New York § 77 - 77Miscellaneous

§ 77. 77Miscellaneous

* § 77. Miscellaneous. 1. For the purposes of the application of the lien law and of the general corporation law an authority shall be deemed to be a municipal corporation. The term "public improvement" used in the lien law shall be deemed to include an improvement upon real property belonging to an authority; the secretary of the authority shall, for the purposes of the lien law, be deemed to be the financial officer of the authority and the head of the department or bureau having charge of the construction of an improvement. 2. All projects of an authority shall be subject to the planning, zoning, sanitary and building laws, ordinances and regulations applicable to the locality in which the project is situated. 3. In order to protect funds deposited by an authority, all banks, bankers, trust companies or other persons carrying on a banking business, organized under the laws of the state, are authorized to give to the authority an undertaking with such sureties as shall be approved by the authority, faithfully to keep and pay over upon the order of the authority any such deposits and agreed interest thereon, or in lieu of the said sureties, to deposit with the authority as collateral such securities and in such amounts as may be agreed upon with the authority pursuant to a collateral deposit agreement in form and terms satisfactory to the authority. The collateral to be deposited shall consist of securities in which savings banks may legally invest funds within their control. 4. This article is to be construed liberally to secure the beneficial interests and purposes thereof. * NB The text of Article 5 of the former State Housing Law (cited herein as the "Municipal Housing Authorities Law"), as such article existed immediately prior to its repeal pursuant to section 227 of Chapter 808 of the Laws of 1939, is provided here for ease of reference and historical purposes as such text continues to be applicable for the New York City Housing Authority pursuant to the provisions of section 401 of the current Public Housing Law.