Terms Used In New York Laws > Education > Title 1 > Article 23-A - Service Centers For Independent Living

• Agreement: means an employee ownership assistance loan agreement made pursuant to this subtitle. See N.Y. Public Authorities Law 1836-B
• Authority: means the job development authority created by section one thousand eight hundred two of this chapter. See N.Y. Public Authorities Law 1836-B
• 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.
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Eligible project: means the acquisition or rehabilitation by an employee ownership association of an existing industrial or manufacturing plant located in this state for the purpose of operating it as an employee-owned enterprise. See N.Y. Public Authorities Law 1836-B
• Employee ownership association: means a corporation or other association formed by or on behalf of the employees of an industrial or manufacturing plant located in this state for the purpose of assuming ownership or control of the plant and operating it as an employee-owned enterprise or as a worker cooperative as defined in § 81 of the cooperative corporations law. See N.Y. Public Authorities Law 1836-B
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Funding partner: means an entity which singly or in combination with other entities has agreed to finance a portion of the project cost of an eligible project, and may include the employee ownership association undertaking the project as well as any financial entity. See N.Y. Public Authorities Law 1836-B
• 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}
• 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
• Local development corporation: shall mean a non-profit corporation incorporated or reincorporated under the laws of this state, regardless of its particular name, which shall meet the additional requirements of section eighteen hundred twenty-five of this title. See N.Y. Public Authorities Law 1801
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Municipality: shall mean any county, city, town or village in the state. See N.Y. Public Authorities Law 1801
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Plant: includes the site, structure, building and equipment and all real and personal property in connection therewith, whether or not in existence, and may include any road, railroad, or utility or equipment appurtenant thereto. See N.Y. Public Authorities Law 1836-B
• Preauthorized electronic fund transfers: An EFT authorized in advance to recur at substantially regular intervals. ^{Source: OCC}
• Project: shall mean (i) the construction of a new industrial or manufacturing plant, a new research and development building or other new eligible business facility, (ii) the acquisition, rehabilitation or improvement of a former or existing industrial or manufacturing plant, of a former or existing building to be used for research and development, of a former or existing other eligible business facility, (iii) the construction, acquisition, rehabilitation or improvement of pollution control facilities, (iv) the purchase of machinery and equipment, for which financial assistance from the authority is sought, or (v) assistance to employees under an employee ownership assistance loan agreement made pursuant to subtitle six of this title; provided, however, that any such plant, building, facility or machinery and equipment therefore shall not be primarily used in making retail sales of goods or services to customers who personally visit such facilities to obtain such goods or services, or used primarily as a hotel, apartment house or other place of business which furnishes dwelling space or accommodations to either residents or transients. See N.Y. Public Authorities Law 1801
• Project cost: includes all reasonable and necessary costs to be incurred in the course of an eligible project, including any anticipated acquisition, construction, land acquisition, improvements, equipment, pertinent rights and easements, and associated technical, engineering, legal and financial services. See N.Y. Public Authorities Law 1836-B
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• State: shall mean the state of New York. See N.Y. Public Authorities Law 1801