reglab/statecodes huggingface dataset:
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2307 - Additional Prerequisites to the Provision of Financial Assistance.

§  2307.  Additional  prerequisites  to  the  provision  of  financial
  assistance. Prior to providing any financial assistance of more than one
  hundred thousand dollars to any project, the authority must comply  with
  the following prerequisites:
1.  The  authority  must adopt a resolution describing the project and
  the financial  assistance  that  the  authority  is  contemplating  with
  respect  to  such  project. Such assistance shall be consistent with the
  uniform  tax  exemption  policy  adopted  by  the  agency  pursuant   to
  subdivision one of section twenty-three hundred fifteen of this chapter,
  unless the agency has followed procedures for deviation from such policy
  specified in subdivision two of such section.
1-a.  The  authority  shall  deliver  a copy of the resolution adopted
  pursuant to subdivision one of this section by  certified  mail,  return
  receipt  requested  or an electronic correspondence with a read-receipt,
  to the chief executive officer of each affected tax  jurisdiction.  When
  the  affected tax jurisdiction is a school district, the authority shall
  deliver a copy of such resolution  by  certified  mail,  return  receipt
  requested  or  an  electronic correspondence with a read-receipt, to the
  district clerk and  district  superintendent  of  each  affected  school
  district.
2.  The  authority  must  hold  a  public  hearing with respect to the
  project and the proposed financial assistance being contemplated by  the
  authority.  At said public hearing, interested parties shall be provided
  reasonable opportunity, both orally and in  writing,  to  present  their
  views with respect to the project.
3.  The authority must give at least ten days published notice of said
  public hearing and shall, at the  same  time,  provide  notice  of  such
  hearing   to   the   chief   executive  officer  of  each  affected  tax
  jurisidiction within which the project is located. The notice of hearing
  must state the time  and  place  of  the  hearing,  contain  a  general,
  functional description of the project, describe the prospective location
  of  the  project, identify the initial owner, operator or manager of the
  project and generally describe the financial assistance contemplated  by
  the authority with respect to the project.
4.  The  authority shall establish a procedure for compliance with the
  notification requirements, including identification of the  notification
  method,  of  subdivision  one-a  of  this section and subdivision two of
  section twenty-three hundred fifteen of this title.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2308 - Civil Service Status of Officers and Employees.

§  2308.  Civil service status of officers and employees. Officers and
  employees of any board, commission or department  of  the  city  may  be
  transferred  to  the  authority in accordance with the provisions of the
  civil  service  law  and  shall  be  eligible  for  such  transfer   and
  appointment  without  examination  to  offices  and  positions under the
  authority. Officers and  employees  of  the  city  who  are  members  or
  beneficiaries  of  any  existing  pension  or  retirement  system  shall
  continue to have the rights, privileges,  obligations  and  status  with
  respect  to such system or systems as are now prescribed by law, and all
  such employees who have been appointed to positions in  the  service  of
  the  city  under  the rules of the municipal civil service commission of
  the city shall have the same status with respect thereto after  transfer
  to  the  authority  as  they had under their original appointments.  The
  appointment and promotion of all employees of  the  authority  shall  be
  made  in accordance with the provisions of the civil service law and the
  rules of the city civil service commission.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2311 - Compensation, Procurement and Investment.

§  2311. Compensation, procurement and investment. 1. The compensation
  of an officer or full-time employee of the authority (but not  including
  part-time employees or consultants, including accountants, attorneys and
  bond  counsel  to the authority) shall not be contingent on the granting
  of financial assistance by the authority.
2. The provisions  of  section  one  hundred  four-b  of  the  general
  municipal  law  shall  be  applicable  to  the  procurement of goods and
  services paid for by the authority for its own use and account.
3. The provisions of sections ten and eleven of the general  municipal
  law  shall  be  applicable  to  deposits and investments of funds for an
  agency's own use and account.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2312 - Construction and Purchase Contracts.

§ 2312. Construction and purchase contracts. The provisions of section
  eight  hundred  eighty-four  of  the  general  municipal law relating to
  public bidding with respect to the construction of public facilities  or
  projects   shall   be   applicable  to  the  acquisition,  construction,
  reconstruction, or improvement of projects authorized by this title.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2314 - Moneys of the Authority.

§  2314.  Moneys  of  the authority. All moneys of the authority, from
  whatever source derived, shall be paid to the treasurer of the  city  as
  agent  of  the  authority,  who shall not commingle such moneys with any
  other moneys. Such moneys shall be deposited in a separate bank  account
  or  accounts.  The  moneys  in  such  accounts  shall be paid out by the
  treasurer on requisition of the chairman of the  authority  or  of  such
  person  as  the  authority may authorize to make such requisitions.  All
  deposits of such moneys shall, if  required  by  the  treasurer  or  the
  authority,  be  secured by obligations of the United States or 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. The treasurer and his legally authorized  representatives
  are  authorized  and empowered from time to time to examine the accounts
  and books of  the  authority,  including  its  receipts,  disbursements,
  contracts,  leases, sinking funds, investments and any other records and
  papers relating to its financial  standing.  The  authority  shall  have
  power,  notwithstanding the provisions of this section, to contract with
  the holders of any of its bonds as to the custody, collection, securing,
  investment and payment of any moneys of the authority or any moneys held
  in trust or otherwise for the payment of bonds or in any way  to  secure
  bonds,  and  to  carry  out  any such contract notwithstanding that such
  contract may be  inconsistent  with  the  previous  provisions  of  this
  section.  Moneys  held in trust or otherwise for the payment of bonds or
  in any way to secure bonds and deposits of such moneys may be secured in
  the same manner as moneys of the authority,  and  all  banks  and  trust
  companies  are  authorized  to give such security for such deposits. The
  accounts of the authority shall be subject to  the  supervision  of  the
  state  comptroller  and he or his legally authorized representatives are
  hereby authorized and  empowered  from  time  to  time  to  examine  the
  accounts   and   books   of   the  authority,  including  its  receipts,
  disbursements, contracts,  sinking  funds,  investments  and  any  other
  matter  relating  to  its  financial  standing  and  fiscal affairs. The
  authority shall render a complete annual account of its  proceedings  to
  the  city  council  at  its  first meeting in February of each and every
  year.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2315 - Uniform Tax Exemption Policy.

§ 2315. Uniform tax exemption policy. 1. The authority shall establish
  a  uniform  tax  exemption policy, with input from affected local taxing
  jurisdictions, which shall be  applicable  to  provisions  of  financial
  assistance  pursuant to section twenty-three hundred seven of this title
  and shall provide guidelines for the claiming of real property, mortgage
  recording, and sales tax exemptions. Such guidelines shall include,  but
  not  be  limited to: period of exemption; percentage of exemption; types
  of projects for which exemptions may be claimed; procedures for payments
  in lieu of taxes and instances in which real property appraisals are  to
  be performed as a part of an application for tax exemption; in addition,
  the authority in adopting such policy shall consider such issues as: the
  extent  to  which  a  project  will  create or retain permanent, private
  sector jobs; the estimated value of any tax exemption  to  be  provided;
  whether  affected  tax jurisdictions should be reimbursed by the project
  occupant if a project  does  not  fulfill  the  purposes  for  which  an
  exemption was provided; the impact of a proposed project on existing and
  proposed  businesses  and economic development projects in the vicinity;
  the amount of private  sector  investment  generated  or  likely  to  be
  generated  by  the proposed project; the demonstrated public support for
  the proposed project;  the  likelihood  of  accomplishing  the  proposed
  project in a timely fashion; the effect of the proposed project upon the
  environment;  the  extent  to  which  the  project  will utilize, to the
  fullest  extent  practicable   and   economically   feasible,   resource
  conservation, energy efficiency, green technologies, and alternative and
  renewable energy measures; the extent to which the proposed project will
  require the provision of additional services, including, but not limited
  to  additional educational, transportation, police, emergency medical or
  fire services; and the extent to which the proposed project will provide
  additional sources of revenue for municipalities and school districts.
2. The authority shall establish a procedure for  deviation  from  the
  uniform  tax  exemption  policy  required  pursuant to this section. The
  authority shall set forth in writing the reasons for deviation from such
  policy, and shall further  notify  by  certified  mail,  return  receipt
  requested  or  an  electronic  correspondence  with  a read-receipt, the
  affected local taxing jurisdictions of the proposed deviation from  such
  policy and the reasons therefor. When the affected tax jurisdiction is a
  school  district,  the  authority shall notify by certified mail, return
  receipt requested or an electronic correspondence with  a  read-receipt,
  the  district  clerk and district superintendent of each affected school
  district.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2318 - Notes of the Authority.

§  2318.  Notes  of the authority. The authority shall have power from
  time to time to issue notes and from time to time  issue  renewal  notes
  (herein  referred  to  as notes) maturing not later than five years from
  their respective original dates in an amount not exceeding at  any  time
  one  hundred  thousand  dollars,  over  and  above  the  amount of bonds
  authorized by subdivision one of section twenty-three hundred sixteen of
  this title, for any purpose or purposes for which bonds may  be  issued,
  whenever  the authority shall determine that payment thereof can be made
  in full from any moneys or  revenues  which  the  authority  expects  to
  receive from any source. Such notes may among other things, be issued to
  provide  funds  to  pay  preliminary costs of studies, surveys, plans or
  other matters relating to any proposed project. The authority may pledge
  such moneys or revenues (subject to any other pledge  thereof)  for  the
  payment  of  the  notes and may in addition secure the notes in the same
  manner and with the same effect as herein provided for bonds. The  notes
  shall  be  issued  in the same manner as bonds. The authority shall have
  power to make contracts for the future sale from time  to  time  of  the
  notes,  by which the purchasers shall be committed to purchase the notes
  from time to time on terms and conditions stated in such contracts,  and
  the  authority  shall  have  power to pay such consideration as it shall
  deem proper for such commitments. In case of default  on  its  notes  or
  violation of any of the obligations of the authority to the noteholders,
  the  noteholders  shall  have  all  the  remedies  provided  herein  for
  bondholders. Such notes shall be as fully negotiable as the bonds of the
  authority.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2320 - Agreements of the City and State.

§  2320.  Agreements of the city and state. The city is authorized to,
  and the state does hereby, pledge to and agree with the holders  of  the
  bonds  that  neither the city nor the state, respectively, will limit or
  alter the rights, hereby vested in the authority to acquire,  construct,
  reconstruct,   improve,  maintain,  equip  and  finish  the  project  or
  projects, to establish and collect rentals, fees and other  charges  and
  to  fulfill  the  terms  of  any agreements made with the holders of the
  bonds, nor in any way impair the rights and remedies of the bondholders,
  until the bonds, together with 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 the bondholders, are
  fully met and discharged.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2322 - State and City Not Liable on Bonds.

§  2322.  State  and  city  not  liable  on bonds. The bonds and other
  obligations of the authority shall not be a debt of the state or of  the
  city,  and  neither  the state nor the city shall be liable thereon, nor
  shall they be  payable  out  of  any  funds  other  than  those  of  the
  authority.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2324 - Bonds as Legal Investments.

§  2324.  Bonds  as  legal  investments.  The  bonds  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,
  and all other persons whatsoever except as hereinafter provided, 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: provided that,
  notwithstanding the provisions of any other general or  special  law  to
  the  contrary,  such  bonds  shall not be eligible for the investment of
  funds, including capital, of trusts, estates or guardianships under  the
  control of individual administrators, guardians, executors, trustees and
  other  individual fiduciaries. The bonds are also hereby made securities
  which may be deposited with and shall 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 15 - Auburn Industrial Development Authority › 2326-A - Special Provisions Applicable to State Sales and Compensating Use Taxes and Certain Types of Facilities.

§   2326-a.   Special   provisions   applicable  to  state  sales  and
  compensating use taxes and certain types of facilities.  The  provisions
  of section eight hundred seventy-five of the general municipal law shall
  apply  to  the  provisions of this title and to the authority created by
  this title with the same force and effect as if the provisions  of  such
  section  eight  hundred  seventy-five had been incorporated in full into
  this title and had expressly referred to the provisions  of  this  title
  and  to  such  authority,  with  such  changes  to  such  section as are
  necessary to refer to the provisions of this title and to the  authority
  created by this title.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2328 - Tax Contract by the State.

§  2328.  Tax  contract  by  the  state.  The state covenants with the
  purchasers and with all subsequent holders and transferees of  bonds  or
  notes  issued  by the authority pursuant to this title, in consideration
  of the acceptance of and payment for the bonds or notes, that the  bonds
  and  notes of the authority issued pursuant to this title and the income
  therefrom, and all moneys, funds and revenues pledged to pay  or  secure
  the  payment  of  such  bonds  or  notes shall at all times be free from
  taxation except for estate  taxes  and  taxes  on  transfers  by  or  in
  contemplation of death.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2329 - Equal Opportunity.

§  2329.  Equal  opportunity.  1.  The authority shall ensure that all
  employees and applicants for employment are  afforded  equal  employment
  opportunity without discrimination.
2.  Except as is otherwise provided by collective bargaining contracts
  or agreements, new employment  opportunities  created  as  a  result  of
  projects  of  the  agency  shall  be  listed  with  the  New  York state
  department  of  labor  community  services  division,   and   with   the
  administrative  entity  of  the  service  delivery  area  created by the
  federal job training partnership act (P.L.  No.  97-300)  in  which  the
  project  is  located.  Except  as  is  otherwise  provided by collective
  bargaining contracts or agreements, sponsors of  projects  shall  agree,
  where  practicable, to first consider persons eligible to participate in
  federal job training partnership (P.L. No. 97-300) programs who shall be
  referred by administrative entities of service  delivery  areas  created
  pursuant  to  such  act  or  by  the  community services division of the
  department of labor for such new employment opportunities.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2332 - Actions Against the Authority.

§  2332.  Actions  against  the authority. 1. In an action against the
  authority founded upon tort, the complaint shall contain  an  allegation
  that at least thirty days have elapsed since the demand, claim or claims
  upon  which  the  action  is  founded  were presented to a member of the
  authority and to its secretary or to its chief  executive  officer,  and
  that  the  authority  has  neglected or refused to make an adjustment or
  payment thereof for thirty days after the presentment.
2. In a 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  authority or an officer, appointee or employee
  thereof, and the provisions of section fifty-e of the general  municipal
  law shall govern the giving of such notice. No action shall be commenced
  more  than  one  year and ninety days after the cause of action therefor
  shall have accrued.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2333 - Limitation of Liability.

§  2333.  Limitation  of  liability.  Except  for  acts of omission or
  commission, with a specific intent to defraud, neither  the  members  of
  the  authority,  nor  any  person  or  persons acting in its behalf, and
  within the scope of their authority, shall be subject  to  any  personal
  liability  resulting  from  the  issuance  of  any notes or bonds of the
  authority; from the erection, construction, reconstruction,  maintenance
  or  operation  of  any  project;  or from carrying out any of the powers
  expressly given in this title.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2334 - Termination of the Authority.

§ 2334. Termination of the authority. Whenever all of the bonds issued
  by  the  authority  shall  have  been  redeemed  or  cancelled,  and all
  straight-lease transactions have been terminated,  the  authority  shall
  cease  to exist and all rights, titles, and interest and all obligations
  and liabilities thereof vested in or possessed by  the  authority  shall
  thereupon vest in and be possessed by the city of Auburn.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2336 - Title Not Affected if in Part Unconstitutional or Ineffective.

§ 2336. Title not affected if in part unconstitutional or ineffective.
  If   any   section,   clause  or  provisions  of  this  title  shall  be
  unconstitutional or be ineffective in whole or in part,  to  the  extent
  that  it  is  not unconstitutional or ineffective, it shall be valid and
  effective and no other section, clause or  provision  shall  on  account
  thereof be deemed invalid or ineffective.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2338 - Inconsistent Provisions in Other Acts Superseded.

§  2338.  Inconsistent provisions in other acts superseded. Insofar as
  the provisions of this title are inconsistent with the provisions of any
  other act, general or special, or of any local  law  of  the  city,  the
  provisions of this title shall be controlling.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 1 › 2405-E - Purchase of Employer Assisted Forward Commitment Mortgages.

§  2405-e. Purchase of employer assisted forward commitment mortgages.
(1) In accordance with the authority set forth  in  section  twenty-four
hundred  five-b of this title, the agency may purchase employer assisted
forward commitment mortgages from banks at such  prices  and  upon  such
terms and conditions as it shall determine. In conducting its program of
purchasing  employer  assisted  forward commitment mortgages, the agency
shall be governed by  the  provisions  of  section  twenty-four  hundred
five-b  of  this  title.  The  board  of  directors  of the agency shall
establish from time to time maximum income limits of persons eligible to
receive such mortgages, which income limits shall not exceed the  latest
maximum income limits permitted under the Internal Revenue Code of 1986,
as  amended,  for  mortgages  financed  by  mortgage  revenue  bonds. An
employer may develop additional qualifications  for  eligible  employees
beyond  those qualifications provided for in this section, provided that
such qualifications are non-discriminatory and are pre-approved  by  the
agency;  the  employer,  however,  shall  remain  solely responsible for
determining and insuring the legality of such qualifications and may not
rely on any agency reviews, approvals, legal opinions or statements.
(2) To participate in an employer assisted forward commitment mortgage
program, an  employer  must  be  a  corporation,  partnership,  or  sole
proprietorship  which  maintains an office in the state and must satisfy
the requirements set forth in guidelines established by the agency.
(3) For any employer assisted forward commitment mortgage, the maximum
loan-to-value ratio shall be established by the  agency,  provided  that
such loan shall not exceed one hundred percent of the appraised value of
the  mortgaged  premises.  Reasonable  closing costs for the loan may be
amortized over the life of the loan, provided that the final loan amount
does not exceed one hundred  percent  of  the  appraised  value  of  the
mortgaged premises.
(4)  The  agency  shall  require  any  employer  participating  in the
employer assisted forward commitment mortgage program  to  guarantee  to
pay  up to twenty percent of the total outstanding mortgage indebtedness
(as determined by the agency) for each employee who obtains  a  mortgage
loan  under  the  provisions  of  this  section and who defaults on such
mortgage loan during the first seven years of such loan,  regardless  of
whether such borrower is an employee of such employer at the time of the
default.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 1 › 2410 - State and Municipalities Not Liable on Bonds, Notes or Insurance Commitments or Contracts or Development Corporation Credit Support.

§  2410.  State  and  municipalities  not  liable  on  bonds, notes or
  insurance commitments or contracts  or  development  corporation  credit
  support.  The  bonds,  notes,  insurance  commitments  or  contracts  or
  development corporation credit support  and  other  obligations  of  the
  agency  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.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 1 › 2411 - Agreement of the State.

§  2411.  Agreement  of  the  state. The state of New York does hereby
  pledge to and agree with the holders  of  any  bonds  or  notes  or  any
  mortgage  insurance contract 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 bonds or notes
  together  with  the  interest  thereon,  with  interest  on  any  unpaid
  installments of interest, or  insurance  contracts  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 or notes or insurance contracts.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 1 › 2412 - Property and Income.

§  2412.  Property  and  income. 1. The property of the agency and its
  income and operations shall be exempt from taxation  or  assessments  of
  every kind and nature, other than assessments for local improvements and
  the  tax  imposed by article eleven of the tax law; 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.
2.  Notwithstanding the provisions of subdivision one of this section,
  all mortgages recorded prior to the effective date of  this  subdivision
  as  to  which  an  assignment  to  the agency has been recorded shall be
  recordable, enforceable, assignable and valid for all purposes as if the
  mortgage recording tax had been paid regardless of  whether  a  mortgage
  recording tax was paid thereon.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 1 › 2413 - Exemption From Taxation of Bonds and Notes and Insurance Commitments and Loans.

§  2413.  Exemption  from  taxation  of  bonds and notes and insurance
  commitments and loans. 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 and notes  issued  by  the  agency,  in  consideration  of  the
  acceptance  of  and  payment for the bonds and notes, that the bonds and
  notes of the agency, 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  or  notes shall at all times be free from
  taxation, except for estate or gift taxes and taxes on transfers and  in
  addition  all other property of the agency and its income and operations
  shall be exempt from taxation.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 1 › 2414 - Bonds and Notes as Legal Investments for Public Officers and Fiduciaries.

§  2414.  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 17 - State of New York Mortgage Agency Act › Part 1 › 2415 - Moneys of the Agency.

§  2415.  Moneys  of  the  agency.  (1)  All moneys of the agency from
whatever source derived, except as otherwise authorized or  provided  in
this  title,  shall  be paid to the treasurer of the agency and shall be
deposited forthwith in a bank or banks in the state  designated  by  the
agency.  The  moneys in such accounts shall be withdrawn on the order of
such person or persons as the agency may authorize. All deposits of such
moneys shall, if required by the agency, be secured in  such  manner  as
the  agency  may  determine.  The comptroller and 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. Such an
examination shall be conducted by the comptroller at least once in every
five years; the comptroller is authorized, however, to accept  from  the
agency,  in  lieu of such an examination, an external examination of its
books and accounts made at the request of the agency, within thirty days
after receipt by the agency, the agency  shall  submit  a  copy  of  the
report  of  every  external examination of the books and accounts of the
agency with respect to insurance contracts, other  than  copies  of  the
reports of such examinations made by the comptroller.
(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 17 - State of New York Mortgage Agency Act › Part 1 › 2416 - Actions.

§ 2416. 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 17 - State of New York Mortgage Agency Act › Part 1 › 2417 - Limitation of Liability.

§  2417.  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 17 - State of New York Mortgage Agency Act › Part 1 › 2418 - Assistance by State Officers, Departments, Boards and Commissions; Transfer of Officers and Employees.

§   2418.  Assistance  by  state  officers,  departments,  boards  and
commissions; transfer of officers and employees.
(1) The department of audit and control, department of  law,  and  all
other state agencies may render such services to the agency within their
respective functions as may be requested by the agency.
(2)  Officers  and  employees of state departments and agencies may be
transferred to the agency and officers and employees of the  agency  may
be transferred to state departments and agencies without examination and
without  loss  of  any  civil service status or rights. No such transfer
may, however, be made except with the approval of the head of the  state
department  or  division  involved,  the  director of the budget and the
chairman of the agency, and in compliance with the rules and regulations
of the civil service commission of the state.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 1 › 2419 - Annual Report.

§  2419.  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 its mortgages and the status of reserve,  special  or  other
  funds;  (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; (5) a schedule of mortgages which have
  been  insured  during  such year and mortgages for which there exists an
  outstanding  commitment  to  insure  and  the  status  of  the  mortgage
  insurance  fund and other funds established by the corporation; and with
  respect to the agency's  fiscal  years  ending  after  nineteen  hundred
  eighty-five;  (6)  a breakdown by region (as defined in subdivision nine
  of section two thousand four hundred twenty-six of this  title)  of  the
  average  income  of  recipients of SONYMA mortgage loans for such fiscal
  year, stated separately for SONYMA's tax exempt and blended program  and
  SONYMA's  taxable  program;  (7)  a  breakdown  by  region of the income
  distribution of recipients of SONYMA  mortgage  loans  for  such  fiscal
  year,  stated separately for SONYMA's tax exempt and blended program and
  SONYMA's taxable program; and (8) a breakdown by region of  the  average
  purchase  price  of  structures  acquired with SONYMA mortgage loans for
  such fiscal year, stated separately for SONYMA's tax exempt and  blended
  program  and  SONYMA's  taxable  program.  With  respect to the schedule
  mentioned in item five hereof, such schedule shall be  submitted  within
  ninety  days  after the end of its fiscal year and shall be submitted to
  the temporary president of the senate and speaker  of  the  assembly  in
  addition to the aforementioned officers.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 1 › 2419-A - Additional Reports.

§  2419-a.  Additional  reports. 1. Within six months after the end of
  its fiscal year the agency shall submit to the  governor,  the  majority
  leader  of  the senate, the speaker of the assembly, the comptroller and
  the director of the budget a complete and detailed report setting  forth
  data establishing compliance with the provisions of subdivision three of
  section  twenty-four hundred five of this article by the agency and each
  bank which participated in the agency's purchase of mortgages  from  the
  proceeds  of the sale of each issue by the agency of its bonds and notes
  made on and after the effective date of this section.
2. The agency  shall  provide  to  the  commissioner  of  housing  and
  community   renewal,  on  a  timely  basis,  with  the  data  and  other
  information necessary to compile the report or reports required pursuant
  to section twenty of the public housing law.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 1 › 2420 - Court Proceedings; Preferences; Venue.

§   2420.   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 17 - State of New York Mortgage Agency Act › Part 1 › 2420-A - Validity.

§  2420-a.  Validity.  Bonds,  insurance  commitments or contracts and
  development corporation credit support may contain a recital  that  they
  are  issued  or  executed, respectively, pursuant to this section, which
  recital shall be conclusive evidence of  their  validity,  respectively,
  and the regularity of the proceedings related thereto.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 1 › 2421 - Inconsistent Provisions of Other Laws Superseded.

§  2421.  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. It is the intent of the legislature that the  provisions
  of  this  title  relating  to mortgage commitments and laws be construed
  liberally so as  to  effectuate  the  public  and  governmental  purpose
  thereof.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 1 › 2423 - Separability.

§  2423.  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 affect, 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 17 - State of New York Mortgage Agency Act › Part 2 › 2428-A - Development Corporation Credit Support Account as Source of Development Corporation Credit Support.

§  2428-a. Development corporation credit support account as source of
  development corporation credit support. 1.  The  agency  is  authorized,
  subject  to  the  provisions  of  this title, to provide the development
  corporation credit support account as a source or  potential  source  of
  payment  of  development  corporation  credit  support.  The  agency may
  provide the development corporation credit support account as  a  source
  or  potential  source  of  payment of all or any development corporation
  credit support upon the terms (which  shall  include  a  requirement  to
  repay  to  the  mortgage  insurance  fund any amounts transferred to the
  corporation or the convention center development  fund)  and  under  the
  conditions  it  shall  set forth in the applicable contracts between the
  agency and such other parties (including the corporation) as the  agency
  shall  deem  appropriate  with  respect  to  the  applicable reserve and
  financial support funds  which  are  to  receive  the  benefit  of  such
  development  corporation  credit  support.  The agency may not execute a
  contract to provide development corporation credit support  if,  at  the
  time  such  contract  is  executed,  such  execution  would  impair  any
  then-existing credit rating of the single family pool insurance  account
  or the project pool insurance account.
2. For purposes of determining the mortgage insurance fund requirement
  with  respect to the development corporation credit support account, the
  board of directors of the agency, by a vote of a majority of all of  its
  members, shall approve or authorize the applicable contracts which shall
  establish  the  amount  of  the  required  or permitted deposits in each
  reserve and financial support fund (which may be determined by reference
  to percentages of such required or  permitted  amounts)  for  which  the
  development corporation credit support account is or will be a source or
  potential source of development corporation credit support. Such amounts
  (or percentages) may be different for each reserve and financial support
  fund.
3. For purposes of section twenty-four hundred eleven of this title, a
  development  corporation  credit  support  agreement shall be deemed and
  regarded as a mortgage insurance contract for the benefit of parties  to
  such agreement.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 17 - State of New York Mortgage Agency Act › Part 2 › 2429 - Rentals.

§  2429. Rentals. Notwithstanding the provisions of, or any regulation
  promulgated pursuant to, the emergency housing  rent  control  law,  the
  local  emergency  housing rent control act or local law enacted pursuant
  thereto, all dwelling units in a multiple dwelling the rehabilitation or
  construction of which  commenced  after  July  first,  nineteen  hundred
  seventy-eight  and  which  is  financed by a loan insured by the agency,
  except for dwelling units occupied by reason of ownership of stock in  a
  cooperative,  shall be subject to the rent stabilization law of nineteen
  hundred sixty-nine or the emergency tenant protection  act  of  nineteen
  seventy-four, if applicable in the geographic area in which the multiple
  dwelling  is  located,  beginning  immediately  after  initial  rents as
  established under applicable provisions of the rent stabilization law of
  nineteen hundred sixty-nine, the  emergency  tenant  protection  act  of
  nineteen  seventy-four  or  the  private  housing  finance  law for such
  dwelling units become effective on the basis of such  rehabilitation  or
  construction,  provided  that  any  occupant in possession of a dwelling
  unit that first  becomes  subject  to  the  rent  stabilization  law  of
  nineteen  hundred  sixty-nine  or the emergency tenant protection act of
  nineteen seventy-four pursuant  to  this  section  shall  be  offered  a
  two-year   lease   notwithstanding   any   contrary  provisions  of,  or
  regulations adopted pursuant to, such law or act, at  the  initial  rent
  established for such dwelling unit.