N.Y. Public Health Law 1167 – Financial assistance; recipients
§ 1167. Financial assistance; recipients. The corporation may provide financial assistance to recipients pursuant to paragraph (a) of subdivision four of § 1285-m of the public authorities law from any available moneys in the fund other than the proceeds of the corporation's bonds or notes or moneys needed to comply with subdivision five of § 1285-m of the public authorities law if and to the extent the corporation determines that it is unable to, or that it is impractical or inadvisable to, finance all or a portion of the costs of an eligible project from the proceeds of bonds or notes that are special obligations of the corporation.
Terms Used In N.Y. Public Health Law 1167
- 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.
- 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
The interest rate charged on any loan made by the corporation pursuant to this section shall be such interest rate as determined by the corporation (including a zero percent rate of interest), but shall in any event be no more than two-thirds of the market rate of interest otherwise applicable thereto.