§ 3652. Nassau county interim finance authority. 1. There is hereby created the Nassau county interim finance authority. The authority shall be a corporate governmental agency and instrumentality of the state constituting a public benefit corporation.

Terms Used In N.Y. Public Authorities Law 3652

  • Bonds: means bonds, notes and other evidences of indebtedness, issued or incurred by the authority. See N.Y. Public Authorities Law 3651
  • 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.
  • costs: means costs to finance (a) amounts necessary to accomplish a refunding, repayment or restructuring of a portion of the county's outstanding indebtedness or that of any covered organization, (b) cash flow needs of the county, (c) tax certiorari settlements and judgments of any kind to which the county is a party, (d) appropriated capital costs of the county, including the costs of any preliminary studies, surveys, maps, plans, estimates and hearings, (e) amounts necessary to finance any county deficit, to the extent authorized by state law, or (f) incidental costs, including, but not limited to, legal fees, printing or engraving, publication of notices, taking of title, apportionment of costs, and capitalized interest, insurance premiums, costs related to items authorized in subdivisions seven through ten of section thirty-six hundred fifty-four of this title or any underwriting or other costs incurred in connection with the financing thereof. See N.Y. Public Authorities Law 3651
  • County: means the county of Nassau. See N.Y. Public Authorities Law 3651
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Nassau county interim finance authority: means the public benefit corporation created by this title. See N.Y. Public Authorities Law 3651
  • Oversight: Committee review of the activities of a Federal agency or program.
  • State: means the state of New York. See N.Y. Public Authorities Law 3651

2. In accordance with the provisions of this title, the authority may issue bonds only to finance costs, including the refunding of bonds issued by the authority to finance costs, and fund reserves to secure such bonds.

3. The authority shall continue until its oversight, control or other responsibilities, and its liabilities have been met or otherwise discharged. Upon the termination of the existence of the authority, all of its rights and property shall pass to and be vested in the county.

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