460 – Lease and Other Agreements.
§ 460. Lease and other agreements. 1. Any agreement entered into between the fund and the owner or developer of a proposed combined occupancy structure pursuant to section four hundred fifty-four of this chapter shall provide for (i) the construction, acquisition, reconstruction, rehabilitation or improvement of one or more combined occupancy structures, and the purchase […]
461 – Notes and Bonds of the Fund.
§ 461. Notes and bonds of the fund. 1. (a) Subject to the provisions of section four hundred sixty-two of this chapter, the fund shall have the power and is hereby authorized from time to time to issue its negotiable bonds and notes in such principal amount as, in the opinion of the fund, shall […]
462 – Reserve Funds, Appropriations and Other Funds and Accounts.
§ 462. Reserve funds, appropriations and other funds and accounts. 1. (a) The fund shall create and establish a special fund (herein referred to as capital reserve fund), and, to secure bonds of the fund issued prior to the twenty-fourth day of July, nineteen hundred seventy-six, shall pay into such capital reserve fund (1) any […]
463 – Agreement With the State.
§ 463. Agreement with the state. The state does hereby pledge to and agree with the holders of any notes or bonds issued under this article, that the state will not limit or alter the rights hereby vested in the fund to fulfill the terms of any agreements made with the holders thereof, or in […]
450 – Short Title.
§ 450. Short title. This article may be cited as the New York City Educational Construction Fund Act.
451 – Statement of Legislative Findings and Purposes.
§ 451. Statement of legislative findings and purposes. There is threatened in the city of New York a serious shortage of elementary and secondary school buildings under the jurisdiction of the board of education of the city of New York. This shortage is occasioned by the age and obsolescence of many existing school buildings, the […]
452 – Definitions.
§ 452. Definitions. As used or referred to in this article, unless a different meaning clearly appears from the context: 1. “Board” or “board of education” shall mean the chancellor or deputy chancellor of the city school district of the city of New York, except for the purposes of section four hundred fifty-three of this […]
453 – New York City Educational Construction Fund.
§ 453. New York city educational construction fund. * 1. There is hereby created the “New York city educational construction fund.” The fund shall be a corporate governmental agency constituting a public benefit corporation. The board of trustees of the fund is hereby continued. It shall consist of the chancellor of the city school district […]
454 – General Powers and Duties of Fund.
§ 454. General powers and duties of fund. The fund shall have the following powers in addition to those specifically conferred elsewhere in this article: 1. To sue and be sued; 2. To have a seal and alter the same at pleasure; 3. To make and alter by-laws for its organization and internal management; 4. […]
455 – Relationship With the Board of Education and the City of New York.
§ 455. Relationship with the board of education and the city of New York. In order most effectively to carry out its corporate purposes, the fund shall cooperate with the director of management and budget and the board of education of the city of New York in matters relating to land acquisition and capital planning […]