2023 New York Laws › STF - State Finance › Article 16 - Water Pollution Control Linked Deposit Program Act › 236 - Definitions.

§  236.  Definitions.  When  used  in this article, unless the context
clearly  indicates  otherwise,  the  following  terms  shall  have   the
following meanings:
1.  "Corporation"  means  the  New York state environmental facilities
corporation, as continued by section twelve hundred  eighty-two  of  the
public authorities law.
2.  "Eligible  borrower"  means  any  recipient,  including any entity
receiving or eligible to receive an agricultural assessment pursuant  to
article  twenty-five-AA  of  the  agriculture  and  markets  law and any
individual or small business eligible to undertake an  eligible  project
related  to  residential and small business on-site wastewater treatment
systems.
3. "Eligible project" shall mean a project for the implementation of a
management program established under section 319 of  the  Federal  Water
Pollution Control Act related to agricultural operations, the upgrade or
replacement   of  residential  and  small  business  on-site  wastewater
treatment  systems  with  a  system  approved  by  the  state  or  local
department  of  health,  or  the  abandonment  of  residential and small
business on-site wastewater treatment systems and connection to a sewer,
when a sewer becomes available.
4. "Lender" means  any  state  or  federally-chartered  savings  bank,
savings  and loan association, federal savings bank, federal savings and
loan association, farm credit system institution, or commercial bank  or
trust  company  designated  by  the  corporation  to  participate in the
program.
5. "Linked deposit"  means  financial  assistance  undertaken  by  the
corporation  for  the  construction  of  an  eligible  project through a
deposit, or for a farm credit system institution an investment  eligible
to  be held by such institution, placed with a lender by the corporation
bearing interest at the  linked  deposit  interest  rate,  provided  the
lender has agreed to:
(a)  lend the equivalent value of such deposit to an eligible borrower
at the linked loan interest rate; and
(b) permit the deposit to be comprised of a series of certificates  of
deposit  each  bearing  an  interest  rate  equal  to the linked deposit
interest rate fixed at the time the original linked deposit is placed.
Each linked deposit shall be continuously and fully secured by  direct
obligations  of  the  state  or  the  United  States  of  America  or by
obligations the principal and interest on which are  guaranteed  by  the
state or the United States of America.
This  article  and  related statutes that refer to this article do not
grant savings banks, savings and loan associations, farm  credit  system
institutions,  federal  savings  banks,  or  federal  savings  and  loan
associations eligibility to accept public funds or  public  moneys  from
public entities for investment purposes. A linked deposit is intended to
enable  a  lender to make a linked loan to an eligible borrower and such
deposit earns a yield lower than posted rates in order to accomplish the
goals of this article.
6. "Linked deposit interest rate" means a fixed rate of interest which
is below the market rate.
7. "Linked loan" means a loan for purposes of an eligible project,  in
an  amount  equal to a linked deposit and bearing interest at the linked
loan interest rate.
8. "Linked loan interest rate" means a  fixed  rate  below  the  fixed
interest  rate the lender would have charged for the loan in the absence
of a linked deposit based on its usual credit considerations.
9. "Program" means the water pollution control linked deposit program.
10. "Recipient" means any person which is: (a) an individual or  small
business  which  is eligible to undertake an eligible project related to
residential and small business on-site wastewater treatment systems;  or
(b)   an  entity  receiving  or  eligible  to  receive  an  agricultural
assessment  pursuant  to  article  twenty-five-AA of the agriculture and
markets law which is eligible to undertake an eligible project;  or  (c)
any  two or more of the foregoing which are acting jointly in connection
with an eligible project.
11. "Residential  and  small  business  on-site  wastewater  treatment
system"  means  a  system  serving  a  residence  or small business that
provides for the treatment and/or  disposition  of  the  combination  of
human  and  sanitary waste with water not exceeding one thousand gallons
per day.
12. "Small business" means any business  which  is  resident  in  this
state,  independently owned and operated, not dominant in its field, and
employing not more than one hundred individuals.