New York Education Law Article 10 - NEW YORK CITY EDUCATIONAL CONSTRUCTION FUND

• 450 - Short Title.
  This article may be cited as the New York City Educational Construction Fund Act.
• 451 - Statement of Legislative Findings and Purposes.
  There is threatened in the city of New York a serious shortage of elementary and secondary school buildings under the jurisdiction of the board of...
• 452 - Definitions.
  As used or referred to in this article, unless a different meaning clearly appears from the context: 1. "Board" or "board of education" shall mean...
• 453 - New York City Educational Construction Fund.
  * 1. There is hereby created the "New York city educational construction fund." The fund shall be a corporate governmental agency constituting a public benefit...
• 454 - General Powers and Duties of Fund.
  The fund shall have the following powers in addition to those specifically conferred elsewhere in this article: 1. To sue and be sued; 2. To...
• 455 - Relationship With the Board of Education and the City of New York.
  In order most effectively to carry out its corporate purposes, the fund shall cooperate with the director of management and budget and the board of...
• 456 - Special Provisions Relating to Acquisition and Transfer of Real Property.
  Notwithstanding any contrary provisions of any general, special or local law, charter or ordinance: 1. Provided that the trustees of the fund shall have formally...
• 457 - Plans and Specifications.
  1. (a) No combined occupancy structure shall be acquired, leased, erected, repaired, enlarged or remodeled by the fund until the detailed plans and specifications and...
• 458 - Letting of Construction Contracts.
  1. Any contract let by the fund or by any letting agency on behalf of the fund for the construction, reconstruction, rehabilitation or improvement of...
• 459 - Resources of the Fund.
  1. The fund may receive, accept, invest, administer, expend and disburse for its corporate purposes appropriations or advances from the city of New York, and...
• 460 - Lease and Other Agreements.
  1. Any agreement entered into between the fund and the owner or developer of a proposed combined occupancy structure pursuant to section four hundred fifty-four...
• 461 - Notes and Bonds of the Fund.
  1. (a) Subject to the provisions of section four hundred sixty-two of this chapter, the fund shall have the power and is hereby authorized from...
• 462 - Reserve Funds, Appropriations and Other Funds and Accounts.
  1. (a) The fund shall create and establish a special fund (herein referred to as capital reserve fund), and, to secure bonds of the fund...
• 463 - Agreement With the State.
  The state does hereby pledge to and agree with the holders of any notes or bonds issued under this article, that the state will not...
• 464 - State and City's Right to Require Redemption of Bonds.
  Notwithstanding and in addition to any provisions for the redemption of bonds which may be contained in any contract with the holders of the bonds,...
• 465 - Remedies of Noteholders and Bondholders.
  1. In the event that the fund shall default in the payment of principal of or interest on any issue of notes or bonds after...
• 466 - Notes and Bonds As Legal Investments.
  The notes and bonds of the fund are hereby made securities in which all public officers and bodies of this state and all municipalities and...
• 467 - Actions by and Against Fund.
  1. The state supreme court shall have exclusive jurisdiction of any action, suit or special proceeding brought by or against or involving the fund. The...
• 468 - Exemptions From Taxation.
  1. It is hereby declared that the creation of the fund and the carrying out of its corporate purposes is in all respects for the...
• 469 - Annual Report of Trustees.
  The trustees of the fund shall submit to the mayor, the board of education and the city council of the city of New York annually...
• 470 - Article Not Affected If in Part Unconstitutional or Ineffective.
  If any section, subdivision, paragraph, sentence, clause or provision of this article shall be unconstitutional or be ineffective in whole or in part, to the...
• 471 - Inconsistent Provisions of Other Laws Superseded.
  Insofar as the provisions of this article are inconsistent with the provisions of any other general, special or local law, or with the provisions of...

Last modified: February 3, 2019