New York Public Authorities Law Title 18 - STATE OF NEW YORK MUNICIPAL BOND BANK AGENCY ACT

• 2430 - Short Title.
  This title shall be known and may be cited as the "state of New York municipal bond bank agency act"
• 2431 - Legislative Findings.
  It is hereby declared to be in the public interest and to be the policy of the state to foster and promote by all reasonable...
• 2432 - Definitions.
  As used in this title, the following words and terms shall have the following meanings unless the context shall indicate another or different meaning or...
• 2433 - State of New York Municipal Bond Bank Agency.
  (1) There is hereby created the state of New York municipal bond bank agency. The agency shall be a body corporate and politic constituting a...
• 2434 - Powers of the Agency.
  Except as otherwise limited by this title, the agency shall have power: (1) To sue and be sued; (2) To have a seal and alter...
• 2435 - Loans to Municipalities.
  1. The agency may purchase, and contract to purchase, municipal bonds from municipalities at such price or prices, upon such terms and conditions and in...
• 2435-a - Special Program Agreements.
  (1) In order to fulfill the purposes of this title and to provide a means by which the special program municipalities may (a) receive moneys...
• 2435-b - Tax Lien Purchase and Sale Agreements.
  (1) In order to fulfill the purposes of this title and to provide a means by which municipalities may collect the moneys necessary to fund...
• 2435-c - Purchase of Tax Liens.
  (1) The agency or its tax lien entity may purchase, and contract to purchase, tax liens from municipalities at such price or prices, upon such...
• 2435-d - Special School Purpose Agreements.
  In order to fulfill the purposes of this title and to provide a means by which the special school purpose municipalities may receive assistance to...
• 2435-e - Special School Deficit Program Agreements.
  (1) In order to fulfill the purposes of this title and to provide a means by which a special school deficit program district may receive...
• 2436 - State Aid Guarantee.
  1. In the event that a municipality fails to make any payment of principal or interest on its municipal bonds, the chairman of the agency...
• 2436-a - School Aid Revenues.
  With respect to each issue of outstanding special school purpose bonds, the chairman of the agency shall annually certify, or in the case of the...
• 2436-b - Local Arra Bonds.
  (1) The agency may purchase local ARRA bonds using the proceeds of recovery act bonds, subject to the provisions of this section and to any...
• 2436-c - Local Public Safety Communications Bonds.
  (1) The agency may purchase local public safety communications bonds using the proceeds of public safety communication bonds, subject to the provisions of this section...
• 2437 - Bonds and Notes of the Agency.
  (1) Subject to the provisions of section two thousand four hundred thirty-eight of this title, the agency shall have the power and is hereby authorized...
• 2437-a - Tax Lien Collateralized Securities.
  (1) The agency or its tax lien entity shall have the power and is hereby authorized from time to time to issue its tax lien...
• 2438 - Bond Authorization.
  (1) The agency shall not issue bonds and notes in an aggregate principal amount at any one time outstanding exceeding one billion dollars, excluding tax...
• 2439 - Reserve Funds and Appropriations.
  The agency shall create and establish one or more special funds to be known as debt service reserve funds and shall pay into such reserve...
• 2440 - 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 bonds or notes after...
• 2441 - State and Municipalities Not Liable on Bonds and Notes.
  The bonds, notes, tax lien collateralized securities and other obligations of the agency and its tax lien entity shall not be a debt of the...
• 2442 - Agreement of the State.
  (1) The state of New York does hereby pledge to and agree with the holders of any bonds, notes or tax lien collateralized securities issued...
• 2443 - Property and Income.
  The property of the agency and its income and operations shall be exempt from taxation or assessments of every kind and nature, nor shall the...
• 2444 - Exemption From Taxation of Bonds, Notes and Tax Lien Collateralized Securities.
  It is hereby determined that the creation of the agency is in all respects for the benefit of the people of the state, for the...
• 2445 - Bonds and Notes As Legal Investments for Public Officers and Fiduciaries.
  The bonds and notes of the agency are hereby made securities in which all public officers and bodies of this state and all municipalities and...
• 2446 - Moneys of the Agency.
  (1) Subject to any agreement with bondholders or noteholders or except as otherwise authorized or provided in this act, all moneys of the agency from...
• 2447 - Actions.
  In any case founded upon tort a notice of claim shall be required as a condition precedent to the commencement of an action or special...
• 2448 - Limitation of Liability.
  Neither the members of the agency, nor any person or persons acting in its behalf, while acting within the scope of their authority, shall be...
• 2449 - Assistance by State Officers, Departments, Boards and Commissions.
  All officers, departments, boards, agencies, divisions and commissions of the state may render any services to the agency as are within the area of their...
• 2450 - Annual Report.
  The agency shall submit to the governor, the chairman of the senate finance committee, the chairman of the assembly ways and means committee, the comptroller...
• 2451 - Court Proceedings; Preferences; Venue.
  Any action or proceeding to which the agency or the people of the state of New York may be parties, in which any question arises...
• 2452 - Inconsistent Provisions of Other Laws Superseded.
  Insofar as the provisions of this title are inconsistent with the provisions of any other law, general, special or local, the provisions of this title...
• 2453 - Construction.
  This title, being necessary for the welfare of the state and its inhabitants, shall be liberally construed so as to effectuate its purposes.
• 2454 - Separability.
  If any clause, sentence, paragraph, section or part of this title shall be adjudged by any court of competent jurisdiction to be invalid, such judgment...

Last modified: February 3, 2019