N.Y. Private Housing Finance Law 59-E – Infrastructure development fund
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§ 59-e. Infrastructure development fund. The agency shall create and establish a special fund to be known as the "infrastructure development fund" and shall pay into such fund any moneys which may be made available to the corporation for the purposes of such fund from any source, including but not limited to moneys appropriated by and made available pursuant to appropriation by the state and any income or interest earned by, or increment to, the fund due to the investment thereof. The moneys held in or credited to the fund shall be expended solely to carry out the provisions of and to pay expenses associated with article twenty-one of this chapter.
Terms Used In N.Y. Private Housing Finance Law 59-E
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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.