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Can you summarize NYCL PBA Article 8, Title 18?
Miscellaneous Authorities > State of New York Municipal Bond Bank Agency Act
Short Summary
The State of New York Municipal Bond Bank Agency Act governs the creation and establishment of debt service reserve funds, investment of excess moneys, transfer of excess funds, annual reporting requirements, taxation and assessment exemptions, bond issuance limits, exemption from taxation of bonds and notes, remedies for bondholders and noteholders, state aid guarantee, purchase and payment of local public safety communications bonds, certification of school aid revenues, state aid guarantee for special school purpose municipalities and special school deficit program districts, special school purpose agreements, purchase and sale of tax liens, tax lien collateralized securities, state aid guarantee for recovery act bonds, agency powers and authorities, and definitions of various terms. These documents apply to the State of New York Municipal Bond Bank Agency, municipalities, special program municipalities, special school deficit program districts, bondholders, noteholders, directors of the agency, comptroller, secretary of state, director of the budget, chairman of the New York state housing finance agency, and other individuals or entities involved in transactions with the agency. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
State of New York Municipal Bond Bank Agency, municipalities, special program municipalities, special school deficit program districts, bondholders, noteholders, directors of the agency, comptroller, secretary of state, director of the budget, chairman of the New York state housing finance agency, and other individuals or entities involved in transactions with the agency.
What does it govern?
Creation and establishment of debt service reserve funds, investment of excess moneys, transfer of excess funds, annual reporting requirements, taxation and assessment exemptions, bond issuance limits, exemption from taxation of bonds and notes, remedies for bondholders and noteholders, state aid guarantee, purchase and payment of local public safety communications bonds, certification of school aid revenues, state aid guarantee for special school purpose municipalities and special school deficit program districts, special school purpose agreements, purchase and sale of tax liens, tax lien collateralized securities, state aid guarantee for recovery act bonds, agency powers and authorities, and definitions of various terms.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New York