Terms Used In New York Laws > State Finance > Article 16 - Water Pollution Control Linked Deposit Program Act

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation: means the New York state environmental facilities corporation, as continued by § 1282 of the public authorities law. See N.Y. State Finance Law 236
• Eligible borrower: means any recipient, including any entity receiving or eligible to receive an agricultural assessment pursuant to Article 25 of the agriculture and markets law and any individual or small business eligible to undertake an eligible project related to residential and small business on-site wastewater treatment systems. See N.Y. State Finance Law 236
• Eligible project: shall mean a project for the implementation of a management program established under section 319 of the Federal Water Pollution Control Act related to agricultural operations, the upgrade or replacement of residential and small business on-site wastewater treatment systems with a system approved by the state or local department of health, or the abandonment of residential and small business on-site wastewater treatment systems and connection to a sewer, when a sewer becomes available. See N.Y. State Finance Law 236
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lender: means any state or federally-chartered savings bank, savings and loan association, federal savings bank, federal savings and loan association, farm credit system institution, or commercial bank or trust company designated by the corporation to participate in the program. See N.Y. State Finance Law 236
• Linked deposit: means financial assistance undertaken by the corporation for the construction of an eligible project through a deposit, or for a farm credit system institution an investment eligible to be held by such institution, placed with a lender by the corporation bearing interest at the linked deposit interest rate, provided the lender has agreed to:
  
  (a) lend the equivalent value of such deposit to an eligible borrower at the linked loan interest rate; and
  
  (b) permit the deposit to be comprised of a series of certificates of deposit each bearing an interest rate equal to the linked deposit interest rate fixed at the time the original linked deposit is placed. See N.Y. State Finance Law 236
• Linked deposit interest rate: means a fixed rate of interest which is below the market rate. See N.Y. State Finance Law 236
• Linked loan: means a loan for purposes of an eligible project, in an amount equal to a linked deposit and bearing interest at the linked loan interest rate. See N.Y. State Finance Law 236
• Linked loan interest rate: means a fixed rate below the fixed interest rate the lender would have charged for the loan in the absence of a linked deposit based on its usual credit considerations. See N.Y. State Finance Law 236
• Program: means the water pollution control linked deposit program. See N.Y. State Finance Law 236
• Recipient: means any person which is: (a) an individual or small business which is eligible to undertake an eligible project related to residential and small business on-site wastewater treatment systems; or (b) an entity receiving or eligible to receive an agricultural assessment pursuant to Article 25 of the agriculture and markets law which is eligible to undertake an eligible project; or (c) any two or more of the foregoing which are acting jointly in connection with an eligible project. See N.Y. State Finance Law 236
• Residential and small business on-site wastewater treatment system: means a system serving a residence or small business that provides for the treatment and/or disposition of the combination of human and sanitary waste with water not exceeding one thousand gallons per day. See N.Y. State Finance Law 236
• Small business: means any business which is resident in this state, independently owned and operated, not dominant in its field, and employing not more than one hundred individuals. See N.Y. State Finance Law 236