2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 47-C - Special Provisions Related to Certain Bonds and Notes.

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