N.Y. Public Authorities Law 2799-CC – New York city transitional finance authority
Current as of: 2024 | Check for updates
|
Other versions
§ 2799-cc. New York city transitional finance authority. 1. There is hereby created the New York city transitional finance authority. The authority shall be a corporate governmental agency constituting a public benefit corporation and an instrumentality of the state.
Terms Used In N.Y. Public Authorities Law 2799-CC
- Bonds: means bonds, notes and other evidences of indebtedness, issued by the authority. See N.Y. Public Authorities Law 2799-BB
- City: means the city of New York. See N.Y. Public Authorities Law 2799-BB
- 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.
- costs: means costs, appropriated in the capital budget of the city pursuant to chapters nine and ten of the New York city charter, as amended from time to time, providing for the construction, reconstruction, acquisition or installation of physical public betterments or improvements, or the costs of any preliminary studies, surveys, maps, plans, estimates and hearings, or incidental costs, including, but not limited to, legal fees, printing or engraving, publication of notices, taking of title, apportionment of costs, and interest during construction, or any underwriting or other costs incurred in connection with the financing thereof. See N.Y. Public Authorities Law 2799-BB
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- New York city transitional finance authority: means the public benefit corporation created by this title. See N.Y. Public Authorities Law 2799-BB
- State: means the state of New York. See N.Y. Public Authorities Law 2799-BB
2. In accordance with the provisions of this title, the authority may only finance costs, including the refunding of bonds issued by the authority to finance costs, and fund reserves to secure such bonds.
3. The authority shall continue until all its liabilities have been met or otherwise discharged. Upon the termination of the existence of the authority, all of its rights and property shall pass to and be vested in the city.