N.Y.
Public Authorities Law Section 1835-F
Loans to lenders funds
1.
The following shall constitute loans to lenders funds of the authority and shall be kept separate and apart from all other funds of the authority:(a)
the proceeds of sale of loans to lenders bonds and notes hereafter issued, (b) any moneys appropriated and made available by the state for the purposes of this subtitle, (c) any moneys made available to the authority for the purposes of this subtitle from any other source, including without limitation, any federal agency, (d) any moneys received by the authority as principal, interest and other payments on account of loans hereafter made by the authority pursuant to this subtitle, (e) any fees, charges or other moneys received by the authority in respect of loans to lenders hereinafter made by the authority pursuant to this subtitle or on account of applications therefor, and(f)
any income or interest hereafter earned by or any increment hereafter added to any loans to lenders funds due to the investment thereof.2.
Subject to the terms of any agreement with lenders, bondholders and noteholders, loans to lenders funds may be used by the authority solely:(a)
to make loans to lenders for the purpose of financing loans for agricultural business projects in any area of the state, (b) to pay expenses of the authority referred to in any of the clauses of subdivision one of § 1828 (Expenses and reserve funds)section eighteen hundred twenty-eight of this title, (c) to repay advances from the state for use as loans to lenders funds in accordance with any provision of law or repayment agreement between the authority and the state, (d) to pay the principal, redemption premium or interest on loans to lenders bonds or notes, (e) to purchase outstanding loans to lenders bonds and notes or (f) to exercise any of the powers conferred in this subtitle.
Source:
Section 1835-F — Loans to lenders funds, https://www.nysenate.gov/legislation/laws/PBA/1835-F (updated Sep. 22, 2014; accessed Oct. 26, 2024).
