N.Y. Comp. Codes R. & Regs. tit. 9 § 431.1

Current through Register Vol. 46, No. 51, December 18, 2024

Section 431.1 - General project requirements

Approved projects will be financed with State general obligation bond proceeds, and therefore, must meet legal requirements for tax exempt bond financing, including, but not limited to, a determination that they are capital projects. In addition, in order to be eligible for State assistance under this Part, the entire project must:

(a) have a probable life of no less than 23 years from the date on which the final payment on the project is issued by the State Comptroller to assure compliance with the requirements of section 61 of the State Finance Law;

(b) be recommended to the commissioner by the governing body of the project sponsor, except that in the event the project sponsor is a State agency, public authority or public benefit corporation, the project must be recommended by the head of that agency, authority or corporation; and

(c) be located within the physical boundaries of the State of New York.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 431.1