reglab/statecodes huggingface dataset:
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2507 - Employees of the Authority.

*   §  2507.  Employees  of  the  authority.  1.  Notwithstanding  any
  inconsistent provision of this title, the appointment and  promotion  of
  all  employees of and for the authority shall be made in accordance with
  the provisions of the civil service law under  the  rules  of  the  city
  civil service commission. Such employees shall be under the jurisdiction
  of  such  city  civil service commission and their compensation shall be
  fixed by the authority.
2. The city and the authority shall have the power to provide for  the
  transfer  to  the  authority  of agents and employees and the use of the
  facilities of the city to enable the authority to fulfill its  corporate
  purposes.  Employees  of  the  city  to  be transferred to the authority
  pursuant  to  this  title  shall  be  eligible  for  such  transfer  and
  appointment  to  offices  and positions of the authority without further
  examination, and all such employees who have been appointed to positions
  in the city service in accordance  with  the  provisions  of  the  civil
  service  law  under the rules of the city civil service commission shall
  have the same  status  with  respect  thereto  in  the  service  of  the
  authority  as  they  had  in  city service. Employees who are members or
  beneficiaries  of  any  existing  pension  or  retirement  system  shall
  continue  to  have  such  rights, privileges, obligations or status with
  respect to such system or systems as are prescribed by law on  the  date
  this  title takes effect, and all such employees who have been appointed
  to positions in city service in accordance with the  provisions  of  the
  civil  service  law under the rules of the city civil service commission
  shall have the same status with respect thereto in the  service  of  the
  authority as they had in city service.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2508 - Contracts of the Authority.

*  §  2508.  Contracts  of  the  authority.  1.  All contracts for the
  construction, reconstruction, rehabilitation or improvement of buildings
  or structures shall be let in the manner provided by law  for  contracts
  of  the  city.  The  authority  in preparing separate specifications may
  provide for assignment of responsibility for coordination of any of  the
  contracts for such work to a responsible person, firm or corporation.
2.  The  authority shall not award any construction contract except to
  the lowest bidder who in its opinion is qualified to  perform  the  work
  required  and  is  responsible and reliable. The authority may, however,
  reject all bids or waive any informality in a bid if  it  believes  that
  the  public  interest will be promoted thereby. The authority may reject
  any bid if in its judgment  the  business  and  technical  organization,
  plan,  resources,  financial  standing  or  experience  of  the  bidder,
  compared with the work to be performed, justifies such rejection.
3. Any construction contract awarded by the  authority  shall  contain
  such  other  terms and conditions, and such provisions for penalties, as
  the authority may deem desirable.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2508-A - Certain Property Acquired by Authority.

*  § 2508-a. Certain property acquired by authority. In the event that
  the New York state  sports  authority  upon  full  amortization  of  any
  outstanding   bonds   issued   for   the  acquisition,  construction  or
  rehabilitation of a sports facility, transfers such sports  facility  to
  the  authority  pursuant  to  subdivision  four  of  section twenty-four
  hundred seventy-two of this chapter, such sports facility shall pass  to
  and be vested in the city.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2508-B - Payments to the City.

*  §  2508-b.  Payments  to the city. Notwithstanding any provision of
  law, the authority may with respect to any sports  facility  provide  in
  any  lease  or  sublease  that  rental  payments  to  the authority made
  pursuant to such lease or sublease shall include  an  amount  which  the
  authority shall pay to the city which shall constitute a payment in lieu
  of taxes with respect to such sports facility.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2512 - Reserve Fund.

*  § 2512. Reserve fund. The authority may create and establish one or
  more reserve funds to be known as debt service reserve funds and may pay
  into such reserve funds (a) any moneys appropriated and  made  available
  by  the  city for the purposes of such funds (b) any proceeds of sale of
  bonds and notes  to  the  extent  provided  in  the  resolution  of  the
  authority authorizing the issuance thereof (c) any moneys directed to be
  transferred  by  the  authority  to such funds, and (d) any other moneys
  which may be made available to the authority for the  purposes  of  such
  funds  from  any other source or sources. The moneys held in or credited
  to any debt service reserve fund established under this section,  except
  as  hereinafter  provided,  shall  be used solely for the payment of the
  principal of an interest on bonds  of  the  authority  secured  by  such
  reserve  fund, as the same mature, required payments to any sinking fund
  established for the amortization of such bonds (hereinafter referred  to
  as "sinking fund payments"), the purchase or redemption of such bonds of
  the  authority  or  the payment or any redemption premium required to be
  paid when such bonds are redeemed prior to maturity; provided,  however,
  that  moneys  in  any  such fund shall not be withdrawn therefrom at any
  time in such amount as would reduce the amount of such fund to less than
  the maximum amount of principal and interest maturing and  becoming  due
  in  any  succeeding  calendar  year  on  the bonds of the authority then
  outstanding and secured by such reserve fund, except for the purpose  of
  paying  principal  and interest on the bonds of the authority secured by
  such reserve fund maturing and becoming due and  sinking  fund  payments
  for  the  payment  of  which  other  moneys  of  the  authority  are not
  available.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2513 - Remedies of Bondholders and Noteholders.

*  §  2513.  Remedies  of bondholders and noteholders. 1. In the event
that the authority shall default in  the  payment  of  principal  or  of
interest on any issue of bonds or notes after the same shall become due,
whether  at  maturty or upon call for redemption, and such default shall
continue for a period of thirty days, or in the event that the authority
shall fail or refuse to comply with the provisions  of  this  title,  or
shall  default  in  any  agreement made with the holders of any issue of
bonds or notes, the holders  of  twenty-five  per  centum  in  aggregate
principal  amount  of the bonds or notes of such issue then outstanding,
by instrument or instuments filed in the office  of  the  clerk  of  the
county  in  which  the principal office of the authority 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 bonds or notes for
the purposes herein provided.
2. Such trustee may, and  upon  written  request  of  the  holders  of
twenty-five  per  centum in principal amount of such bonds or notes then
outstanding shall, in his or its own name:
(a) enforce all rights of the bondholders  or  noteholders,  including
the  right  to  require  the authority to collect interest and principal
payments on the bonds held by it adequate to carry out any agreement  as
to,  or  pledge of, such interest and principal payments, and to require
the authority to carry out any other agreements with the holder of  such
bonds or notes and to perform its duties under this title.
(b) bring suit upon such bonds or notes.
(c)  by action or suit, require the authority to account as if it were
the trustee of an express trust for the holders of such bonds or notes.
(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 bonds or notes.
(e) declare all such bonds  or  notes  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  bonds  or  notes
then outstanding, to annul such declaration and its consequences.
3.  Such  trustee  shall in addition to the foregoing have and possess
all the  powers  necessary  or  appropriate  for  the  exercise  of  any
functions  specifically  set  forth  herein  or  incident to the general
representation of bondholders in the enforcement and protection of their
rights.
4. Before declaring the principal of bonds or notes due  and  payable,
the  trustee  shall  first  give  thirty  days' notice in writing to the
mayor, to the authority and to the comptroller.
5. The supreme court shall have jurisdiction of any  suit,  action  or
proceeding  by  the trustee on behalf of bondholders or noteholders. The
venue of any such suit, action, or  proceeding  shall  be  laid  in  the
county of New York.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2514 - State and City Not Liable on Bonds and Notes.

*  §  2514.  State  and city not liable on bonds and notes. The bonds,
  notes and other obligations of the authority shall not be a debt of  the
  state  of  New  York  or of the city or of any other municipality in the
  state, 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 authority.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2515 - Agreement of the State.

*  §  2515.  Agreement of the state. The state of New York does hereby
  pledge to and agree with the holders of any bonds or notes issued  under
  this  title  that  the  state  will not limit or alter the rights hereby
  vested in the authority 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,  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 authority is
  authorized to include this pledge and agreement  of  the  state  in  any
  agreement with the holders of such bonds or notes.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2516 - Property and Income.

*  §  2516. Property and income. The property of the authority and its
  income and operations shall be  exempt  from  taxation,  assessments  or
  service charges of every kind and nature, and the authority shall not be
  required to pay any recording fee or transfer tax of any kind on account
  of instruments recorded by it or on its behalf.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2517 - Exemption From Taxation of Bonds and Notes.

*  §  2517.  Exemption  from taxation of bonds and notes. It is hereby
  determined that the creation of the authority 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 authority  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
  authority, in consideration of the acceptance of  and  payment  for  the
  bonds  and  notes,  that  the  bonds  and notes of the authority, 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.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2518 - Bonds and Notes as Legal Investments.

* § 2518. Bonds and notes as legal investments. The bonds and notes of
  the  authority  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,
  guardian  executors,  trustees  and  other  fiduciaries,  and  all other
  persons 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.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2519 - Legal Officer of the Authority.

*  §  2519.  Legal  officer  of the authority. The Corporation Counsel
  shall be attorney and counsel of the authority  and  shall  approve  all
  legal documents as to form.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2520 - Actions Against Authority.

*  §  2520.  Actions  against  authority.  1.  Except in an action for
  wrongful death, an action against the  authority  for  personal  injury,
  real or personal property damage or destruction or founded on tort shall
  not  be  commenced more than one year and ninety days after the cause of
  action thereof shall have accrued nor unless a  notice  of  claim  shall
  have  been  served  on  a member of the authority or officer or employee
  thereof designated by the authority for such purpose,  within  the  time
  limited  by,  and in compliance with the requirements of section fifty-e
  of the general municipal  law.  An  action  against  the  authority  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.
2. The venue of every  action,  suit  or  special  proceeding  brought
  against the authority shall be laid in the county of New York.
3.  No  member,  officer,  employee  or  agent of the authority, while
  acting in the scope of his authority, shall be subject to  any  personal
  liability  resulting  from  exercising  or  carrying  out  of any of the
  authority's purposes or powers.
* NB (Discontinued-Board of Directors never appointed)
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2531 - Definitions.

§ 2531. Definitions. For the purposes of this title:
1. "City" means the city of New York.
2.   "Director  of  management  and  budget"  means  the  director  of
  management and budget of the city of New York.
3.  "Corporation"  means  the  New  York  city  stabilization  reserve
  corporation as created by this title.
4. "Mayor" means the mayor of the city of New York.
5. "Comptroller" means the comptroller of the city of New York.
6. "State" means the state of New York.
7.  "Bonds"  and  "notes"  means revenue bonds and notes respectively,
  issued by the corporation pursuant to this title.
8. "Revenues" means all aid, rents, fees, charges, payments and  other
  income  and receipts paid or payable to the corporation or a trustee for
  the account of the corporation, including any  payment  required  to  be
  made to the corporation by this title.
9. "Operating expenses" means all expenses incurred by the corporation
  in  the  administration  of the corporation including but not limited to
  salaries, administrative  expenses,  insurance  premiums,  auditing  and
  legal   expenses   and  fees  and  expenses  incurred  for  professional
  consultants and fiduciaires.
10. "Capital reserve fund requirement" means as of any particular date
  of computation, an amount of money equal to the amount required, for the
  then current fiscal year of the corporation, to pay interest during such
  fiscal year on all bonds of the corporation outstanding on said date  of
  computation,  the  principal  amount  of  all  bonds  of the corporation
  outstanding on said date of computation which matures during such fiscal
  year and the amount of sinking fund payments payable during such  fiscal
  year  with  respect  to any bonds of the corporation outstanding on said
  date of computation.
11. "Sinking fund payment" means the amount of money specified in  the
  resolution  authorizing  bonds  as  payable into a sinking fund during a
  particular fiscal year for the retirement of  term  bonds  which  mature
  after  such  fiscal  year,  but  shall not include any amount payable by
  reason only of the maturity of the bond.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2532 - New York City Stabilization Reserve Corporation.

§  2532. New York city stabilization reserve corporation. (a) There is
hereby created the New York city stabilization reserve corporation.  The
corporation  shall  be  a  corporate  governmental agency constituting a
public benefit corporation. It shall have the powers and privileges of a
corporation and all of its  business  shall  be  transacted,  all  funds
invested,  all  warrants for money drawn and payments made, and all cash
and securities and other personal  property  held  under  its  corporate
name.
(b) The corporation shall continue until all its liabilities have been
met  or  otherwise  discharged  and  until its existence shall have been
terminated by  law.  Upon  the  termination  of  the  existence  of  the
corporation,  all of its rights and property shall pass to and be vested
in the city.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2533 - Legislative Findings and Declaration of Purposes.

§   2533.  Legislative  findings  and  declaration  of  purposes.  The
  legislature hereby finds and declares that the city of New York is faced
  with a grave and unprecedented fiscal crisis which threatens the  city's
  ability  to provide essential services and thereby endangers the welfare
  of all the inhabitants of such city. This crisis has been  caused  by  a
  heightened demand for such services at a time of a sharp increase in the
  cost  thereof.  Accordingly,  the  legislature  hereby further finds and
  declares that it is necessary for a corporation to be created to  assist
  such  city  to  enable  it to provide such essential services during the
  nineteen  hundred  seventy-three--nineteen  hundred   seventy-four   and
  nineteen  hundred  seventy-four--nineteen  hundred  seventy-five  fiscal
  years of such city on a sound financial basis.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2538 - Payments to the City.

§  2538. Payments to the city. (a) In the event that the mayor of such
city certifies to the corporation an amount which is not  in  excess  of
one  hundred  fifty  million  dollars as the amount which is required by
such   city   during   the   city   fiscal   year    nineteen    hundred
seventy-three--nineteen  hundred  seventy-four  to  enable  such city to
provide essential services during such city fiscal year, the corporation
may within the limitation of aggregate indebtedness set forth in section
twenty-five hundred thirty-six of the title, issue its  notes  or  bonds
and  deliver  such amount to the comptroller of such city for deposit in
the city's general fund.
(b) In the event that the mayor shall include in his proposed  expense
budget  for  the  fiscal  year  nineteen  hundred seventy-four--nineteen
hundred seventy-five of such city an estimate of  amounts  payable  from
the  corporation, the mayor shall, by July fifteenth of such fiscal year
certify in writing to the  corporation  the  amounts  payable  from  the
corporation  which the city council deducted as part of the total amount
of receipts as estimated by the mayor from the amount of the  budget  in
fixing  the  tax rate pursuant to section fifteen hundred fifteen of the
New York city charter. The amount as certified shall be the amount which
is required by the city from  the  corporation.  Upon  receipt  of  such
certification,  the  corporation may, within the limitation of aggregate
indebtedness set forth in section twenty-five hundred thirty-six of this
title, issue its notes or bonds in an amount  adequate  to  provide  the
certified   amount  and  shall  promptly  deliver  such  amount  to  the
comptroller for deposit in the city's general fund.  Such  certification
shall  be  deemed a finding by the mayor, city council and city board of
estimate that the city is faced with a grave  fiscal  crisis  warranting
such financial assistance by the corporation.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2539 - Resources of the Corporation.

§ 2539. Resources of the corporation. (a) Subject to the provisions of
this  title,  the  directors  of  the corporation shall receive, accept,
invest, administer, expend and disburse for its corporate  purposes  all
monies  for  the corporation from whatever sources derived including (1)
payments by the city  or  by  the  state  comptroller  pursuant  to  the
provisions  of sections twenty-five hundred thirty-seven and twenty-five
hundred forty of this title; and  (2)  any  other  payments,  gifts,  or
appropriations to the fund from any other source.
(b)  The monies of the corporation shall be paid to the comptroller as
agent of the corporation who shall not commingle such  monies  with  any
other monies. Subject to the provisions of any contract with noteholders
or  bondholders,  all  corporation  monies  received  by the corporation
which, together with other monies of the corporation available  for  the
operating  expenses  of  the  corporation  including the payment of debt
service and payments to the capital  reserve  fund,  exceed  the  amount
required  for  such  purposes  shall  be  transferred to the city on the
fifteenth day of February.
(c) The monies in any of the corporation's accounts shall be paid  out
on  checks  signed by the comptroller on requisitions of the chairman of
the directors of the corporation or of such other officer or employee as
the directors shall authorize to make such requisition.
(d) The comptroller or his  legally  authorized  representative,  from
time  to  time  may  examine  the books and accounts of the corporation,
including its receipts, disbursements, contracts, reserves, investments,
and any other matters  relating  to  its  financial  standing.  Such  an
examination  shall  be  conducted by the comptroller at least once every
five years; in lieu of such an examination, the comptroller  may  accept
from  the  corporation an external examination of the books and accounts
made at the request of the directors of the corporation.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2540 - Payments to the Corporation.

§  2540.  Payments  to  the  corporation.  (a) Since the corporation's
continued discharge of its public and governmental purpose is of benefit
to the city, the city shall pay,  within  the  appropriations  available
therefor,  the  expenses of the establishment and continued operation of
the corporation.
(b) In the event of the failure or inability of the city to  pay  over
to the corporation, in full, on or before the first day of December, the
amount  required  to be paid by section twenty-five hundred thirty-seven
of this title, the chairman of the corporation shall  forthwith  certify
to  the  state comptroller the amount remaining unpaid and thereupon the
state comptroller shall pay such amount to the corporation  out  of  the
first monies available for the next succeeding payments to the city from
the  stock  transfer tax fund established by section ninety-two-b of the
state finance law.
(c) In the event that the amount paid by the comptroller  pursuant  to
subdivision  (b)  of  this  section is inadequate to restore the capital
reserve  fund  to  the  capital  reserve  fund  requirement,  the  state
comptroller  shall  pay  to  the  corporation,  out  of the first monies
available for the next succeeding payments of (i) state aid  apportioned
to  the  city  of  New  York  as per capita aid for the support of local
government pursuant to section fifty-four of the state  finance  law  or
(ii)  such  other aid or assistance payable by the state to the city and
not otherwise allocated as shall supersede or supplement such state  per
capita  aid,  including  federal  monies  apportioned to the city by the
state, such amount remaining unpaid, after giving written notice to  the
director  of management and budget of each amount to be paid out of such
aid, until the amount in the capital reserve fund  is  restored  to  the
capital  reserve  fund  requirement;  except, however, that prior to any
deductions from any such aid or assistance, state aid  monies,  if  any,
payable,  pursuant  to  the  provisions of any law the effective date of
which is prior to the effective date of this title, to a public  benefit
corporation  shall  be  paid  in full to such corporation. Any amount so
paid over to the corporation shall be deducted  from  the  corresponding
apportionment of such per capita state aid otherwise payable to the city
of  New  York,  and shall not obligate the state to make nor entitle the
city to receive any additional apportionment or payment  of  per  capita
state aid.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2541 - Agreement With the State.

§  2541. Agreement with the state. The state does hereby pledge to and
  agree with the holders of any notes or bonds  issued  under  this  title
  that  the  state will not limit or alter the rights hereby vested in the
  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  met  and  discharged.  The  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 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2542 - State and City Not Liable on Notes and Bonds.

§ 2542. State and city not liable on notes and bonds. The notes, bonds
  or  other  obligations  of the corporation shall not be a debt of either
  the state or 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 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 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2543 - Remedies of Noteholders and Bondholders.

§  2543. Remedies of noteholders and bondholders. 1. In the event that
the 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 upon call from  redemption,  or
in  the  event  that the 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  of  New  York  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  per  centum 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
title;
(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 trustee on behalf of such noteholders or bondholders.
The venue of any such suit, action or proceeding shall be  laid  in  the
county of New York.
4.  Before  declaring the principal of notes or bonds due and payable,
the trustee shall first give thirty  days'  notice  in  writing  to  the
corporation, the mayor and to the attorney general of the state.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2544 - Notes and Bonds as Legal Investments.

§  2544.  Notes and bonds as legal investments. The notes and bonds of
  the corporation 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 in other obligations of the state, may properly and  legally
  invest  funds, including capital, in their control or belonging to them.
  The 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 municipalities and public corportions 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 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2545 - Exemption From Taxation.

§  2545.  Exemption from taxation. 1. It is hereby determined that the
  creation of the 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  the  corporation  will  be  performing  an
  essential  governmental function in the exercise of the powers conferred
  upon it by this title.
2. The property of the corporation and its income and operations shall
  be exempt from taxation.
3. The notes and bonds of the  corporation  issued  pursuant  to  this
  title and the income therefrom and all its fees, charges, gifts, grants,
  revenues, receipts, and other monies 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 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2546 - Employees of the Corporation.

§   2546.   Employees  of  the  corporation.  1.  Notwithstanding  any
  inconsistent provisions of this act, the appointment  and  promotion  of
  all  employees  of  and  for the corporation shall be made in accordance
  with the provisions of the civil service law and shall be subject to the
  jurisdiction of the city civil service commission and  the  compensation
  for such employees shall be fixed by the corporation.
2.  The  city  and the corporation shall have the power to provide for
  the transfer to the corporation of agents, employees and  facilities  of
  the  city  to  enable the corporation to fulfill its corporate purposes.
  Employees of the city to be transferred to the corporation  pursuant  to
  this  title  shall  be  automatically  appointed  and transferred to the
  corporation in the same or equivalent classification and  position  they
  hold  at  the  time  of  the transfer. The corporation, its officers and
  employees, shall be subject to article fourteen of the civil service law
  and for all purposes the corporation shall be deemed "public  employer",
  provided,  however, that chapter fifty-four of the New York city charter
  and administrative code of the city of New  York  and  executive  orders
  number   fifty-two,   dated  September  twenty-ninth,  nineteen  hundred
  sixty-seven, as amended, promulgated by the mayor, shall  apply  in  all
  respects  to  the  corporation,  its  officers and employees except that
  paragraph seven and paragraph eight of said executive order shall not be
  applicable to the corporation, its officers and employees. Employees who
  are members or beneficiaries  of  any  existing  pension  or  retirement
  system  shall  continue  to have such rights, privileges, obligations or
  status with respect to such system as are prescribed by law on the  date
  this  title takes effect, and all such employees who have been appointed
  to positions in city service in accordance with the  provisions  of  the
  civil  service  law under the rules of the city civil service commission
  shall have the same status with respect thereto in the  service  of  the
  corporation as they had in city service.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2547 - Actions Against the Corporation.

§  2547.  Actions against the corporation. (a) Except in an action for
wrongful death, an action against the corporation for personal injury or
property damage or founded on tort shall not be commenced more than  one
year  and  ninety  days  after  the  cause  of action thereof shall have
accrued nor unless a notice  of  claim  shall  have  been  served  on  a
director of the corporation or officer or employee thereof designated by
the  corporation  for  such  purpose, within the time limited by, and in
compliance with the requirements  of  section  fifty-e  of  the  general
municipal  law.  An  action  against  the corporation 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.
(b)  The  venue  of  every  action, suit or special proceeding brought
against the corporation shall be laid in the county of New York.
(c) Neither any director of the corporation nor any officer, employee,
or agent of the corporation, while acting  within  the  scope  of  their
authority,  shall  be  subject  to any personal liability resulting from
exercising or carrying out of  any  of  the  corporation's  purposes  or
powers.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2548 - Assistance to the Corporation.

§  2548.  Assistance to the corporation. With the consent of the city,
  the corporation may use agents, employees and facilities  of  the  city,
  including  the  corporation  counsel,  paying  to  the  city  its agreed
  proportion of the compensation or costs.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2549 - Corporation Counsel to Be Attorney.

§ 2549. Corporation counsel to be attorney. The corporation counsel of
  the  city shall be attorney and counsel for the corporation, except with
  the approval of the corporation counsel the corporation  may  retain  or
  employ such counsel as are necessary to carry on its corporate purposes.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2550 - Termination of Authority and Existence.

§  2550. Termination of authority and existence. At such time as notes
  and bonds of the  corporation  or  notes  and  bonds  of  the  municipal
  assistance  corporation  for  the  city  of New York, or any combination
  thereof, are outstanding in the aggregate principal amount equal to five
  hundred twenty million dollars, the purposes for which  the  corporation
  was  created  shall have been satisfied and the corporation shall not be
  authorized to issue any notes or bonds that would cause  such  aggregate
  amount  to  be  exceeded.  If  the  corporation  has  no  notes or bonds
  outstanding at such time as its authorization to issue  notes  or  bonds
  terminates, the existence of the corporation shall terminate.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2551 - Bonds or Notes Legal Investments for Public Authorities.

§  2551.  Bonds  or  notes  legal  investments for public authorities.
  Bonds and notes of the corporation  are  hereby  declared  to  be  legal
  investments  for  monies of public corporations of the state of New York
  and may be used to secure deposits of monies  of  such  corporations  in
  banks  or  trust companies authorized to do business in the state of New
  York.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 27 - New York Convention Center Operating Corporation › 2560 - Definitions.

§ 2560. Definitions. The following terms, whenever used or referred to
  in  this  title,  unless the context indicates otherwise, shall have the
  following meanings:
1.  "Corporation."  The   New   York   convention   center   operating
  corporation.
2.  "Convention center." The convention and exhibition center referred
  to in  paragraph  (l)  of  subdivision  nine  of  section  five  hundred
  fifty-three  of  this  chapter  and any interest therein acquired by the
  corporation.
3. "State." The state of New York.
4. "City." The city of New York.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 27 - New York Convention Center Operating Corporation › 2561 - Legislative Findings and Declarations.

§  2561. Legislative findings and declarations. It is hereby found and
  declared that existing facilities in the  city  for  conventions,  trade
  exhibitions  and  public  shows including services for the operation and
  maintenance thereof are inadequate; that construction and operation of a
  convention center  to  adequately  accommodate  these  activities  would
  generate  new business and employment opportunities, increase the number
  of public facilities, provide new sources of  tax  revenue  and  promote
  orderly  redevelopment  in the vicinity of the convention center, all of
  which would serve the interests of the city and state.
It is further found and declared that the  area  in  New  York  county
  generally  bounded by thirty-ninth street on the north, thirtieth street
  on the south, eleventh avenue on the east and twelfth avenue on the west
  is an area  characterized  by  deteriorated  industrial  and  commercial
  structures,  uncoordinated  and incompatible commercial uses, inadequate
  public facilities and unsanitary  and  substandard  conditions,  all  of
  which are detrimental to the economic and social well-being of residents
  of  the  city  and  state  and  that  the  location  and  operation of a
  convention  center  in  such  area  will  serve  as   a   catalyst   for
  redevelopment and a rejuvenation of civic pride and accomplishment.
It  is  further  found  and  declared  that the convention center will
  provide significant economic and social benefits to the city, state  and
  region,  and  that,  consistent with social, economic, environmental and
  other essential considerations of state policy, locating the  convention
  center  in  the  area  generally  bounded  by thirty-ninth street on the
  north, thirtieth street on the south, eleventh avenue on  the  east  and
  twelfth  avenue  on  the west is in the public interest, considering the
  convenience and accessibility of location, the elimination of unsanitary
  and substandard conditions, the nature and economic  characteristics  of
  various  other  sites  considered  and the immediacy of the needs of the
  people of the state for the realization of the significant economic  and
  social benefits to be derived from the convention center.
Therefore,  it  is  hereby found and declared that it is in the public
  interest to create a public benefit  corporation  for  the  purposes  of
  operating and maintaining a convention and exhibition center and to vest
  such  powers  in  such  corporation  as  are  necessary or convenient to
  effectuate these functions, and that the  exercise  of  the  rights  and
  powers herein authorized shall serve a public purpose.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 27 - New York Convention Center Operating Corporation › 2564 - Special Powers and Duties of the Corporation.

§  2564. Special powers and duties of the corporation. The corporation
  shall have the power and duty:
1. To  maintain  and  operate  the  convention  center  including  the
  expansion  project; to rent parts thereof, and grant concessions, all on
  such terms and conditions as it may determine are fair  and  reasonable,
  subject,  in  the  case  of  rentals  and  concessions  other  than  for
  exhibition purposes, to the prior approval of the state comptroller;
2. To approve the plan and design of the convention center project  as
  required  by  a chapter of the laws of nineteen hundred seventy-nine and
  the plan and design of the expansion project and  any  convention  hotel
  financed  by  the chapter of the laws of two thousand four which amended
  this subdivision; and
3. To transfer or otherwise make available to the  subsidiary  of  New
  York  state  urban  development  corporation  organized pursuant to said
  chapter  of  the  laws  of  nineteen   hundred   seventy-nine,   without
  consideration  and  when and as requested by said subsidiary, any or all
  rights, property and assets which shall have  been  transferred  to  the
  corporation  pursuant  to  section  twenty-two-a  of chapter ten hundred
  eleven of the laws of nineteen hundred seventy-one as added  by  section
  eighteen of said chapter of the laws of nineteen hundred seventy-nine.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 27 - New York Convention Center Operating Corporation › 2565 - Cooperation by the State.

§  2565.  Cooperation  by the state. For the purposes of assisting the
  corporation in effectuating the purposes and provisions of  this  title,
  with  respect  to  the convention center, the state may, with or without
  consideration:
1. Acting  by  and  through  the  commissioner  of  general  services,
  dedicate,  sell,  convey,  lease, grant or otherwise transfer any right,
  title  and  interest  in  any  property,  real  or  personal,   to   the
  corporation.
2.  Enter into agreements with the corporation respecting action to be
  taken by the state  to  assist  the  corporation  in  carrying  out  and
  effectuating the purposes of this title.
3.  Do  all  other  things  necessary  or  convenient to carry out the
  foregoing powers.
2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 27 - New York Convention Center Operating Corporation › 2567 - State Not Liable on Obligations.

§  2567.  State  not  liable  on  obligations.  The obligations of the
  corporation shall not be debts of the state, and the state shall not  be
  liable  thereon,  and  such  obligations shall not be payable out of any
  funds other than those of the corporation.