New York § 70 - 70State loans
Full text of New York New York Consolidated Laws § 70 — 70State loans, with citation guidance and answers to common questions.
§ 70. 70State loans
§ 70. State loans. The commissioner may, in the name of the state, enter into contracts for loans to an authority or a municipality for one or more projects, though a project has received or will receive aid from any other source, except the federal government. All such contracts shall be subject to approval by the state comptroller, and by the attorney-general as to form. Any such loan shall be in such amount as the commissioner, in his discretion, may deem necessary to insure the completion, availability for lawful occupancy and use of the project. No loan shall be made in an amount greater than the project cost, plus working capital in an amount not to exceed two per centum of the project cost or one hundred thousand dollars, whichever is less, nor until the municipal comptroller and local legislative body have attached their separate approvals to the loan contract. The commissioner may make temporary loans or advances to a housing authority in anticipation of such loan and no such temporary loan or advance shall be deemed to constitute part of such loan unless such temporary loan or advance has been made out of the proceeds of definitive housing bonds sold by the state pursuant to section sixty of the state finance law.
Frequently Asked Questions About New York § 70
What does New York Consolidated Laws § 70 cover?
Section 70 ("70State loans") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 70?
A common citation format is "New York Consolidated Laws § 70" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 70 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.