N.Y. PBA Law § 1679-B

§ 1679-b. Equipment loans. 1. The dormitory authority may make an\nequipment loan to any private entity for the benefit of which the\ndormitory authority is authorized to issue bonds or other obligations of\nthe dormitory authority. The proceeds of such a loan are to be used\nsubstantially to finance the acquisition through purchase or lease of\nequipment including construction and rehabilitation related to the\ninstallation of such equipment or the acquisition of intellectual\nproperty or other intangible property, including information technology\nand software, that is eligible for tax-exempt financing under the United\nStates internal revenue code. The dormitory authority may make an\nequipment loan by the purchase, lease or sublease of equipment by the\ndormitory authority and the lease or sublease of such equipment to any\nsuch private entity for the purpose of providing for the acquisition of\nsuch equipment and the construction and rehabilitation related to the\ninstallation thereof or pursuant to an installment purchase agreement.\n 2. Except to the extent otherwise expressly prohibited by law, each\nprivate entity described in subdivision one of this section shall have\nfull power and authority to assign and pledge to the dormitory authority\nany and all public funds to be appropriated, apportioned or otherwise\nmade payable to such private entity by the federal government, any\nagency thereof, the state of New York, a political subdivision, as\ndefined in section one hundred of the general municipal law, or any\nsocial services district in the state of New York in an amount\nsufficient to make all payments required to be made by such private\nentity pursuant to any necessary or useful agreement entered into\nbetween such private entity and the dormitory authority for an equipment\nloan. All state and local officers are hereby authorized and required to\npay all such funds so assigned and pledged to the dormitory authority\nor, upon the direction of the dormitory authority, to any trustee of any\ndormitory authority bond or note issued pursuant to a certificate filed\nwith any such state or local officer by the dormitory authority pursuant\nto the provisions of this subdivision.\n 3. The making of equipment loans by the authority shall be a corporate\npurpose of the authority.\n