New York Laws
Sub Title 3 - Subtitle Iii Financial Assistance From Pollution Control Funds
1821 - Rate of Interest to Project Occupant.

§ 1821. Rate of interest to project occupant. Any loan made by the
authority pursuant to this subtitle to a local development corporation
for a project shall bear interest at such rate as the authority may
determine but such rate shall not be less than the average annual net
interest cost to the authority, as determined by the authority, on
pollution control 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 pollution control
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 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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