§ 15-1951. Financing of improvements.

252 words·~1 min read·/ny/environmental-conservation/water-resources/drainage/15-1951·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. For defraying the costs of all proceedings, surveys, studies and

construction projects authorized by any section of title 19 of this

article, the department may raise funds pursuant to the Local Finance

Law. Such funds may not be borrowed unless the proceedings authorizing

such expenditures have become final.

2. In addition the department is authorized in the name of the

district to apply for, receive and expend funds or services which may be

granted or contributed for the purpose by the federal government or

other public authorities or by private persons or organizations.

Obligations issued for such purpose shall not be construed in any event

as obligations or indebtedness of the state, and neither the state, the

department or any member thereof personally shall be obligated to pay

the principal or interest therefor. Bonds issued for such purpose shall

be lawful investments for savings banks, trust companies, executors and

trustees and for any of the funds of the state which by law may be

invested.

3. The proceeds of such bonds shall be deposited in a national or

state bank or trust company either in Albany or in one of the counties

in which such improvement is made, to be designated by the Comptroller.

Before any such deposit is made, the Comptroller shall require from the

depository security for the repayment of the same to the department upon

demand of the moneys so deposited in the manner provided in section 106

of the State Finance Law.