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Section 1837. Legislative findings.

1837-a. Definitions.
1837-6. Loans to local development corporations.

1837-c. Regulations by authority.
$ 1837. Legislative findings. The legislature hereby finds that one
of the major concerns of the existing economy is the limited access to
financing assistance of businesses and services that support or facili-
tate employment and economic development, but

not themselves directly involved in manufacturing or industrial production.

It is the purpose of this subtitle to encourage the development of community development projects that promote and enhance economic development by providing loans and loan guarantees at a reasonable cost.

5 1837-a. Definitions. When used in this subtitle unless the context otherwise requires:

1. "Eligible project" means the acquisition, renovation, rehabilitation or development of property necessary to commence and complete operation of projects that

not
primarily residential

retail businesses or enterprises, other than manufacturing and industrial plants, that promote, facilitate or encourage employment and economic development, including day care, commercial production and incubators primarily used for commercial purposes that will result in the creation or retention of employment.

2. "Eligible project cost" includes all reasonable and necessary costs and fees related to the acquisition; renovation, rehabilitation of the project, including, but not limited to, acquisition, construction, land acquisition, improvements, easements, rights of

equipment, contract and/or license rights,

and

related technical, engineering, legal and financial services.

$ 1837-6. Loans to local development corporations. 1. No loan shall be made by the authority under the provisions

of this subtitle with respect to eligible project unless: (a) the local development corporation has obtained firm commitments satisfactory to the authority from responsible financial sources, which may include a federal agency or the project occupant, for the total project cost exclusive of any loan requested from the authority; (b) the local development corporation has obtained a firm commitment satisfactory to the authority from the project occupant

lease use the project after it has been completed; (c) the principal amount of such loan is forty percent less of the project cost, except as provided in paragraphs (a) and (b) of subdivision two of section eighteen hundred three and paragraph (a) of subdivision seven of section eighteen hundred twenty-three of this chapter; and (d) if such loan is secured by a mortgage on the project, such mortgage is not a junior encumbrance on the project by more than fifty percent of the project cost.

2. No loan shall be guaranteed by the authority with respect to a project unless: (a) the project occupant has obtained firm commitments satisfactory to the authority from banking organizations for the financing of the project cost exclusive of the amount to be provided by the project occupant; (b) the authority is satisfied that the project occupant may be reasonably expected to comply with the terms of any loan for which guarantee is sought; (c) the amount of the guarantee is eighty percent or less of the project cost; and (d) the loan is secured by a mortgage security instrument which is not a junior encumbrance or other collateral deemed satisfactory to protect the authority's interest.

§ 1837-c. Regulations by authority. The authority shall promulgate rules and regulations to effectuate the purposes of this subtitle which shall be subject to the approval of the director of the budget.

§ 11. This act shall take effect immediately.
EXPLANATION—Matter in italics is new; matter in brackets [ ] is old law

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CHAPTER 840

AN ACT to amend the education law, in relation to fees for

teacher certification

Became a law August 7, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.

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The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section 3006 of the education law, as amended by chapter 17 of the laws of 1976 and the closing paragraph as amended by chapter 15 of the laws of 1983, is amended to read as follows:

§ 3006. Commissioner of education to issue certificates. Types of certificates. The commissioner of education may issue:

1. a. A life state certificate upon examinations only which shall entitle its holder to teach for life in the public schools of the state without further examination. [2] b.

Such other certificates regents general rules shall prescribe.

[3] c. A temporary license limited to a school district, supervisory district or city for a period not to exceed one year.

[4] d. A temporary certificate to a school district upon the request of the school authorities of the school district, and under such rules as the regents shall establish, which

shall

authorize such school authorities temporarily to employ persons having unusual qualifications in specific subjects, visiting lecturers, provided they have been licensed pursuant to [subdivision five] paragraphe of this section] subdivision,

to supplement the regular programs of teaching of such specific subjects.

[5] e... A temporary license to a person having unusual qualifications in specific subjects, authorizing him to teach as a visiting lecturer in accordance with the provisions of paragraph d of this subdivision [four of this section].

[A fee of twenty-five dollars shall be charged for each application for a certificate issued under this section based upon completion of a teacher education program registered by the department, or for an application for a duplicate certificate, and a fee of fifty dollars shall be charged for each application for a certificate based upon education or experience completed in other than a teacher education program registered_by the department. ]

2. Fees. The commissioner shall charge the following fees for certificates issued pursuant to this section.

a. Effective September first, nineteen hundred ninety-two and thereafter, the fees charged for each' application for the following types of certificates shall be:

(i) For a certificate issued under this section based upon completion of a teacher education program registered by the department, fifty dollars;

(ii) For a certificate issued under this section based upon education or experience completed in other than a teacher education program registered by the department, one hundred dollars;

(iii) For à temporary license or a temporary coaching license, fifty dollars;

(iv). For continuing certificate for a teaching assistant, thirtyfive dollars; (!) :

Notwithstanding the provisions of paragraph a of this subdivision, in a case where an individual applies for a certificate of qualification, provisional and/or permanent certificate within twelve months of having been issued a temporary license in the same certification area, the fee for such additional certificate or certificates shall be fifty dollars.

S 2. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after September 1, 1992.

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CHAPTER 841

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AN ACT to amend the local finance law and the general municipal law, in

relation to the issuance of variable rate bonds and notes and
agreements for credit or liquidity enhancement
Became a law August 7, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.

People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Paragraph a of section 54.90 of the local finance law, as added by chapter 413 of the laws of 1991, is amended to read as follows:

Whenever in the judgment of the finance board the interest of a municipality would be served thereby, the municipality may issue bonds

notes, on or before June thirtieth, nineteen hundred ninety-four, with interest rates that vary in accordance with a formula or

procedure and are subject to a maximum rate of interest set forth or referred to in the bonds or notes and may provide the holders thereof with such rights to require the municipality or other persons to purchase such bonds or notes or renewals thereof from the proceeds of the resale thereof or otherwise from time to time prior to the final maturity of such bonds or notes as the finance board may determine and the municipality may resell, at any time prior to final maturity, any such bonds or notes acquired as a result of the exercise of such rights; provided, however, that at no time shall the total principal amount of bonds and notes issued pursuant to this paragraph (other than bonds and notes bearing interest at rates and for periods of time that are specified at issuance) exceed ten percent of the limit prescribed by section 104.00 of this chapter. Notwithstanding the foregoing, the holders of bonds or notes sold pursuant to this paragraph shall not be provided with the right to require the municipality or other persons to repurchase the bonds or notes prior to the final maturity thereof unless the municipality has entered into one or

letter of credit agreements or liquidity facility agreements for the express purpose

of such sale, which agreements the municipality is hereby, authorized to enter into, and which shall require a financially responsible party parties to the agreement or agreements, as defined by section 2.00 of this chapter, other than the municipality to purchase all or any portion of such bonds

notes tendered by the holders thereof for repurchase prior to the final maturity of such bonds or notes until such time as the right of the holders of such bonds or notes to require repurchase of such bonds or notes prior to the final maturity thereof shall cease.

5 2. Paragraph c of section 54.90 of the local finance law, as added by chapter 413 of the laws of 1991, is amended to read as follows:

c. The finance board of such municipality is hereby authorized and empowered, in conformance with paragraphs (c) through (8) of section 168.00 of this chapter, to enter into such agreements as it deems reasonable and appropriate to facilitate the issuance, sale, resale and repurchase of such bonds and notes,

including but not limited to agreements with financially responsible third parties for the remarketing

repurchase of such bonds and notes in accordance with terms and conditions determined by such finance board, provided, however, that such agreement shall cause or have the effect of causing [an'acceleration of the payments due from such municipality prior to their date dates of maturity] any,

annual principal installment of an issue of serial bonds to be more than fifty per centum in excess of the smallest prior

installment. The finance board may, by, resolution, delegate its power to contract pursuant to this section to the chief fiscal officer, as defined in section 2.00 of this chapter, of such public body in which event the chief fiscal officer shall exercise such

power until the finance board, by resolution, shall elect to reassume the same. For purposes of this section, the finance board of the city of New York shall mean the mayor and the city comptroller.

၌ 3. Section 168.00 of the local finance law, as added by chapter 413 of the laws of 1991, is amended to read as follows: EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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૬ 168.00 Agreements for credit enhancement. a. The finance board of any municipality, school district or district corporation (herein a "public body") is hereby authorized and empowered to enter into such agreements as it deems reasonable and appropriate, with any department or agency of

the United States of America, the state, or any other financially responsible party, to facilitate the issuance, sale, resale and payment of bonds, notes, or other evidences of indebtedness of such public body, including, but not limited to letters of credit,, lines of credit, revolving credit, bond insurance or other credit enhancements. Such agreements may provide for (i) the advance or advances of funds on behalf of such public body to pay the interest on and principal and premium of bonds, notes or other evidences of indebtedness of such public body their date or dates of maturity or redemption or when interest is otherwise due, and (ii) the reimbursement of such advance or advances by such public body.

b. Such agreements may be executed on or before the date of issuance of the obligations to be paid pursuant thereto, provided, however, that any

reimbursement obligation of such public body arising from such agreements shall be deemed indebtedness of such public body (i) only as of the date that the corresponding advance is made pursuant to paragraph a of this section, and (ii) only in the amount of the advance made pursuant to such paragraph. Such agreements may include a pledge by such public body of its faith and credit for the payment of principal of and interest

any indebtedness deemed to be contracted as set forth in this paragraph, and may provide that any such indebtedness arising from a reimbursement obligation contracted pursuant to this section shall be paid in accordance with the terms of such agreement, Such indebtedness shall be excluded in ascertaining the power of such public body to contract indebtedness pursuant to title eight and title nine of this article. Such agreements shall also include such terms and conditions as the finance board shall deem appropriate, including provisions for the payment of reasonable fees and expenses by such public body in return for a commitment to advance funds pursuant to such agreement. Such fees and expenses shall be deemed part of the cost of the object or purpose in connection with which they are incurred.

Prior to procurement of any credit or liquidity enhancements, such public body shall,, to the extent practicable: (1), consider the ability of the credit

or liquidity enhancement provider to make required payments as and when due under the

terms of the appropriate governing instruments;

(2) consider the business reputation of the credit or liquidity enhancement provider;

(3) consider the maximum term of the credit or liquidity enhancement relative to the maturity of the bonds, notes or other obligations being credit or liquidity enhanced;

(4) provide for the right of substitution for the credit or liquidity enhancement provider in all agreements, including a provision permitting such substitution when the rating of the credit or liquidity enhancement provider falls below the probable credit rating of the issue without considering the credit or liquidity enhancer; and

(5) consider the cost of the credit or liquidity enhancement relative to the savings or other benefit likely to be achieved through the utilization of the credit or liquidity enhancement.

d. Where the credit or liquidity enhancement procured is an irrevocable letter of credit or an acquisition arrangement with a [liquidity enhancer] banking organization, such instrument shall be:

(1) issued or confirmed by a bank holding company or its direct subsidiaries, a federally chartered bank or its subsidiaries, chartered bank or its subsidiaries, licensed or authorized to do business in this state[:] or

(2) issued or confirmed by an agency or branch of a foreign banking institution licensed to do business in this state with total worldwide assets in excess of five billion dollars.

e. Any such issuing banking organization referred to in paragraph d of this section shall meet the regulatory guidelines for capital adequacy

promulgated by the appropriate federal banking agency as defined in the Federal Deposit Insurance Act, 12 U.S.C. 1813(9).

f. (1) Where the credit or liquidity enhancement procured is provided by an insurance company, such insurer shall be licensed to write financial guarantee insurance in this state.

(2) Where the credit or liquidity enhancement procured is from other than an entity described in paragraph d of this section

subdivision

C.

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of this paragraph, the provider shall be a financially responsible party, incorporated or authorized to do business in this state and having total assets in excess of ten billion dollars.

8. The failure of a public body to comply with paragraphs c through f of this section shall not invalidate or impair any credit liquidity enhancement contract or instrument.

h. The finance board may, by resolution, delegate its authority under this section to the chief fiscal officer of such public body in which event the chief fiscal officer shall exercise such power until the finance board, by resolution, shall elect to reassume the same.

4. Subdivision 5 of section 3-a of the general municipal law, as added by chapter 4 of the laws of 1991, is amended to read as follows:

5. Bonds [and], notes [of the city of New York issued with variable rates) and certificates of participation, and agreements and instruments related to the foregoing, as authorized pursuant to paragraph [(f)] (e) of section 54. 10, section 54.90 or section 168.00 of the local finance law, [and

agreements and instruments related thereto,] or section one hundred nine-b of this chapter may provide for the payment of interest on judgments and claims payable to or for the account of providers of credit or liquidity support or their successors in interest,

notwithstanding any limitations imposed by this section. § 5

5. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after July 19, 1991.

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CHAPTER 842

AN ACT in relation to compensation of certain nonprofessional employees

of the contract colleges of Alfred and Cornell universities and to implementation of salary increments for troopers in the division of state police; to amend chapter 411 of the laws of 1992, amending the civil service law and the state finance law relating to compensation, benefits and other terms and conditions of employment of certain state officers and employees; chapter 497 of the laws of 1992, amending the civil service law and the correction law relating to compensation and benefits of certain state officers and employees excluded from collective negotiating units; chapter 498 of the laws of 1992, amending the executive law relating to additional compensation, benefits and other terms and conditions of employment of members of the unit consisting of commissioned and non-commissioned officers of the division of state police; chapter 499 of the laws of 1992, relating to providing for the adjustment of salaries of certain incumbents in the professional service in the state university; chapter 500 of the laws of 1992,

amending the executive law, relating to additional compensation, benefits and other terms and conditions of employment for members of the unit consisting of troopers of the division of state police; in relation to making technical corrections; and to amend the civil service

in relation to providing salary protection for certain employees in positions reallocated to a lower salary grade

law,

Became a law August 7, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Compensation for certain employees of contract colleges at Cornell and Alfred universities. 1. During the period April 1, 1991 to EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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