N.Y.
Municipal Housing Authorities Law Section 65
Loans and payments by municipality
1.
A municipality may advance, lend or agree to lend to an authority, or it may pay or agree with an authority or government to pay to an authority, without reimbursement by or liability of the authority or government therefor, such sums as the authority may require for its administrative expenses not exceeding one million dollars for a city of more than a million inhabitants, two hundred thousand dollars for any other city, fifty thousand dollars for any county, or ten thousand dollars for any village.2.
A municipality may make such loans or payments out of any funds available for that purpose or it may direct the comptroller to issue and sell special revenue bonds or other similar obligations of the municipality and out of the proceeds thereof to make such loans or payments. The amount necessary to pay the principal and interest of such bonds or other obligations shall be included in the estimates of monies necessary to be raised by taxation to carry on the business of the municipality and shall be made a part of the tax levy for the year next following the year in which such loans or payments are made. * NB The text of Article 5 of the former State Housing Law (cited herein as the “Municipal Housing Authorities Law”), as such article existed immediately prior to its repeal pursuant to section 227 of Chapter 808 of the Laws of 1939, is provided here for ease of reference and historical purposes as such text continues to be applicable for the New York City Housing Authority pursuant to the provisions of section 401 of the current Public Housing Law.
Source:
Section 65 — Loans and payments by municipality, https://www.nysenate.gov/legislation/laws/MHA/65 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
