109 - Minimum amount of capital and debentures. - New York Statutes

§ 109. Minimum amount of capital and debentures. Except as provided in this section the capital of a redevelopment company together with any income debentures shall in no event be less than the total of ten per centum of the actual cost of any project or projects undertaken pursuant to this article. The supervising agency may permit capital to be increased or income debenture certificates to be issued for working capital to be used in connection with such project to an amount not exceeding three per centum of the estimated cost, or three per centum of the total actual final cost, if that should exceed the estimated cost of a project. The provisions of this section shall not be applicable to any redevelopment company if funds made available by the federal government or any instrumentality thereof, or any mortgage or mortgage bonds insured by the federal housing administrator or any other instrumentality of the federal government are used in financing the project in whole or in part.