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This entry was published on 2014-09-22
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SECTION 21.13
Special provisions relating to the financing and development of combined-use facilities or public television facilities
Arts and Cultural Affairs (ACA) CHAPTER 11-C, TITLE E, ARTICLE 21
§ 21.13. Special provisions relating to the financing and development
of combined-use facilities or public television facilities. 1.
Notwithstanding any of the powers granted to the trust by this article
or by article twenty of this title, the trust shall neither convey nor
cause to be conveyed any real property that is part of a combined-use
facility unless the instrument of such conveyance, or an agreement
relating thereto, contains a provision that no person other than the
trust or a participating cultural institution may acquire, directly or
indirectly, an interest in the institutional portion of a combined-use
facility developed or designed to be developed for use or occupancy by
such institution, at any time prior to the date on which all bonds and
notes of the trust issued to finance construction of such portion have
been fully paid, which interest would entitle such person to a deduction
for depreciation with respect to such interest under the provisions of
the United States internal revenue code of 1986, as amended, or any
successor federal tax or revenue act, if the development of any part of
such portion has been financed in whole or in part by bonds or notes
issued by the trust.

2. No individual who serves on the board of trustees, or equivalent
body, of a participating cultural institution shall be a developer of,
or share in any profits arising from the development of, the
non-institutional portion of a combined-use facility developed or
designed to be developed for use or occupancy by such institution;
provided that: (a) a person in which such individual has a financial
interest not exceeding five per centum of the equity of such person may
be a developer of, and may share in any profits arising from the
development of, such non-institutional portion, if such individual
refrains from voting at any meeting of the board of trustees, or
equivalent body, of such institution on any matter relating to the
approval by the trust of such person as a developer of such portion and
the terms and conditions of any agreement relating thereto; (b) a person
in which such individual has a financial interest may make a loan to the
trust, to a developer or to any other person in the ordinary course of
business in connection with such development; and (c) any such
individual may purchase or rent an apartment, or any interest therein,
in such portion, for fair market value.

3. No trustee of the trust and no person in which such trustee has a
financial interest shall be a developer of the non-institutional portion
of any combined-use facility.