Loans and grants pursuant to this section may be made to any municipal corporation, public authority, public benefit corporation or any combination thereof, or to other owners of a public use airport for the purpose of improving a public use airport. A county, pursuant to a written agreement, may act on behalf of one or more cities, towns or villages for the purposes of this section. No such assistance shall be provided to any airport operated by a bi-state authority.
All loans shall be repaid within ten years and bear such rate of interest as shall be established therefor by the commissioner upon the issuance of the loan; provided, however, such rate shall not exceed six percent per annum. Payments on all loans shall be made to the department and credited to the airport improvement and revitalization fund established pursuant to section eighty-eight-d of the state finance law.
N.Y. Transp. Law § 14-L