1679-B - Equipment loans.

§  1679-b.  Equipment  loans.   1. The dormitory authority may make an  equipment loan to any private  entity  for  the  benefit  of  which  the  dormitory authority is authorized to issue bonds or other obligations of  the  dormitory  authority.  The  proceeds  of such a loan are to be used  substantially to finance the acquisition through purchase  or  lease  of  equipment  including  construction  and  rehabilitation  related  to the  installation of  such  equipment  or  the  acquisition  of  intellectual  property  or other intangible property, including information technology  and software, that is eligible for tax-exempt financing under the United  States internal revenue  code.  The  dormitory  authority  may  make  an  equipment  loan  by  the purchase, lease or sublease of equipment by the  dormitory authority and the lease or sublease of such equipment  to  any  such  private entity for the purpose of providing for the acquisition of  such equipment and the construction and rehabilitation  related  to  the  installation thereof or pursuant to an installment purchase agreement.    2.  Except  to  the extent otherwise expressly prohibited by law, each  private entity described in subdivision one of this section  shall  have  full power and authority to assign and pledge to the dormitory authority  any  and  all  public funds to be appropriated, apportioned or otherwise  made payable to such private  entity  by  the  federal  government,  any  agency  thereof,  the  state  of  New  York, a political subdivision, as  defined in section one hundred of the  general  municipal  law,  or  any  social  services  district  in  the  state  of  New  York  in  an amount  sufficient to make all payments required to  be  made  by  such  private  entity  pursuant  to  any  necessary  or  useful  agreement entered into  between such private entity and the dormitory authority for an equipment  loan. All state and local officers are hereby authorized and required to  pay all such funds so assigned and pledged to  the  dormitory  authority  or, upon the direction of the dormitory authority, to any trustee of any  dormitory  authority bond or note issued pursuant to a certificate filed  with any such state or local officer by the dormitory authority pursuant  to the provisions of this subdivision.    3. The making of equipment loans by the authority shall be a corporate  purpose of the authority.