2023 New York Laws › LFN - Local Finance › Article 2 - Local Indebtedness › Title 12 - Miscellaneous Provisions › 169.00 - Installment Loans and Obligations Evidencing Installment Loans.

* §  169.00  Installment  loans and obligations evidencing installment
  loans. a. Notwithstanding the provisions  of  any  other  law,  general,
  special  or local, inconsistent with this section, relating to the power
  of municipalities to enter into contracts and to contract  indebtedness,
  the  finance board of any municipality selling bonds or notes at private
  sale to the New York state environmental facilities corporation in order
  to obtain  financial  assistance  pursuant  to  section  twelve  hundred
  eighty-five-j  or twelve hundred eighty-five-m of the public authorities
  law is hereby authorized and empowered to contract with such corporation
  to receive from time to time advances of a loan up to a  stated  maximum
  principal sum and to issue to such corporation, in order to evidence the
  obligation  of  such  municipality  to repay such advances, its bonds or
  notes in the form and in the manner provided by this section.  Any  such
  bond or note may provide that the municipality issuing such bond or note
  shall  pay  to  such  corporation  or  its  assigns  the  stated maximum
  principal sum or,  if  less,  the  aggregate  principal  amount  of  the
  advances  of  the  corresponding  loan  made to such municipality by the
  corporation. The principal amounts of advances and the timing and manner
  of the payment and repayment of such  advances  and  the  interest  rate
  applicable  to such advances may be provided for in the related contract
  or loan agreement or in any obligations evidencing such loan advances.
b. Any obligation issued by a municipality pursuant  to  this  section
  shall  be  deemed  indebtedness  of such municipality (i) only as of the
  date and to the extent that the corporation makes or has made each  loan
  advance  available  to  such municipality and (ii) only in the amount of
  each such loan advance. Any such advance shall be considered a  separate
  borrowing  for  purposes of determining compliance with the constitution
  and laws of the state.
c. Any obligation issued by a municipality pursuant  to  this  section
  shall  provide  for  the  payment  of  principal  and  interest  without
  presentation.
d. The finance  board,  by  resolution,  may  delegate  its  power  to
  contract and to issue indebtedness pursuant to this section to the chief
  fiscal  officer  of  such  municipality, in which event the chief fiscal
  officer  shall  exercise  such  power  until  the  finance   board,   by
  resolution, shall elect to resume the same.
e. On or before the first day of January, in any given year, beginning
  on January first, nineteen hundred ninety-four, the president of the New
  York  state  environmental  facilities  corporation  shall submit to the
  director of the division of the budget, the chairperson  of  the  senate
  finance  committee,  the  chairperson  of  the  assembly  ways and means
  committee, and the chairpersons of the senate and assembly committees on
  local  government,  a  comprehensive  report  detailing  the  activities
  undertaken  pursuant to this section, which shall include, at a minimum,
  (i) all project applicants; (ii) the amount of the state revolving  fund
  bond  or  note  for  each  project;  (iii) the amount advanced; (iv) the
  repayment terms and conditions; and (v) the interest rate savings to the
  project applicant.
* NB Repealed September 30, 2026