* § 169.00 Installment loans and obligations evidencing installment
loans. a. Notwithstanding the provisions of any other law, general,
special or local, inconsistent with this section, relating to the power
of municipalities to enter into contracts and to contract indebtedness,
the finance board of any municipality selling bonds or notes at private
sale to the New York state environmental facilities corporation in order
to obtain financial assistance pursuant to section twelve hundred
eighty-five-j or twelve hundred eighty-five-m of the public authorities
law is hereby authorized and empowered to contract with such corporation
to receive from time to time advances of a loan up to a stated maximum
principal sum and to issue to such corporation, in order to evidence the
obligation of such municipality to repay such advances, its bonds or
notes in the form and in the manner provided by this section. Any such
bond or note may provide that the municipality issuing such bond or note
shall pay to such corporation or its assigns the stated maximum
principal sum or, if less, the aggregate principal amount of the
advances of the corresponding loan made to such municipality by the
corporation. The principal amounts of advances and the timing and manner
of the payment and repayment of such advances and the interest rate
applicable to such advances may be provided for in the related contract
or loan agreement or in any obligations evidencing such loan advances.

b. Any obligation issued by a municipality pursuant to this section
shall be deemed indebtedness of such municipality (i) only as of the
date and to the extent that the corporation makes or has made each loan
advance available to such municipality and (ii) only in the amount of
each such loan advance. Any such advance shall be considered a separate
borrowing for purposes of determining compliance with the constitution
and laws of the state.

c. Any obligation issued by a municipality pursuant to this section
shall provide for the payment of principal and interest without
presentation.

d. The finance board, by resolution, may delegate its power to
contract and to issue indebtedness pursuant to this section to the chief
fiscal officer of such municipality, in which event the chief fiscal
officer shall exercise such power until the finance board, by
resolution, shall elect to resume the same.

e. On or before the first day of January, in any given year, beginning
on January first, nineteen hundred ninety-four, the president of the New
York state environmental facilities corporation shall submit to the
director of the division of the budget, the chairperson of the senate
finance committee, the chairperson of the assembly ways and means
committee, and the chairpersons of the senate and assembly committees on
local government, a comprehensive report detailing the activities
undertaken pursuant to this section, which shall include, at a minimum,
(i) all project applicants; (ii) the amount of the state revolving fund
bond or note for each project; (iii) the amount advanced; (iv) the
repayment terms and conditions; and (v) the interest rate savings to the
project applicant.

* NB Repealed September 30, 2026