N.Y. MHA Law § 77

* § 77. Miscellaneous. 1. For the purposes of the application of the\nlien law and of the general corporation law an authority shall be deemed\nto be a municipal corporation. The term "public improvement" used in the\nlien law shall be deemed to include an improvement upon real property\nbelonging to an authority; the secretary of the authority shall, for the\npurposes of the lien law, be deemed to be the financial officer of the\nauthority and the head of the department or bureau having charge of the\nconstruction of an improvement.\n 2. All projects of an authority shall be subject to the planning,\nzoning, sanitary and building laws, ordinances and regulations\napplicable to the locality in which the project is situated.\n 3. In order to protect funds deposited by an authority, all banks,\nbankers, trust companies or other persons carrying on a banking\nbusiness, organized under the laws of the state, are authorized to give\nto the authority an undertaking with such sureties as shall be approved\nby the authority, faithfully to keep and pay over upon the order of the\nauthority any such deposits and agreed interest thereon, or in lieu of\nthe said sureties, to deposit with the authority as collateral such\nsecurities and in such amounts as may be agreed upon with the authority\npursuant to a collateral deposit agreement in form and terms\nsatisfactory to the authority. The collateral to be deposited shall\nconsist of securities in which savings banks may legally invest funds\nwithin their control.\n 4. This article is to be construed liberally to secure the beneficial\ninterests and purposes thereof.\n * NB The text of Article 5 of the former State Housing Law (cited\nherein as the "Municipal Housing Authorities Law"), as such article\nexisted immediately prior to its repeal pursuant to section 227 of\nChapter 808 of the Laws of 1939, is provided here for ease of reference\nand historical purposes as such text continues to be applicable for the\nNew York City Housing Authority pursuant to the provisions of section\n401 of the current Public Housing Law.\n