§ 216. Term of program. 1. The program shall exist for a term which expires on the date this article expires pursuant to chapter seven hundred five of the laws of nineteen hundred ninety-three which added this article. Linked loans may be made only during the term of the program and linked deposits shall mature no later than four years after the expiration of the term of the program.

Terms Used In N.Y. State Finance Law 216

  • Authorized depositor: means the comptroller with respect to linked deposits made by the comptroller and the commissioner of taxation and finance with respect to linked deposits made by the commissioner of taxation and finance. See N.Y. State Finance Law 213
  • Linked deposit: means a deposit, or for farm credit system institutions and the New York business development corporation an investment eligible to be held by such institution or corporation placed with a lender by the comptroller or the commissioner of taxation and finance for a period of four years at the linked deposit interest rate, provided the lender agrees to:

    (a) lend the equivalent value of such deposit to an eligible business at the interest rate provided in section two hundred eighteen of this article; and

    (b) permit the deposit to be comprised of a series of ninety day deposits each bearing an interest rate equal to the linked deposit interest rate fixed at the time the original deposit is placed. See N.Y. State Finance Law 213
  • Linked loan: means a loan for purposes of an eligible project, in an amount equal to a linked deposit and bearing interest for the first four years at the interest rate provided in section two hundred eighteen of this article. See N.Y. State Finance Law 213
  • Program: means the excelsior linked deposit program. See N.Y. State Finance Law 213

2. The authorized depositor may permit funds released from a linked deposit relating to a linked loan to be made available for additional linked deposits under this program.

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