N.Y. Public Authorities Law Section 1867-A
Federal insurance or guaranty

  • taxable bond option

(a)

The authority is authorized to obtain from any department or agency of the United States of America or non-governmental insurer any insurance or guaranty, to the extent now or hereafter available, as to, or of, or for the payment or repayment of interest or principal, or both, or any part thereof, on any bonds or notes issued by the authority, or on any municipal obligations of governmental units or cooperatives purchased or held by the authority; and to enter into any agreement or contract with respect to any such insurance or guaranty, except to the extent that the same would in any way impair or interfere with the ability of the authority to perform and fulfill the terms of any agreement made with the holders of the bonds or notes of the authority.

(b)

The authority may covenant and consent that the interest on certain of its bonds shall be includible, under the Internal Revenue Code of 1954 or any subsequent corresponding internal revenue law of the United States, in the gross income of the holders of the bonds to the same extent and in the same manner that the interest on bills, bonds, notes or other obligations of the United States is includible in the gross income of the holders thereof under said Internal Revenue Code or any such subsequent law.

Source: Section 1867-A — Federal insurance or guaranty; taxable bond option, https://www.­nysenate.­gov/legislation/laws/PBA/1867-A (updated Sep. 22, 2014; accessed Feb. 15, 2025).

1850
Short title 1850‑A
Legislative declaration 1851
Definitions 1852
New York state energy research and development authority 1853
Approval power of the governor 1854
Purposes and specific powers of the authority 1854‑A
Nuclear waste repository siting 1854‑B
Low-level radioactive waste management facilities 1854‑C
Permanent disposal facilities 1854‑D
Generator reporting and fees 1855
General powers of the authority 1856
Acquisition of real property 1857
Officers and employees 1858
Assistance by state officers, departments, boards, divisions and commissions 1859
Deposit, investment and accounting of moneys of the authority 1860
Bonds and notes 1860‑A
Reserve funds and appropriations 1861
Exemption from taxation of the property and income of the authority 1862
Exemption from taxation of bonds and notes 1863
Bonds and notes legal investments for fiduciaries 1864
Right of state to require redemption of bonds 1865
Rights and remedies of bondholders and noteholders 1866
State not liable on bonds and notes 1867
Annual reports 1867‑A
Federal insurance or guaranty 1868
Inconsistent provisions of other acts 1868‑A
Actions 1869
Termination of the authority 1870
Title not affected if in part unconstitutional or ineffective 1871
Public service law not applicable to authority 1872
Green residential building program 1872‑A
Affordable residential green building program 1873
Examination and reporting of energy efficiency grant recipients 1875
Legislative findings and declaration of intent 1876
High temperature technology research program established 1877
Purposes of the high temperature technology research program 1878
State coordination, oversight and technology transfer 1879
Funds 1880
Legislative findings and declaration of intent 1881
High phase order electric transmission research project 1882
School energy efficiency collaboration program 1883
State oversight and funding 1884
Zero-emission bus roadmap
Green check means up to date. Up to date

Accessed:
Feb. 15, 2025

Last modified:
Sep. 22, 2014

§ 1867-A’s source at nysenate​.gov

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