New York Laws
Sub Title 2 - Subtitle Ii Financial Assistance From Special Purpose Funds
1816 - Rate of Interest.

§ 1816. Rate of interest. Any loan made by the authority with special
purpose funds shall bear interest at such rate as the authority may
determine but such rate shall not be less than a rate which is one
percent below the average annual net interest cost to the authority, as
determined by the authority, on special purpose bonds the proceeds of
which, in the opinion of the authority, are available to make such loan,
or if no such proceeds are then available in a sufficient amount to make
such loan, the average annual net interest cost to the authority, as
determined by the authority not more than six months previous to the
making of such loan, which would have been incurred by the authority on
special purpose bonds having an average maturity of twenty years if such
bonds had been issued on a date within thirty days of such
determination. The rental or other amount required to be paid by a
project occupant or by a business enterprise described in section
eighteen hundred twenty-seven to a local development corporation under a
lease or other agreement for use of the said project shall include an
interest element computed at such rate as the authority shall determine
but such rate shall not be less than the interest rate charged by the
authority to the local development corporation in accordance with the
preceding sentence of this section.

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