§ 1679-b. Equipment loans. 1. The dormitory authority may make an
equipment loan to any private entity for the benefit of which the
dormitory authority is authorized to issue bonds or other obligations of
the dormitory authority. The proceeds of such a loan are to be used
substantially to finance the acquisition through purchase or lease of
equipment including construction and rehabilitation related to the
installation of such equipment or the acquisition of intellectual
property or other intangible property, including information technology
and software, that is eligible for tax-exempt financing under the United
States internal revenue code. The dormitory authority may make an
equipment loan by the purchase, lease or sublease of equipment by the
dormitory authority and the lease or sublease of such equipment to any
such private entity for the purpose of providing for the acquisition of
such equipment and the construction and rehabilitation related to the
installation thereof or pursuant to an installment purchase agreement.

2. Except to the extent otherwise expressly prohibited by law, each
private entity described in subdivision one of this section shall have
full power and authority to assign and pledge to the dormitory authority
any and all public funds to be appropriated, apportioned or otherwise
made payable to such private entity by the federal government, any
agency thereof, the state of New York, a political subdivision, as
defined in section one hundred of the general municipal law, or any
social services district in the state of New York in an amount
sufficient to make all payments required to be made by such private
entity pursuant to any necessary or useful agreement entered into
between such private entity and the dormitory authority for an equipment
loan. All state and local officers are hereby authorized and required to
pay all such funds so assigned and pledged to the dormitory authority
or, upon the direction of the dormitory authority, to any trustee of any
dormitory authority bond or note issued pursuant to a certificate filed
with any such state or local officer by the dormitory authority pursuant
to the provisions of this subdivision.

3. The making of equipment loans by the authority shall be a corporate
purpose of the authority.