New York Laws > General Municipal > Article 5-L – Municipal Sustainable Energy Loan Program
Current as of: 2024 | Check for updates
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Other versions
| § 119-EE | Legislative findings and declaration |
| § 119-FF | Definitions |
| § 119-GG | Sustainable energy loan program |
Terms Used In New York Laws > General Municipal > Article 5-L - Municipal Sustainable Energy Loan Program
- 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.
- 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).
- Lien: A claim against real or personal property in satisfaction of a debt.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.