N.Y. Comp. Codes R. & Regs. tit. 9 § 1648-2.3
Current through Register Vol. 46, No. 25, June 18, 2024
Where a loan and subsidy contract specifically so provides, a municipality will be required to pay a local cash subsidy, in the minimum amount specified in the contract, regardless of the value of the tax exemption subsidy. Local cash subsidies may also be required under other circumstances, as where the value of the tax exemption is not sufficient to match the State subsidy, or where the operating deficit is in excess of the maximum State subsidy.
N.Y. Comp. Codes R. & Regs. Tit. 9 § 1648-2.3