1115 – Short Title.

§ 1115. Short title. This title shall be known and may be cited as the “Albany municipal water finance authority act”.

1115-A – Definitions.

§ 1115-a. Definitions. As used or referred to in this title, unless a different meaning clearly appears from the context: 1. “Agreement” shall mean any agreement entered into by the city pursuant to section one thousand one hundred fifteen-g or section one thousand one hundred fifteen-h of this title. 2. “Authority” shall mean the corporation […]

1115-AA – Separability.

§ 1115-aa. Separability. If any section, clause or provision in this title shall be held by a competent court to be unconstitutional or ineffective in whole or in part, to the extent that it is not unconstitutional or ineffective, it shall be valid and effective, and no other section, clause or provision shall on account […]

1115-B – Albany Municipal Water Finance Authority.

§ 1115-b. Albany municipal water finance authority. 1. A public corporation, to be known as the “Albany municipal water finance authority,” is hereby created for the public purposes and charged with the duties and having the powers provided in this title. The authority shall be a body corporate and politic constituting a public benefit corporation. […]

1115-BB – Effect of Inconsistent Provisions.

§ 1115-bb. Effect of inconsistent provisions. Insofar as the provisions of this title are inconsistent with the provisions of any other act, general or special, or of the city charter, or any local law, ordinance or resolution of the city, the provisions of this title shall be controlling, provided that, nothing contained in this section […]

1115-C – General Powers of the Authority.

§ 1115-c. General powers of the authority. The authority shall have the power: 1. To sue and be sued; 2. To have a seal and alter the same at pleasure; 3. To borrow money and issue bonds or other obligations and to provide for the rights of the holders thereof; 4. To enter into contracts […]

1115-D – Approval of Projects.

§ 1115-d. Approval of projects. The authority shall not enter into any contract or agreement with the city or the water board with respect to the financing of any project pursuant to section one thousand one hundred fifteen-h of this title, unless the state commissioner of environmental conservation and the state commissioner of health shall […]

1115-E – Water Board.

§ 1115-e. Water board. 1. A city water board may be created by a special act of the state legislature at the request of the city as a body corporate and politic, constituting a corporate municipal instrumentality of the state and having the powers and duties as provided in this title. 2. The water board […]

1115-F – General Powers of the Water Board.

§ 1115-f. General powers of the water board. Except as otherwise limited by this title, the water board shall have power: 1. To sue and be sued; 2. To have a seal and alter the same at pleasure; 3. To enter into contracts and to execute all instruments necessary or convenient or desirable for the […]

1115-G – Transfer of Sewerage or Water Systems by the City to the Water Board.

§ 1115-g. Transfer of sewerage or water systems by the city to the water board. 1. The city may, by resolution of the common council of the city, enter into an agreement with the water board for the transfer to the water board, for use in the exercise of its corporate powers and purposes, of […]

1115-H – Agreement Among the Water Board, the City and the Authority for the Provision of Projects.

§ 1115-h. Agreement among the water board, the city and the authority for the provision of projects. 1. The authority, the water board and the city, acting by resolution of the common council of the city, may enter into agreements for the purpose of providing for the construction and financing of a project. 2. Any […]

1115-I – Imposition and Disposition of Fees, Rates, Rents or Charges.

§ 1115-i. Imposition and disposition of fees, rates, rents or charges. 1. The water board shall establish, fix and revise, from time to time, fees, rates, rents or other charges for the use of, or services furnished, rendered or made available by, the water system or sewerage system, or both, as the case may be, […]

1115-J – Tax Exemption of the Water Board Property and Activities.

§ 1115-j. Tax exemption of the water board property and activities. 1. It is hereby determined that the creation of a water board and the carrying out of its corporate purposes is in all respects for the benefit of the city and is a public purpose and the water board shall be regarded as performing […]

1115-K – Pledge Effective Without Filing or Recording.

§ 1115-k. Pledge effective without filing or recording. Any provision of the uniform commercial code to the contrary notwithstanding, any pledge of or other security interest in revenues or other personal property made or created by the authority, the water board or the city pursuant to this title shall be valid, binding and perfected against […]

1115-L – Governmental Capacity of the Authority, the Water Board and the City.

§ 1115-l. Governmental capacity of the authority, the water board and the city. The authority, the water board and the city in carrying out their respective powers and duties under this title, shall be deemed to be acting in a governmental capacity and in the performance of an essential governmental function.

1115-M – Transfer of Officers and Employees.

§ 1115-m. Transfer of officers and employees. Any officer or employee of the city under civil service who is selected by the authority or the water board may, with the consent of the mayor, be transferred to the authority or the water board, as the case may be, and shall be eligible for such transfer […]

1115-N – Bonds of the Authority.

§ 1115-n. Bonds of the authority. 1. The authority shall have the power and is hereby authorized from time to time to issue bonds in conformance with applicable provisions of the uniform commercial code in such principal amounts as it may determine to be necessary to pay the cost of any project or projects, or […]

1115-O – Remedies of Bondholders.

§ 1115-o. Remedies of bondholders. Subject to any resolution or resolutions adopted pursuant to paragraph (i) of subdivision four of section one thousand one hundred fifteen-n of this title: 1. In the event that the authority shall default in the payment of principal of or interest on any issue of bonds after the same shall […]

1115-P – State, City and Water Board Not Liable on Authority Bonds.

§ 1115-p. State, city and water board not liable on authority bonds. Neither the state, nor the city, nor the water board nor any subdivision thereof shall be liable on the bonds of the authority and such bonds shall not be a debt of the state, the city, or such water board.

1115-Q – Moneys of the Authority.

§ 1115-q. Moneys of the authority. All moneys of the authority from whatever source derived shall be paid to the treasurer of the authority and shall be deposited forthwith in a bank or banks in the state designated by the governing body. The moneys in such accounts shall be paid out on check of the […]