1. The Laws of New York
  2. Unconsolidated Laws
  3. NYS Project Finance Agency Act7/75


Section 3 Definitions

NYS Project Finance Agency Act7/75 (NYP)

  As used in this act, unless a different meaning clearly appears from the context:

  1. "Agency" shall mean the corporate governmental agency created by section four of this act.

  2. "Bonds" and "notes" shall mean bonds and notes, respectively, issued by the agency pursuant to this act.

  3. "Commissioner" shall mean the commissioner of housing and community renewal of the state.

  4. "Comptroller" shall mean the comptroller of the state.

  5. "Corporation" shall mean the New York state urban development corporation.

  6. "Corporation first mortgage" shall mean a first mortgage on a corporation project securing a loan by the corporation.

  7. "Corporation project" shall mean a residential project as defined in the New York state urban development corporation act.

  8. "Eligible loan" shall mean a loan by the agency to the corporation, approved by the commissioner as provided in this act, evidenced by the issuance to the agency of notes of the corporation (which for this purpose may be negotiable or non-negotiable and may have any term not exceeding fifty years), and secured by the pledge and assignment of a corporation first mortgage and any contract or arrangement for the payment of subsidy to the corporation on account of the corporation project securing such mortgage, as well as by the pledge and assignment of such other existing and future assets and revenues of the corporation and the receipts to be derived therefrom as may be determined by the commissioner to be required in order for the agency to obtain borrowings to finance such eligible loan.

  9. "Eligible purchase" shall mean the purchase by the agency from the corporation of a corporation first mortgage and the assignment to the agency of any contract or arrangement for the payment of subsidy to the corporation on account of the corporation project securing such mortgage.