§ 70. State loans. The commissioner may, in the name of the state, enter into contracts for loans to an authority or a municipality for one or more projects, though a project has received or will receive aid from any other source, except the federal government. All such contracts shall be subject to approval by […]
§ 71. Conditions precedent to state loans. 1. No loan shall be made unless the commissioner finds that: (a) the project is in conformity with a plan or undertaking for the clearance, replanning, reconstruction or rehabilitation of a substandard and insanitary area or areas and for recreational and other facilities incidental or appurtenant thereto; (b) […]
§ 72. Terms and security for state loans. 1. Loans shall be made at the rate of interest paid or to be paid by the state for the funds loaned to the authority or municipality, plus a proportionate share of the actual direct cost of the borrowing as certified by the state comptroller. Such loan […]
§ 73. State subsidies. The commissioner may in the name of the state enter into contracts to make periodic subsidies (1) to an authority or a municipality for one or more projects to assist in achieving and maintaining the low rent character of a project, or, (2) to a municipality to assist in the clearance, […]
§ 74. Restrictions on additional subsidies. No subsidy, in addition to any periodic subsidy originally contracted for in aid of any project or projects, shall be paid by the state to a municipality or authority, acting as an instrumentality thereof, for the purpose of enabling such municipality or authority to remedy an actual default or […]
§ 75. Restriction on use of state aid. No state moneys allocated to an authority or a municipality hereunder shall be mingled or commingled with financial aid or assistance from the federal government or any agency thereof, except with the approval of the commissioner.
§ 76. Pledge of subsidy. Payments under any contracts for periodic subsidies by the state may be pledged by an authority as security for loans obtained from any source for the project to which such periodic subsidies relate.
§ 76-a. Private financing. To facilitate the enlistment of private capital through the sale by authorities or municipalities of their bonds and other obligations to persons, firms or corporations other than governments, in financing state projects, and to maintain the low-rent character of such projects— (a) Every contract entered into by the state with an […]
