall  continue  for a term ending the later of
  July 1, 2008 or one year after its liabilities have been fully paid  and
  discharged per § 3033 sub 1.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 3 - Municipal Assistance Corporation for the City of New York › 3035 - Exchange of Notes or Bonds of the Corporation for Short-Term Obligations of the City.

* § 3035. Exchange of notes or bonds of the corporation for short-term
obligations of the city. 1. The corporation may issue its notes or bonds
in  exchange  for  short-term obligations of the city, provided that the
principal amount of the corporation's notes or bonds issued in any  such
exchange  shall  not  exceed  the  principal  amount  of such short-term
obligations and accrued interest thereon at the stated rate to the  date
of such exchange.
2. (a) Upon or at any time after receipt of the short-term obligations
of  the  city  exchanged  in accordance with subdivision one hereof, the
corporation may deliver any or all of such short-term obligations to the
city  for  cancellation,  without  receiving  payment  of  principal  or
interest  in  respect  thereof,  in which event the city shall thereupon
cancel such obligations without making any payment of  principal  amount
or accrued interest thereon and the city shall have no further liability
with  respect  thereto.  Notwithstanding  the foregoing, the corporation
shall not deliver at any time bond anticipation notes received  pursuant
to  subdivision  one  to  the  city  for  cancellation without receiving
payment of principal or interest in respect thereof unless the mayor and
the  city  comptroller  shall  have  requested  in  writing  that   such
short-term obligations be delivered for cancellation.
(b) Upon or at any time after receipt of the short-term obligations of
the  city  exchanged  in  accordance  with  subdivision  one  hereof the
corporation may exchange any or all of such short-term  obligations  for
other  short-term  obligations  issued by the city pursuant to the local
finance law and the corporation may exchange any or  all  of  such  bond
anticipation  notes included in such short-term obligations for bonds of
the city issued pursuant to the local finance law, all on such terms and
conditions as the corporation may deem proper.
3. The corporation shall not exchange any of its bonds  or  notes  for
short-term  obligations  of  the city pursuant to subdivision one hereof
unless (a) the city shall have agreed  to  observe  the  conditions  set
forth in section three thousand thirty-eight of this chapter, subject to
such  modifications  as  are permitted thereunder and as the corporation
may then approve, and (b) the board  of  directors  of  the  corporation
shall have determined that the terms of such exchange will not prejudice
the rights of holders of other bonds and notes of the city.
* NB The  corporation  shall  continue  for a term ending the later of
July 1, 2008 or one year after its liabilities have been fully paid  and
discharged per § 3033 sub 1.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 3 - Municipal Assistance Corporation for the City of New York › 3037-A - Funding Capital Projects.

* § 3037-a. Funding capital projects. The amounts paid to the city for
  purposes  set  forth  in  subparagraph  (b)  of  section  three thousand
  thirty-seven of this title, in addition to all other authorized amounts,
  shall include amounts required by the city (i)  to  fund  eight  hundred
  sixty-five  million  dollars of capital commitments to the New York city
  transit authority in accordance with  the  following  schedule  for  the
  fiscal  years ending on June thirtieth in the following years:  nineteen
  hundred ninety, seventy million dollars;  nineteen  hundred  ninety-one,
  seventy  million  dollars;  nineteen  hundred  ninety-two,  seventy-five
  million dollars; nineteen  hundred  ninety-three,  one  hundred  million
  dollars;  nineteen hundred ninety-four, one hundred ten million dollars;
  and nineteen hundred ninety-five, four hundred  forty  million  dollars;
  and  (ii)  to fund six hundred million dollars of capital commitments to
  the New York city school construction authority in  eight  equal  annual
  installments  of  seventy-five  million  dollars beginning in the fiscal
  year ending on June thirtieth, nineteen hundred ninety. All such amounts
  shall be paid by the corporation to the  city  in  accordance  with  the
  provisions  of  paragraph  (d)  of  subdivision  three  of section three
  thousand thirty-three of this title.
* NB The corporation shall continue for a term  ending  the  later  of
  July  1, 2008 or one year after its liabilities have been fully paid and
  discharged per § 3033 sub 1.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 3 - Municipal Assistance Corporation for the City of New York › 3039 - Review by the Corporation.

* §    3039.  Review by the corporation. In order to determine whether
  the city has taken or is taking action to  effect  compliance  with  any
  conditions  imposed  pursuant  to section three thousand thirty-eight of
  this chapter, the corporation may from time to time conduct a review  of
  the   records,  accounts,  budgets,  forecasts,  projections  and  other
  relevant materials of the city. The corporation may conduct such  review
  by  using  (i)  its  own  employees, (ii) its agents, or (iii) any state
  employees provided to the corporation for such purpose. The  city  shall
  make  available for such review all books and records, and shall furnish
  copies of all financial  statements,  budgets,  forecasts,  projections,
  information  or  corrective  action taken by the city in response to any
  notices  from  the  corporation  and  all  information  related  to  the
  foregoing, as requested by the persons conducting such review, and shall
  make  its  officers  and  employees  available  to  and  shall otherwise
  cooperate with such persons to permit such review  to  be  completed  as
  promptly as possible.
* NB The  corporation  shall  continue  for a term ending the later of
  July 1, 2008 or one year after its liabilities have been fully paid  and
  discharged per § 3033 sub 1.
2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 3 - Municipal Assistance Corporation for the City of New York › 3041 - Funds of the Corporation.

* §   3041.   Funds  of  the  corporation.  The  municipal  assistance
  corporation for the city of New York shall not hereafter enter into  any
  memorandum  of  agreement with the governor of the state of New York and
  the mayor of the city of New  York,  other  than  the  agreement  to  be
  entered  into  pursuant  to  subdivision two-b of section three thousand
  thirty-three of this  title,  providing  for  the  disposition  of  such
  revenues of such corporation as may be available from time to time after
  providing for the payment of principal, interest, and redemption premium
  on  its  outstanding  bonds  and  notes,  its operating expenses and its
  commitments  under  existing  agreements,  and,  subject  to  any  other
  provision  of  law,  agreements  with  holders of its bonds or notes, or
  memoranda of agreement, and on the approval  of  the  board,  all  funds
  generated  by  future  actions  of  the corporation shall either be made
  available to the city of New York as  such  funds  become  available  or
  applied  by  the  corporation  to pay principal, interest and redemption
  premium on its outstanding obligations.
* NB The corporation shall continue for a term  ending  the  later  of
  July  1, 2008 or one year after its liabilities have been fully paid and
  discharged per § 3033 sub 1.