New York Laws
Title 4 - Drinking Water Revolving Fund
1167 - Financial Assistance; Recipients.

§ 1167. Financial assistance; recipients. The corporation may
provide financial assistance to recipients pursuant to paragraph (a) of
subdivision four of section twelve hundred eighty-five-m of the public
authorities law from any available moneys in the fund other than the
proceeds of the corporation's bonds or notes or moneys needed to comply
with subdivision five of section twelve hundred eighty-five-m of the
public authorities law if and to the extent the corporation determines
that it is unable to, or that it is impractical or inadvisable to,
finance all or a portion of the costs of an eligible project from the
proceeds of bonds or notes that are special obligations of the
corporation.

The interest rate charged on any loan made by the corporation pursuant
to this section shall be such interest rate as determined by the
corporation (including a zero percent rate of interest), but shall in
any event be no more than two-thirds of the market rate of interest
otherwise applicable thereto.