N.Y. Public Authorities Law 1283 – Purposes of the corporation
§ 1283. Purposes of the corporation. 1. The purposes of the corporation shall be the planning, financing, construction, maintenance and operation of sewage treatment works, sewage collecting systems, air pollution control facilities, water management facilities, storm water collecting systems, solid waste disposal facilities and state park infrastructure projects, the construction on behalf of municipalities and state agencies of sewage treatment works, sewage collecting systems, air pollution control facilities, water management facilities, storm water collecting systems and solid waste disposal facilities, the financing, for or on behalf of persons, of sewage treatment works, air pollution control facilities, water management facilities, and solid waste disposal facilities and the making of loans which may, but need not, be secured by mortgage, contracts and other instruments to persons for the planning and construction of sewage treatment works, air pollution control facilities, water management facilities and solid waste disposal facilities and the assistance of municipalities, state agencies and the state in the planning, financing, construction, maintenance and operation of sewage treatment works, sewage collecting systems, air pollution control facilities, water management facilities, storm water collecting systems and solid waste disposal facilities, in accordance with the provisions of this title. In addition, the purposes of the corporation shall include financing the design, acquisition, construction, improvement and installation of all or any portion of Riverbank Park.
Terms Used In N.Y. Public Authorities Law 1283
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
2. It is hereby found and declared that such purposes are in all respects for the benefit of the people of the state of New York and the corporation shall be regarded as performing an essential governmental function in carrying out its purposes and in exercising the powers granted by this title.