New York Public Authorities Law Title 26 - NEW YORK CITY STABILIZATION RESERVE CORPORATION

• 2530 - Short Title.
  This title may be cited as the "New York City Stabilization Reserve Corporation Act".
• 2531 - Definitions.
  For the purposes of this title: 1. "City" means the city of New York. 2. "Director of management and budget" means the director of management...
• 2532 - New York City Stabilization Reserve Corporation.
  (a) There is hereby created the New York city stabilization reserve corporation. The corporation shall be a corporate governmental agency constituting a public benefit corporation....
• 2533 - Legislative Findings and Declaration of Purposes.
  The legislature hereby finds and declares that the city of New York is faced with a grave and unprecedented fiscal crisis which threatens the city's...
• 2534 - Administration of the Corporation.
  (1) The corporation shall be administered by three directors, one of whom shall be the director of management and budget. The remaining two directors shall...
• 2535 - General Powers of the Corporation.
  The corporation shall have the following powers in addition to those specially conferred elsewhere in this title: (1) to sue and be sued; (2) to...
• 2536 - Notes and Bonds of the Corporation.
  1. (a) The corporation shall have power and is hereby authorized from time to time to issue its negotiable notes and bonds in conformity with...
• 2537 - Reserve Fund and Appropriations.
  1. (a) The corporation shall create and establish a special fund (herein referred to as the capital reserve fund) on or before December first, nineteen...
• 2538 - Payments to the City.
  (a) In the event that the mayor of such city certifies to the corporation an amount which is not in excess of one hundred fifty...
• 2539 - Resources of the Corporation.
  (a) Subject to the provisions of this title, the directors of the corporation shall receive, accept, invest, administer, expend and disburse for its corporate purposes...
• 2540 - Payments to the Corporation.
  (a) Since the corporation's continued discharge of its public and governmental purpose is of benefit to the city, the city shall pay, within the appropriations...
• 2541 - Agreement With the State.
  The state does hereby pledge to and agree with the holders of any notes or bonds issued under this title that the state will not...
• 2542 - State and City Not Liable on Notes and Bonds.
  The notes, bonds or other obligations of the corporation shall not be a debt of either the state or the city, and neither the state...
• 2543 - Remedies of Noteholders and Bondholders.
  1. In the event that the corporation shall default in the payment of principal of or interest on or sinking fund payment on any issue...
• 2544 - Notes and Bonds As Legal Investments.
  The notes and bonds of the corporation are hereby made securities in which all public officers and bodies of this state and all municipalities and...
• 2545 - Exemption From Taxation.
  1. It is hereby determined that the creation of the corporation and the carrying out of its corporate purpose is in all respects a public...
• 2546 - Employees of the Corporation.
  1. Notwithstanding any inconsistent provisions of this act, the appointment and promotion of all employees of and for the corporation shall be made in accordance...
• 2547 - Actions Against the Corporation.
  (a) Except in an action for wrongful death, an action against the corporation for personal injury or property damage or founded on tort shall not...
• 2548 - Assistance to the Corporation.
  With the consent of the city, the corporation may use agents, employees and facilities of the city, including the corporation counsel, paying to the city...
• 2549 - Corporation Counsel to Be Attorney.
  The corporation counsel of the city shall be attorney and counsel for the corporation, except with the approval of the corporation counsel the corporation may...
• 2550 - Termination of Authority and Existence.
  At such time as notes and bonds of the corporation or notes and bonds of the municipal assistance corporation for the city of New York,...
• 2551 - Bonds or Notes Legal Investments for Public Authorities.
  Bonds and notes of the corporation are hereby declared to be legal investments for monies of public corporations of the state of New York and...

Last modified: February 3, 2019