§ 450 Short title
§ 451 Statement of legislative findings and purposes
§ 452 Definitions
§ 453 New York city educational construction fund
§ 454 General powers and duties of fund
§ 455 Relationship with the board of education and the city of New York
§ 456 Special provisions relating to acquisition and transfer of real property
§ 457 Plans and specifications
§ 458 Letting of construction contracts
§ 459 Resources of the fund
§ 460 Lease and other agreements
§ 461 Notes and bonds of the fund
§ 462 Reserve funds, appropriations and other funds and accounts
§ 463 Agreement with the state
§ 464 State and city’s right to require redemption of bonds
§ 465 Remedies of noteholders and bondholders
§ 466 Notes and bonds as legal investments
§ 467 Actions by and against fund
§ 468 Exemptions from taxation
§ 469 Annual report of trustees
§ 470 Article not affected if in part unconstitutional or ineffective
§ 471 Inconsistent provisions of other laws superseded

Terms Used In New York Laws > Education > Title 1 > Article 10 - New York City Educational Construction Fund

  • Academic year: shall mean the regular school year beginning July first and ending June thirtieth. See N.Y. Education Law 651
  • Allegation: something that someone says happened.
  • Amortization: Paying off a loan by regular installments.
  • Apiary products operation: means an agricultural enterprise, consisting of land owned by the operation, upon which bee hives are located and maintained for the purpose of producing, harvesting and storing apiary products for sale. See N.Y. Agriculture and Markets Law 301
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Arrest: Taking physical custody of a person by lawful authority.
  • art merchant: includes an auctioneer who sells such works at public auction, and except in the case of multiples, includes persons, not otherwise defined or treated as art merchants herein, who are consignors or principals of auctioneers. See N.Y. Arts and Cultural Affairs Law 11.01
  • Artist: means the creator of a work of fine art or, in the case of multiples, the person who conceived or created the image which is contained in or which constitutes the master from which the individual print was made. See N.Y. Arts and Cultural Affairs Law 11.01
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • authorship: refers to the creator of a work of fine art or multiple or to the period, culture, source or origin, as the case may be, with which the creation of such work is identified in the description of the work. See N.Y. Arts and Cultural Affairs Law 11.01
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • borrower: shall mean (i) a student who is a resident of New York state attending, or accepted for enrollment at, an eligible college, or (ii) the parent, legal guardian, or sponsor, as defined by the corporation in regulation, of a student attending, or accepted for enrollment at, an eligible college who is a resident of New York state, and who obtains an education loan from a lending institution to pay for or finance higher education expenses under this program. See N.Y. Education Law 690
  • Certificate of authenticity: means a written statement by an art merchant confirming, approving or attesting to the authorship of a work of fine art or multiple, which is capable of being used to the advantage or disadvantage of some person. See N.Y. Arts and Cultural Affairs Law 11.01
  • Commercial equine operation: means an agricultural enterprise, consisting of at least seven acres and stabling at least ten horses, regardless of ownership, that receives ten thousand dollars or more in gross receipts annually from fees generated through the provision of commercial equine activities including, but not limited to riding lessons, trail riding activities or training of horses or through the production for sale of crops, livestock, and livestock products, or through both the provision of such commercial equine activities and such production. See N.Y. Agriculture and Markets Law 301
  • Commercial horse boarding operation: means an agricultural enterprise, consisting of at least seven acres and boarding at least ten horses, regardless of ownership, that receives ten thousand dollars or more in gross receipts annually from fees generated either through the boarding of horses or through the production for sale of crops, livestock, and livestock products, or through both such boarding and such production. See N.Y. Agriculture and Markets Law 301
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Conservation: means acts taken to correct deterioration and alteration and acts taken to prevent, stop or retard deterioration. See N.Y. Arts and Cultural Affairs Law 11.01
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conversion: means an outward or affirmative act changing the use of agricultural land and shall not mean the nonuse or idling of such land. See N.Y. Agriculture and Markets Law 301
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: shall mean the New York state higher education services corporation. See N.Y. Education Law 651
  • 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.
  • Counterfeit: means a work of fine art or multiple made, altered or copied, with or without intent to deceive, in such manner that it appears or is claimed to have an authorship which it does not in fact possess. See N.Y. Arts and Cultural Affairs Law 11.01
  • Craft: means a functional or non-functional work individually designed, and crafted by hand, in any medium including but not limited to textile, tile, paper, clay, glass, fiber, wood, metal or plastic; provided, however, that if produced in multiples, craft shall not include works mass produced or produced in other than a limited edition. See N.Y. Arts and Cultural Affairs Law 11.01
  • Creditors: means "creditor" as defined in paragraph thirteen of subsection (b) of section 1--201 of the uniform commercial code. See N.Y. Arts and Cultural Affairs Law 11.01
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Defense work: shall mean noncombatant service performed in connection with (a) the manufacture, production and distribution of articles and materials for defense on or for contracts for the armed forces of the United States, or for any other agency of the United States, or for any associated power of the United States, (b) any other work related thereto, or (c) any other occupation, activity or employment essential to the defense effort or necessary to promote and protect the public health and welfare and the safety and security of the people of the state. See N.Y. Defense Emergency Act 1951 70
  • Direct marketing: means the sale of farm and food products directly from producers to consumers and food buyers. See N.Y. Agriculture and Markets Law 282
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Education loan: shall mean any loan that is made under this program to finance or refinance higher education expenses at an eligible college. See N.Y. Education Law 690
  • Eligible co-signer: shall mean a parent, legal guardian or otherwise credit worthy individual over twenty-one years of age who satisfies applicable credit criteria approved by the corporation and is a resident of New York state. See N.Y. Education Law 690
  • Eligible college: shall mean a post-secondary institution, located within New York state, eligible for funds under Title IV of the Higher Education Act of nineteen hundred sixty-five, as amended, or successor statute offering a two-year, four-year, graduate or professional degree granting or certificate program. See N.Y. Education Law 690
  • 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
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Ex officio: Literally, by virtue of one's office.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Farm and food product: means any agricultural, horticultural, forest, or other product of the soil or water that has been grown, harvested, or produced wholly within the state of New York. See N.Y. Agriculture and Markets Law 282
  • Farm operation: means the land and on-farm buildings, equipment, manure processing and handling facilities, and practices which contribute to the production, preparation and marketing of crops, livestock and livestock products as a commercial enterprise, including a "commercial horse boarding operation" as defined in subdivision thirteen of this section, a "timber operation" as defined in subdivision fourteen of this section, "compost, mulch or other biomass crops" as defined in subdivision seventeen of this section and "commercial equine operation" as defined in subdivision eighteen of this section. See N.Y. Agriculture and Markets Law 301
  • Farm woodland: means land used for the production of woodland products intended for sale, including but not limited to logs, lumber, posts and firewood. See N.Y. Agriculture and Markets Law 301
  • Federal student aid programs: shall mean the programs of the United States government making financial aid available to pay for the cost of attending post-secondary institutions and established under Title IV of the Higher Education Act of nineteen hundred sixty-five, as amended, or any successor statute. See N.Y. Education Law 651
  • Fiduciary: A trustee, executor, or administrator.
  • Fine art: means a painting, sculpture, drawing, or work of graphic art, and print, but not multiples. See N.Y. Arts and Cultural Affairs Law 11.01
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Forbearance: A means of handling a delinquent loan. A
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Grantor: The person who establishes a trust and places property into it.
  • Gross sales: means the proceeds from the sale of:
    N.Y. Agriculture and Markets Law 301
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Higher education expenses: shall mean the cost of attendance at an eligible college and shall include tuition and fees, books, room and board, and other educationally related expenses, as determined by the corporation. See N.Y. Education Law 690
  • Holder: shall mean , with respect to an education loan:
    (i) a lender; (ii) a public benefit corporation authorized to finance the purchase or making of education loans pursuant to the public authorities law; or (iii) any assignee of such lender or public benefit corporation. See N.Y. Education Law 690
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Land used in agricultural production: means not less than seven acres of land used as a single operation in the preceding two years for the production for sale of crops, livestock or livestock products of an average gross sales value of ten thousand dollars or more; or, not less than seven acres of land used in the preceding two years to support a commercial horse boarding operation or a commercial equine operation with annual gross receipts of ten thousand dollars or more. See N.Y. Agriculture and Markets Law 301
  • 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
  • Lend: shall include one or more of the following services: the origination, disbursement, servicing, and/or collection of any student or parent education loan made by or on behalf of a lending institution a government entity, or an institution of higher education for the purpose of paying for higher education expenses as well as serving as a secondary market for these loans. See N.Y. Education Law 651
  • lender: shall mean any entity that itself or through an affiliate originates education loans, other than an entity authorized to finance the purchase or making of education loans through the issuance of bonds pursuant to the public authorities law. See N.Y. Education Law 690
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Limited edition: means works of art produced from a master, all of which are the same image and bear numbers or other markings to denote the limited production thereof to a stated maximum number of multiples, or are otherwise held out as limited to a maximum number of multiples. See N.Y. Arts and Cultural Affairs Law 11.01
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • multiples: means prints, photographs, positive or negative, sculpture and similar art objects produced in more than one copy and sold, offered for sale or consigned in, into or from this state for an amount in excess of one hundred dollars exclusive of any frame or in the case of sculpture, an amount in excess of fifteen hundred dollars. See N.Y. Arts and Cultural Affairs Law 11.01
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • nucs: shall mean small honey bee colonies created from larger colonies including the nuc box, which is a smaller version of a beehive, designed to hold up to five frames from an existing colony. See N.Y. Agriculture and Markets Law 301
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • On consignment: means that no title to, estate in, or right to possession of, the work of fine art or multiple that is superior to that of the consignor vests in the consignee, notwithstanding the consignee's power or authority to transfer or convey all the right, title and interest of the consignor, in and to such work, to a third person. See N.Y. Arts and Cultural Affairs Law 11.01
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, partnership, corporation, association or other group, however organized. See N.Y. Arts and Cultural Affairs Law 11.01
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • President: shall mean the president of the corporation. See N.Y. Education Law 651
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Producer: means any person who grows, produces, or causes to be grown or produced any farm and food products in New York state. See N.Y. Agriculture and Markets Law 282
  • Program: shall mean the New York Higher Education Loan Program established by this article. See N.Y. Education Law 690
  • Public or private agencies: means any department, division, bureau, or program of the federal or state government, or local governments, public benefit corporations, private non-profit organizations, or educational institutions. See N.Y. Agriculture and Markets Law 282
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Reproduction: means a copy, in any medium, of a work of fine art, that is displayed or published under circumstances that, reasonably construed, evinces an intent that it be taken as a representation of a work of fine art as created by the artist. See N.Y. Arts and Cultural Affairs Law 11.01
  • Reproduction right: means a right to reproduce, prepare derivative works of, distribute copies of, publicly perform or publicly display a work of fine art. See N.Y. Arts and Cultural Affairs Law 11.01
  • Sculpture: means a three-dimensional fine art object produced, fabricated or carved in multiple from a mold, model, cast, form or other prototype, other than from glass, sold, offered for sale or consigned in, into or from this state for an amount in excess of fifteen hundred dollars. See N.Y. Arts and Cultural Affairs Law 11.01
  • Signed: means autographed by the artist's own hand, and not by mechanical means of reproduction, after the multiple was produced, whether or not the master was signed or unsigned. See N.Y. Arts and Cultural Affairs Law 11.01
  • silvopasturing: shall mean the intentional combination of trees, forages and livestock managed as a single integrated practice for the collective benefit of each, including the planting of appropriate grasses and legume forages among trees for sound grazing and livestock husbandry. See N.Y. Agriculture and Markets Law 301
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Student: shall mean any individual who is enrolled at least half-time, as defined by the commissioner, in a two year, four year, graduate or professional degree granting or certificate program at an eligible college. See N.Y. Education Law 690
  • Successor in interest: shall mean a "personal representative" "testamentary beneficiary" trustee or beneficiary of a "lifetime trust" or an "heir" (including heirs who acquire the work of fine art, craft or print from the artist or craftsperson or from another heir or beneficiary of the artist or craftsperson), which terms shall have the same meanings as set forth in the estates, powers and trusts law. See N.Y. Arts and Cultural Affairs Law 11.01
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Venue: The geographical location in which a case is tried.
  • Viable agricultural land: means land highly suitable for a farm operation as defined in this section. See N.Y. Agriculture and Markets Law 301
  • Written instrument: means a written or printed agreement, bill of sale, invoice, certificate of authenticity, catalogue or any other written or printed note or memorandum or label describing the work of fine art or multiple which is to be sold, exchanged or consigned by an art merchant. See N.Y. Arts and Cultural Affairs Law 11.01