N.Y. PBA Law § 1821

§ 1821. Rate of interest to project occupant. Any loan made by the\nauthority pursuant to this subtitle to a local development corporation\nfor a project shall bear interest at such rate as the authority may\ndetermine but such rate shall not be less than the average annual net\ninterest cost to the authority, as determined by the authority, on\npollution control bonds the proceeds of which, in the opinion of the\nauthority, are available to make such loan, or if no such proceeds are\nthen available in a sufficient amount to make such loan, the average\nannual net interest cost to the authority, as determined by the\nauthority not more than six months previous to the making of such loan,\nwhich would have been incurred by the authority on pollution control\nbonds having an average maturity of twenty years if such bonds had been\nissued on a date within thirty days of such determination. The rental or\nother amount required to be paid by a project occupant to a local\ndevelopment corporation under a lease or other agreement for use of the\nsaid project shall include an interest element computed at such rate as\nthe authority shall determine but such rate shall not be less than the\ninterest rate charged by the authority to the local development\ncorporation in accordance with the preceding sentence of this section.\n