New York General Municipal Law Title 1 - AGENCIES, ORGANIZATION AND POWERS
- 850 - Short Title.
This chapter may be cited as the "New York State Industrial Development Agency Act."
- 852 - Policy and Purposes of Article.
It is hereby declared to be the policy of this state to promote the economic welfare, recreation opportunities and prosperity of its inhabitants and to...
- 854 - Definitions.
As used in this act, unless the context otherwise requires: (1) "Agency"--shall mean an Industrial Development Agency created pursuant to this act. (2) "Bonds"--shall mean...
- 856 - Organization of Industrial Development Agencies.
1. (a) Upon the establishment of an industrial development agency by special act of the legislature, the governing body of the municipality for whose benefit...
- 858 - Purposes and Powers of the Agency.
The purposes of the agency shall be to promote, develop, encourage and assist in the acquiring, constructing, reconstructing, improving, maintaining, equipping and furnishing industrial, manufacturing,...
- 858-a - Compensation, Procurement and Investment.
1. The compensation of an officer or full-time employee of the agency (but not including part-time employees or consultants, including accountants, attorneys and bond counsel...
- 858-b - Equal Employment Opportunities.
1. Each agency shall ensure that all employees and applicants for employment are afforded equal employment opportunity without discrimination. 2. Except as is otherwise provided...
- 859 - Financial Records.
1. (a) Each agency shall maintain books and records in such form as may be prescribed by the state comptroller. (b) Within ninety days following...
- 859-a - Additional Prerequisites to the Provisions of Financial Assistance.
Prior to providing any financial assistance of more than one hundred thousand dollars to any project, the agency must comply with the following prerequisites: 1....
- 859-b - Special Procedure for the Provision of Financial Assistance to Continuing Care Retirement Communities.
1. Any applicant for financing of a continuing care retirement community shall present a completed application for a certificate of authority and documentation establishing the...
- 860 - Moneys of the Agency.
The agency shall have power to contract with the holders of any of its bonds or notes as to the custody, collection, securing, investment and...
- 861 - Notification of Budget.
Each agency shall mail or deliver to the chief executive officer and the governing body of the municipality for whose benefit the agency was established...
- 862 - Restrictions on Funds of the Agency.
(1) No funds of the agency shall be used in respect of any project if the completion thereof would result in the removal of an...
- 862-a - Additional Restrictions on Funds of the Agency in Connection With Continuing Care Retirement Communities.
No resolution authorizing the issuance of bonds, notes or other obligations of the agency, or for providing financial assistance in any respect, for any continuing...
- 864 - Bonds of the Agency.
(1) The agency shall have the power and is hereby authorized from time to time to issue negotiable bonds for any of its corporate purposes...
- 866 - Notes of the Agency.
The agency shall have power from time to time to issue notes and from time to time to issue renewal notes (herein referred to as...
- 868 - Agreements of the Municipality and State.
The municipality is authorized to, and the state does hereby, pledge to and agree with the holders of the bonds or notes that neither the...
- 870 - State and Municipality Not Liable on Bonds or Notes.
The bonds or notes and other obligations of the authority shall not be a debt of the state or of the municipality, and neither the...
- 872 - Bonds and Notes As Legal Investment.
The bonds and notes are hereby made securities in which all public officers and bodies of this state and all municipalities and municipal subdivisions, all...
- 874 - Tax Exemptions.
(1) It is hereby determined that the creation of the agency and the carrying out of its corporate purposes is in all respects for the...
- 875 - Special Provisions Applicable to State Sales and Compensating Use Taxes and Certain Types of Facilities.
1. For purposes of this section: "state sales and use taxes" means sales and compensating use taxes and fees imposed by article twenty-eight or twenty-eight-A...
- 876 - Tax Contract by the State.
The state covenants with the purchasers and with all subsequent holders and transferees of bonds or notes issued by the agency pursuant to this title,...
- 878 - 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 the bonds or notes...
- 880 - Actions Against the Agency.
(1) In an action against the agency founded upon tort, the complaint shall contain an allegation that at least thirty days have elapsed since the...
- 882 - Termination of the Agency.
Whenever all of the bonds or notes issued by the agency shall have been redeemed or cancelled, and all straight-lease transactions have been terminated, the...
- 883 - Conflicts of Interest.
All members, officers, and employees of an agency or industrial development authority established by this chapter or created by the public authorities law shall be...
- 884 - Public Bidding.
The provisions of any law relating to the requirement of public bidding with respect to the construction of public facilities or projects shall not be...
- 886 - Title Not Affected If in Part Unconstitutional or Ineffective.
If any section, clause or provision of this title shall be unconstitutional or be ineffective in whole or in part, to the extent that it...
- 888 - Inconsistent Provisions in Other Acts Superseded.
Insofar as the provisions of this title are inconsistent with the provisions of any other act, general or special, or of any local laws of...
Last modified: February 3, 2019