§ 1824. Applications for loans and for loan guarantees. a. A local development corporation may request a loan from the authority pursuant to the provisions of this title by filing an application therefor, which shall be verified by an officer of the corporation duly authorized so to do, in such form and with such exhibits and supporting data as the authority may prescribe and by paying the fees or charges, if any, established by the authority to defray the cost of investigating and processing applications for loans and to the extent that the application contains information or representations provided to or made to the corporation by the project occupant or by a business enterprise described in section eighteen hundred twenty-seven of this title, such officer, in such application, shall, in a form to be prescribed by the authority, certify the nature of the corporation's review of such information and representations.

Terms Used In N.Y. Public Authorities Law 1824

  • Authority: shall mean the New York job development authority created by subdivision one of section eighteen hundred two of this title. See N.Y. Public Authorities Law 1801
  • Banking organization: when used in this title shall mean (a) any organization defined by subdivision eleven of § 2 of the banking law, (b) any agency or branch of a foreign banking corporation licensed by the department of financial services under Article 5 of the banking law, (c) any national bank, federal savings and loan association and federal credit union, (d) any authorized insurer defined by paragraph ten of subsection (a) of § 107 of the insurance law and (e) any public or private pension or investment fund required to file a report with any state or federal regulatory or supervisory body. See N.Y. Public Authorities Law 1801
  • 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.
  • Loan: shall mean (i) a mortgage loan evidenced by a bond, note or other obligation of a local development corporation secured by a mortgage on a project, defined in subdivision fourteen (i) and (ii) of this section, made by a local development corporation, a project occupant or other person, firm or corporation; (ii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a loan agreement, contract or such other instrument deemed necessary or convenient on a project defined in subdivision fourteen (iii) of this section; (iii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a security interest in machinery and equipment as provided in section eighteen hundred fourteen; and (iv) an employee ownership assistance loan made pursuant to paragraph (v) of subdivision fourteen of this section. See N.Y. Public Authorities Law 1801
  • Loan guarantee: shall mean the guaranteeing by the authority of a loan made by a banking organization on a project as defined in subdivision fourteen of this section. See N.Y. Public Authorities Law 1801
  • Project: shall mean (i) the construction of a new industrial or manufacturing plant, a new research and development building or other new eligible business facility, (ii) the acquisition, rehabilitation or improvement of a former or existing industrial or manufacturing plant, of a former or existing building to be used for research and development, of a former or existing other eligible business facility, (iii) the construction, acquisition, rehabilitation or improvement of pollution control facilities, (iv) the purchase of machinery and equipment, for which financial assistance from the authority is sought, or (v) assistance to employees under an employee ownership assistance loan agreement made pursuant to subtitle six of this title; provided, however, that any such plant, building, facility or machinery and equipment therefore shall not be primarily used in making retail sales of goods or services to customers who personally visit such facilities to obtain such goods or services, or used primarily as a hotel, apartment house or other place of business which furnishes dwelling space or accommodations to either residents or transients. See N.Y. Public Authorities Law 1801

b. A banking organization may request a loan guarantee from the authority pursuant to the provisions of this title by filing an application therefor, which shall be verified by an officer of the banking organization duly authorized to do so, in such form and with such exhibits and supporting data as the authority may prescribe and by paying the fees or charges, if any, established by the authority to defray the cost of investigating and processing applications for loan guarantees.

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