N.Y. Public Authorities Law 1837 – Legislative findings
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§ 1837. Legislative findings. The legislature hereby finds that one of the major concerns of the existing economy is the limited access to financing assistance of businesses and services that support or facilitate employment and economic development, but are not themselves directly involved in manufacturing or industrial production.
Terms Used In N.Y. Public Authorities Law 1837
- Loan: shall mean (i) a mortgage loan evidenced by a bond, note or other obligation of a local development corporation secured by a mortgage on a project, defined in subdivision fourteen (i) and (ii) of this section, made by a local development corporation, a project occupant or other person, firm or corporation; (ii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a loan agreement, contract or such other instrument deemed necessary or convenient on a project defined in subdivision fourteen (iii) of this section; (iii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a security interest in machinery and equipment as provided in section eighteen hundred fourteen; and (iv) an employee ownership assistance loan made pursuant to paragraph (v) of subdivision fourteen of this section. See N.Y. Public Authorities Law 1801
It is the purpose of this subtitle to encourage the development of community development projects that promote and enhance economic development by providing loans and loan guarantees at a reasonable cost.