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Home » US Law » 2022 New York Laws » Consolidated Laws » STF - State Finance » Article 16 - Water Pollution Control Linked Deposit Program Act

235 – Short Title.

§ 235. Short title. This article shall be known and may be cited as the “water pollution control linked deposit program act”.

236 – Definitions.

§ 236. Definitions. When used in this article, unless the context clearly indicates otherwise, the following terms shall have the following meanings: 1. “Corporation” means the New York state environmental facilities corporation, as continued by section twelve hundred eighty-two of the public authorities law. 2. “Eligible borrower” means any recipient, including any entity receiving or […]

237 – Establishment and Purpose; Water Pollution Control Linked Deposit Program Authorization.

§ 237. Establishment and purpose; water pollution control linked deposit program authorization. The water pollution control linked deposit program is hereby created. The purpose of this program is to encourage and assist eligible borrowers within the state to undertake eligible projects that reduce, control or prevent water pollution. The corporation is hereby authorized to use […]

238 – Linked Loans.

§ 238. Linked loans. Linked loans shall be made by lenders pursuant to the program only to eligible borrowers in connection with eligible projects. No such loans shall be made after September thirtieth, two thousand eleven. The credit decisions for making a linked loan shall be made solely by the lender.

239 – Linked Loans Interest Rate; Limitation on Lender’s Fees.

§ 239. Linked loans interest rate; limitation on lender’s fees. 1. Linked loans shall bear interest at the linked loan interest rate. Lenders shall certify to the corporation that the linked loan interest rate is below the interest rate the lender would have charged for the loan in the absence of a linked deposit. 2. […]

240 – Application Procedure.

§ 240. Application procedure. 1. The corporation shall provide an application form to lenders for linked deposits. Such form shall reflect the qualifying information as developed by the commissioner of agriculture and markets for eligible borrowers involved in agricultural operations and as developed by the secretary of state for eligible borrowers involved in residential and […]

241 – Early Maturity.

§ 241. Early maturity. Unless otherwise agreed to by the corporation, the linked deposit shall automatically mature on the thirtieth calendar day after the occurrence of any event, monetary or non-monetary, which, whether declared by the lender or not, constitutes a default under any term or terms of the linked loan and such default remains […]

242 – Monitoring and Reporting.

§ 242. Monitoring and reporting. 1. The corporation shall require periodic reports or other information the corporation deems necessary from lenders and borrowers on the status of the linked loan and the eligible projects to ensure compliance with the provisions and the intent of this article. 2. On or before February first, two thousand ten, […]

243 – Rules and Regulations.

§ 243. Rules and regulations. The corporation may promulgate rules and regulations necessary and reasonable for the operation of the programs.