§ 1426. Definitions. As used or referred to in this title, unless a different meaning clearly appears from the context:

Terms Used In N.Y. Public Authorities Law 1426

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Personal property: All property that is not real property.

1. The term "authority" shall mean the corporation created by section one thousand four hundred twenty-seven of this title;

2. The term "city" shall mean the city of White Plains;

3. The term "bonds" shall mean the bonds authorized in this title;

4. The term "board" shall mean the members of the authority;

5. The term "real property" shall mean lands, structures, franchises, and interest in lands, and any and all things usually included within the said term, and includes not only fees simple absolute but also any and all lesser interests, such as easements, rights of way, uses, leases, licenses, and all other incorporeal hereditaments and every estate, interest or right, legal or equitable, including terms of years, and liens thereon by way of judgments, mortgages or otherwise, and also claims for damage to real estate;

6. The term "project" shall mean any area or place operated or to be operated for the parking or storing of motor and other vehicles and shall, without limiting the generality of the foregoing, include all real and personal property, driveways, roads, approaches, structures, terminals of all kinds, garages, meters, machinery, apparatus and equipment, and all appurtenances and facilities either on, above or under the ground which are determined to be necessary or convenient in connection with the operation of any such area or place;

7. The term "projects" shall mean more than one project.

8. The term "bonds" shall mean bonds, notes or other obligations issued by the authority pursuant to this title;

9. The term "construction", as applied to any project, shall include the erection, building, acquisition, alteration, reconstruction, improvement, enlargement or extension thereof, as the case may be, including the inspection and supervision thereof, and the engineering, architectural, legal, fiscal and economic investigations, studies, surveys, designs, plans, working drawings, specifications, procedures and other actions incidental thereto;

10. The term "cost", as used with reference to any project or other corporate purpose of the authority, shall include the cost of the construction, the cost of the acquisition of all property, including real and personal property, improved or unimproved, and the cost of demolishing, removing or relocating any buildings, structures or other improvements on lands acquired for the project, the cost of all machinery, apparatus and equipment, the cost of all appurtenances and incidental facilities, financing charges, interest prior to and during construction, the cost of engineering and architectural surveys, plans and specifications, the cost of legal and other professional services, the cost of lease guarantee or bond insurance, other expenses necessary or incidental to the construction of the project and the financing thereof, including the amount authorized in the resolution of the authority providing for the issuance of bonds to be paid into any reserve or other special fund from the proceeds of such bonds and the financing of the placing of the project in operation, including reimbursement to the city, any state agency, the state, the United States government, or any other person, for expenditures made with the prior approval of the authority, that would be costs of the project hereunder had they been made directly by the authority;

11. The term "revenues" shall mean all rates, fees, rents, charges and all other income derived by the authority from its operations; and

12. The term "state" shall mean the state of New York.

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