Legislation
SECTION 77
Miscellaneous
Municipal Housing Authorities (MHA) CHAPTER ROOT, ARTICLE 5
* § 77. Miscellaneous. 1. For the purposes of the application of the
lien law and of the general corporation law an authority shall be deemed
to be a municipal corporation. The term "public improvement" used in the
lien law shall be deemed to include an improvement upon real property
belonging to an authority; the secretary of the authority shall, for the
purposes of the lien law, be deemed to be the financial officer of the
authority and the head of the department or bureau having charge of the
construction of an improvement.
2. All projects of an authority shall be subject to the planning,
zoning, sanitary and building laws, ordinances and regulations
applicable to the locality in which the project is situated.
3. In order to protect funds deposited by an authority, all banks,
bankers, trust companies or other persons carrying on a banking
business, organized under the laws of the state, are authorized to give
to the authority an undertaking with such sureties as shall be approved
by the authority, faithfully to keep and pay over upon the order of the
authority any such deposits and agreed interest thereon, or in lieu of
the said sureties, to deposit with the authority as collateral such
securities and in such amounts as may be agreed upon with the authority
pursuant to a collateral deposit agreement in form and terms
satisfactory to the authority. The collateral to be deposited shall
consist of securities in which savings banks may legally invest funds
within their control.
4. This article is to be construed liberally to secure the beneficial
interests and purposes thereof.
* NB The text of Article 5 of the former State Housing Law (cited
herein as the "Municipal Housing Authorities Law"), as such article
existed immediately prior to its repeal pursuant to section 227 of
Chapter 808 of the Laws of 1939, is provided here for ease of reference
and historical purposes as such text continues to be applicable for the
New York City Housing Authority pursuant to the provisions of section
401 of the current Public Housing Law.
lien law and of the general corporation law an authority shall be deemed
to be a municipal corporation. The term "public improvement" used in the
lien law shall be deemed to include an improvement upon real property
belonging to an authority; the secretary of the authority shall, for the
purposes of the lien law, be deemed to be the financial officer of the
authority and the head of the department or bureau having charge of the
construction of an improvement.
2. All projects of an authority shall be subject to the planning,
zoning, sanitary and building laws, ordinances and regulations
applicable to the locality in which the project is situated.
3. In order to protect funds deposited by an authority, all banks,
bankers, trust companies or other persons carrying on a banking
business, organized under the laws of the state, are authorized to give
to the authority an undertaking with such sureties as shall be approved
by the authority, faithfully to keep and pay over upon the order of the
authority any such deposits and agreed interest thereon, or in lieu of
the said sureties, to deposit with the authority as collateral such
securities and in such amounts as may be agreed upon with the authority
pursuant to a collateral deposit agreement in form and terms
satisfactory to the authority. The collateral to be deposited shall
consist of securities in which savings banks may legally invest funds
within their control.
4. This article is to be construed liberally to secure the beneficial
interests and purposes thereof.
* NB The text of Article 5 of the former State Housing Law (cited
herein as the "Municipal Housing Authorities Law"), as such article
existed immediately prior to its repeal pursuant to section 227 of
Chapter 808 of the Laws of 1939, is provided here for ease of reference
and historical purposes as such text continues to be applicable for the
New York City Housing Authority pursuant to the provisions of section
401 of the current Public Housing Law.