§ 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 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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.