2430 – Short Title.

§ 2430. Short title. This title shall be known and may be cited as the “state of New York municipal bond bank agency act”

2431 – Legislative Findings.

§ 2431. Legislative findings. It is hereby declared to be in the public interest and to be the policy of the state to foster and promote by all reasonable means the provision of adequate capital markets and facilities for borrowing money by its several municipalities for the financing of their public improvements or purposes from […]

2432 – Definitions.

§ 2432. Definitions. As used in this title, the following words and terms shall have the following meanings unless the context shall indicate another or different meaning or intent: (1) “Agency”. The state of New York municipal bond bank agency, the corporate governmental agency created by section two thousand four hundred thirty-three of this title. […]

2433 – State of New York Municipal Bond Bank Agency.

§ 2433. State of New York municipal bond bank agency. (1) There is hereby created the state of New York municipal bond bank agency. The agency shall be a body corporate and politic constituting a public benefit corporation. Its membership shall consist of seven directors as follows: the comptroller or a director appointed by the […]

2434 – Powers of the Agency.

§ 2434. Powers of the agency. Except as otherwise limited by this title, the agency shall have power: (1) To sue and be sued; (2) To have a seal and alter the same at pleasure; (3) To make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and […]

2435 – Loans to Municipalities.

§ 2435. Loans to municipalities. 1. The agency may purchase, and contract to purchase, municipal bonds from municipalities at such price or prices, upon such terms and conditions and in such manner, not inconsistent with the provisions of the local finance law, as the agency shall deem advisable; provided, however, that the average interest rate […]

2435-A – Special Program Agreements.

§ 2435-a. Special program agreements. (1) In order to fulfill the purposes of this title and to provide a means by which the special program municipalities may (a) receive moneys to refund certain property taxes determined to be in excess of state constitutional tax limits or to reimburse the special program municipalities for the prior […]

2435-B – Tax Lien Purchase and Sale Agreements.

§ 2435-b. Tax lien purchase and sale agreements. (1) In order to fulfill the purposes of this title and to provide a means by which municipalities may collect the moneys necessary to fund their expenditures and provide revenue to fund any other lawful purpose and notwithstanding any general or special law to the contrary, the […]

2435-C – Purchase of Tax Liens.

§ 2435-c. Purchase of tax liens. (1) The agency or its tax lien entity may purchase, and contract to purchase, tax liens from municipalities at such price or prices, upon such terms and conditions and in such manner, as the agency shall deem advisable. (2) The agency shall require as a condition of purchase of […]

2435-D – Special School Purpose Agreements.

§ 2435-d. Special school purpose agreements. In order to fulfill the purposes of this title and to provide a means by which the special school purpose municipalities may receive assistance to meet their obligations and, notwithstanding any general or special law to the contrary, the agency and each special school purpose municipality are hereby authorized […]

2435-E – Special School Deficit Program Agreements.

§ 2435-e. Special School Deficit Program Agreements. (1) In order to fulfill the purposes of this title and to provide a means by which a special school deficit program district may receive assistance to meet its obligations and, notwithstanding any general or special law to the contrary, the agency and the special school deficit program […]

2436 – State Aid Guarantee.

§ 2436. State aid guarantee. 1. In the event that a municipality fails to make any payment of principal or interest on its municipal bonds, the chairman of the agency shall certify to the comptroller that the municipality has failed to meet its obligations. Such certificate shall be in such form as the agency deems […]

2436-A – School Aid Revenues.

§ 2436-a. School aid revenues. With respect to each issue of outstanding special school purpose bonds, the chairman of the agency shall annually certify, or in the case of the first such certificate within thirty days after the sale of an issue of special school purpose bonds, to the comptroller and the director of the […]

2436-B – Local Arra Bonds.

§ 2436-b. Local ARRA bonds. (1) The agency may purchase local ARRA bonds using the proceeds of recovery act bonds, subject to the provisions of this section and to any other provision of law applicable to the municipality and bonds it issues, including any debt limitation applicable to the municipality that issued the local ARRA […]

2436-C – Local Public Safety Communications Bonds.

§ 2436-c. Local public safety communications bonds. (1) The agency may purchase local public safety communications bonds using the proceeds of public safety communication bonds, subject to the provisions of this section and to any other provision of law applicable to the municipality and bonds it issues, including any debt limitation applicable to the municipality […]

2437 – Bonds and Notes of the Agency.

§ 2437. Bonds and notes of the agency. (1) Subject to the provisions of section two thousand four hundred thirty-eight of this title, the agency shall have the power and is hereby authorized from time to time to issue its negotiable bonds and notes in conformity with applicable provisions of the uniform commercial code in […]

2437-A – Tax Lien Collateralized Securities.

§ 2437-a. Tax lien collateralized securities. (1) The agency or its tax lien entity shall have the power and is hereby authorized from time to time to issue its tax lien collateralized securities in such principal amounts as, in the opinion of the agency, shall be necessary to provide sufficient funds for the purchase of […]

2438 – Bond Authorization.

§ 2438. Bond authorization. (1) The agency shall not issue bonds and notes in an aggregate principal amount at any one time outstanding exceeding one billion dollars, excluding tax lien collateralized securities, special school purpose bonds, special school deficit program bonds, special program bonds issued to finance the reconstruction, rehabilitation or renovation of an educational […]

2439 – Reserve Funds and Appropriations.

§ 2439. Reserve funds and appropriations. The agency shall create and establish one or more special funds to be known as debt service reserve funds and shall pay into such reserve funds (a) any moneys appropriated and made available by the state for the purposes of such funds, (b) any proceeds of sale of bonds […]

2440 – Remedies of Bondholders and Noteholders.

§ 2440. Remedies of bondholders and noteholders. (1) In the event that the agency 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 maturity or upon call for redemption, and such default shall continue for a period of thirty […]