New York Public Authorities Law Title 2 - GENERAL PROVISIONS RELATING TO MUNICIPAL ASSISTANCE CORPORATIONS

• 3010 - Creation; Purposes and General Powers of a Municipal Assistance Corporation.
  A municipal assistance corporation shall be created by a special law of the legislature. The purposes of a municipal assistance corporation shall be to assist...
• 3011 - Administration of a Municipal Assistance Corporation.
  1. Unless otherwise provided in a special law, a municipal assistance corporation shall be administered by a board of directors appointed by the governor with...
• 3012 - Issuance of Notes and Bonds of a Municipal Assistance Corporation.
  1. (a) A municipal assistance corporation shall have the power and is hereby authorized from time to time to issue its notes and bonds in...
• 3013 - Moneys of a Municipal Assistance Corporation.
  1. All moneys of a corporation from whatever source derived may be paid to the treasurer of the corporation and be deposited forthwith in a...
• 3014 - Conditions on Payment of Funds to or Purchase of Obligations of Municipality.
  1. A corporation shall require, in connection with any payment of funds to, or purchase or exchange of the obligations of, the municipality being assisted,...
• 3015 - Agreement With the State.
  The state does hereby pledge to and agree with the holders of any notes or bonds issued by a corporation under this act that the...
• 3016 - State or State-Aided Municipality Not Liable on Notes and Bonds.
  The notes, bonds or other obligations of a municipal assistance corporation shall not be a debt of either the state or the municipality being assisted,...
• 3017 - Remedies of Noteholders and Bondholders.
  1. In the event that a corporation shall default in the payment of principal of or interest on or sinking fund payment on, any issue...
• 3018 - Notes and Bonds As Legal Investments.
  The notes and bonds of a corporation are hereby made securities in which all public officers and bodies of this state and all political subdivisions...
• 3019 - Exemption From Taxation.
  1. It is hereby determined that the creation of a corporation and the carrying out of its corporate purpose is in all respects a public...
• 3020 - Actions Against a Municipal Assistance Corporation; Indemnification.
  1. Except in an action for wrongful death, an action against a municipal assistance corporation for personal injury or property damage or founded on tort...
• 3021 - Assistance by State Officers, Departments, Boards and Commissions.
  1. The department of audit and control, department of law, and all other state agencies may render such services to a corporation within their respective...

Last modified: February 3, 2019