§ 237. Establishment and purpose; water pollution control linked deposit program authorization. The water pollution control linked deposit program is hereby created. The purpose of this program is to encourage and assist eligible borrowers within the state to undertake eligible projects that reduce, control or prevent water pollution. The corporation is hereby authorized to use funds in the water pollution control revolving fund established pursuant to § 1285-j of the public authorities law not to exceed ten million dollars per fiscal year for the water pollution control linked deposit program.

Terms Used In N.Y. State Finance Law 237

  • 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.
  • Linked deposit: means financial assistance undertaken by the corporation for the construction of an eligible project through a deposit, or for a farm credit system institution an investment eligible to be held by such institution, placed with a lender by the corporation bearing interest at the linked deposit interest rate, provided the lender has agreed to:

    (a) lend the equivalent value of such deposit to an eligible borrower at the linked loan interest rate; and

    (b) permit the deposit to be comprised of a series of certificates of deposit each bearing an interest rate equal to the linked deposit interest rate fixed at the time the original linked deposit is placed. See N.Y. State Finance Law 236
  • Program: means the water pollution control linked deposit program. See N.Y. State Finance Law 236
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