New York Public Authorities Law Title 4 - NEW YORK LOCAL GOVERNMENT ASSISTANCE COPORATION

• 3231 - Short Title.
  This title may be cited as the "New York local government assistance corporation act".
• 3232 - Definitions.
  For the purpose of this title: 1. "Director of the budget" means the director of the budget of the state of New York. 2. "Corporation"...
• 3233 - New York Local Government Assistance Corporation.
  1. There is hereby created the New York local government assistance corporation. The corporation shall be a corporate governmental agency constituting a public benefit corporation....
• 3234 - Administration of the Corporation.
  1. (a) The corporation shall be administered by seven directors, one of whom shall be the comptroller, one of whom shall be the director of...
• 3235 - 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...
• 3236 - Bonds and Notes of the Corporation.
  1. (a) The corporation shall have power and is hereby authorized from time to time to issue its bonds and notes in such principal amount...
• 3237 - Capital Reserve Fund.
  1. The corporation shall create and establish one or more special funds (each herein referred to as a capital reserve fund), which may be funded...
• 3238 - Payments to Local Governments.
  The local government assistance corporation shall not issue obligations for payments to local governments unless an appropriation or appropriations have been enacted providing for the...
• 3238-a - Payment to City of New York
  * 3238-a. Payment to city of New York. Notwithstanding any inconsistent provision of law, the corporation shall transfer to the city of New York one...
• 3239 - Resources of the Corporation.
  1. Subject to the provisions of this title, the directors of the corporation shall receive, accept, invest, administer, expend and disburse for its corporate purposes...
• 3240 - Payments to the Corporation.
  1. * Not less than one hundred twenty days before the beginning of each fiscal year of the corporation (but not later than October first,...
• 3241 - Agreement With the State.
  1. The state does hereby pledge to and agree with the holders of any bonds or notes issued under this title and with the providers...
• 3241-a - Limitation on Issuance of Tax and Revenue Anticipation Notes by the State.
  1. Except as otherwise provided in subdivision two of this section, the aggregate principal amount of tax and revenue anticipation notes issued pursuant to section...
• 3242 - State and Local Governments Not Liable on Bonds and Notes.
  The notes, bonds or other obligations of the corporation shall not be a debt of the state or of any local government, and neither the...
• 3243 - Remedies of Bondholders and Noteholders.
  1. Subject to the provisions of section three thousand two hundred thirty-six of this title, in the event that the corporation shall default in the...
• 3244 - Bonds and Notes As Legal Investments.
  The bonds and notes of the corporation are hereby made securities in which all public officers and bodies of this state and all municipalities and...
• 3245 - 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...
• 3246 - Employees of the Corporation.
  1. In order to reduce its operating expenses the corporation shall, to the extent practicable, utilize existing employees of the state, pursuant to section thirty-two...
• 3247 - Actions Against the Corporation.
  1. An action against the corporation for death, personal injury or property damage or founded on tort shall not be commenced more than one year...
• 3248 - Assistance to the Corporation.
  With the consent of the governor, comptroller or attorney general as the case may be, the corporation may use agents, employees and facilities of the...
• 3249 - Preference for Actions or Proceeding Against the Corporation.
  Any action or proceeding to which the corporation or the people of the state may be parties, in which any question arises as to the...

Last modified: February 3, 2019