N.Y. General Municipal Law Section 858-A
Compensation, procurement and investment

1.

The compensation of an officer or full-time employee of the agency (but not including part-time employees or consultants, including accountants, attorneys and bond counsel to the agency) shall not be contingent on the granting of financial assistance by an agency.

2.

The provisions of § 104-B (Procurement policies and procedures)section one hundred four-b of this chapter shall be applicable to the procurement of goods and services paid for by an agency for its own use and account.

3.

The provisions of sections ten and eleven of this chapter shall be applicable to deposits and investments of funds for an agency’s own use and account.

Source: Section 858-A — Compensation, procurement and investment, https://www.nysenate.gov/legislation/laws/GMU/858-A (updated Sep. 22, 2014; accessed Jan. 18, 2025).

850
Short title 852
Policy and purposes of article 854
Definitions 856
Organization of industrial development agencies 857
Video recordings of open meetings and public hearings 858
Purposes and powers of the agency 858‑A
Compensation, procurement and investment 858‑B
Equal employment opportunities 859
Financial records 859‑A
Additional prerequisites to the provisions of financial assistance 859‑B
Special procedure for the provision of financial assistance to continuing care retirement communities 860
Moneys of the agency 861
Notification of budget 862
Restrictions on funds of the agency 862‑A
Additional restrictions on funds of the agency in connection with continuing care retirement communities 864
Bonds of the agency 866
Notes of the agency 868
Agreements of the municipality and state 870
State and municipality not liable on bonds or notes 872
Bonds and notes as legal investment 874
Tax exemptions 875
Special provisions applicable to state sales and compensating use taxes and certain types of facilities 876
Tax contract by the state 878
Remedies of bondholders and noteholders 880
Actions against the agency 882
Termination of the agency 883
Conflicts of interest 884
Public bidding 886
Title not affected if in part unconstitutional or ineffective 888
Inconsistent provisions in other acts superseded

Accessed:
Jan. 18, 2025

Last modified:
Sep. 22, 2014

§ 858-A’s source at nysenate.gov

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Location: https://newyork.public.law/laws/n.y._general_municipal_law_section_858-a

Original Source: Section 858-A — Compensation, procurement and investment, https://www.nysenate.gov/legislation/laws/GMU/858-A (last accessed Aug. 20, 2023).