N.Y. Public Authorities Law Section 1679-B
Equipment loans

1.

The dormitory authority may make an equipment loan to any private entity for the benefit of which the dormitory authority is authorized to issue bonds or other obligations of the dormitory authority. The proceeds of such a loan are to be used substantially to finance the acquisition through purchase or lease of equipment including construction and rehabilitation related to the installation of such equipment or the acquisition of intellectual property or other intangible property, including information technology and software, that is eligible for tax-exempt financing under the United States internal revenue code. The dormitory authority may make an equipment loan by the purchase, lease or sublease of equipment by the dormitory authority and the lease or sublease of such equipment to any such private entity for the purpose of providing for the acquisition of such equipment and the construction and rehabilitation related to the installation thereof or pursuant to an installment purchase agreement.

2.

Except to the extent otherwise expressly prohibited by law, each private entity described in subdivision one of this section shall have full power and authority to assign and pledge to the dormitory authority any and all public funds to be appropriated, apportioned or otherwise made payable to such private entity by the federal government, any agency thereof, the state of New York, a political subdivision, as defined in General Municipal Law § 100 (Definitions)section one hundred of the general municipal law, or any social services district in the state of New York in an amount sufficient to make all payments required to be made by such private entity pursuant to any necessary or useful agreement entered into between such private entity and the dormitory authority for an equipment loan. All state and local officers are hereby authorized and required to pay all such funds so assigned and pledged to the dormitory authority or, upon the direction of the dormitory authority, to any trustee of any dormitory authority bond or note issued pursuant to a certificate filed with any such state or local officer by the dormitory authority pursuant to the provisions of this subdivision.

3.

The making of equipment loans by the authority shall be a corporate purpose of the authority.

Source: Section 1679-B — Equipment loans, https://www.­nysenate.­gov/legislation/laws/PBA/1679-B (updated Sep. 22, 2014; accessed Dec. 21, 2024).

1675
Short title 1676
Definitions 1676‑A
Payment on authority public work projects 1677
Dormitory Authority 1678
Powers of the authority 1679
Supplemental higher education loan financing program 1679‑A
Health education assistance loan financing program 1679‑B
Equipment loans 1679‑C
The New York higher education loan program 1680
Dormitories at certain educational institutions other than state operated institutions and statutory or contract colleges under the juris... 1680‑A
Judicial facilities in certain counties 1680‑B
Court facilities and combined occupancy structures 1680‑C
Creation of the court facilities capital review board 1680‑D
Sale of bonds by the authority 1680‑E
State university athletic facilities 1680‑F
Roswell Park Cancer Institute development account 1680‑G
Child care facilities development program 1680‑H
Sale of bonds by the authority 1680‑I
Judiciary 1680‑J
New York state higher education capital matching grant board 1680‑J*2
Authorization for the issuance of bonds for the health care efficiency and affordability law for New Yorkers (HEAL NY) capital grant program 1680‑K
Financing of department of agriculture and markets facilities 1680‑L
The special disability fund financing 1680‑M
Cultural education facilities 1680‑N
Acquisition of state buildings and other facilities 1680‑O
Courthouse improvements and training facilities 1680‑P
Longitudinal data system 1680‑Q
State university of New York dormitory facilities 1680‑Q*2
Self-insured bond financing 1680‑R
Authorization for the issuance of bonds for the capital restructuring financing program, the health care facility transformation programs... 1681
Moneys of the authority 1681‑A
Distribution of board materials 1682
Bonds of the authority 1682‑A
Financial monitoring 1683
State not liable on bonds 1684
Bonds legal investments for fiduciaries 1685
Exemptions from taxation 1686
Remedies of bondholders 1686‑A
Security by authority 1687
Members and employees not to profit 1688
Visitation by regents 1689
Board of cooperative educational services school facilities 1689‑A
Public school districts 1689‑B
Sale of bonds by the authority 1689‑C
Capital facility program, authority financing of eligible projects 1689‑D
Bidding requirements 1689‑E
Biomedical facilities program, authority financing of eligible projects 1689‑F
Public school districts 1689‑G
Local government infrastructure 1689‑H
Expedited deployment funding 1689‑I
Library construction 1689‑I*2
Public school districts 1690
Contract of the state 1691
Actions against authority 1693
Title not affected if in part unconstitutional or ineffective 1694
Termination of authority
Green check means up to date. Up to date

Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 1679-B’s source at nysenate​.gov

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