2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 12 - (650 - 670) NEW YORK CITY HOUSING DEVELOPMENT CORPORATION
655-A - Authorization of contracts for taxation by the United States of interest on obligations guaranteed thereby.

 
    §  655-a. Authorization of contracts for taxation by the United States
  of interest on obligations guaranteed thereby. The corporation is hereby
  authorized and empowered, from time to time and at  any  time  to  enter
  into  a contract or contracts with the United States, acting through any
  department, officer, agency, or instrumentality thereof, (a) pursuant to
  which the United States (i),  unconditionally  guarantees  the  payment,
  when  due,  of  the  interest on, and the principal of, bonds, notes, or
  other obligations issued or to be issued by the corporation or (ii) pays
  a portion of the  interest  payable  on  such  bonds,  notes,  or  other
  obligations  issued  or  to  be  issued  by  the  corporation and (b) in
  consideration of which the corporation covenants and consents  that  the
  interest  on such bonds, notes, or other obligations shall be includible
  under the internal revenue code of nineteen hundred  fifty-four  or  any
  subsequent  corresponding  internal  revenue law of the United States in
  the gross income of the holder or holders of such bonds, notes, or other
  obligations to the same extent and in the same manner that the  interest
  on  bills,  bonds,  notes  or  other obligations of the United States is
  includible in the gross income of the holder or  holders  thereof  under
  said  internal  revenue code or any such subsequent law. The corporation
  is hereby futher authorized and empowered  to  include  in  such  bonds,
  notes,  or  other  obligations  and  any  documents related thereto such
  reference to, or summary of, the  contract  or  contracts  as  shall  be
  satisfactory  to such department, officer, agency, or instrumentality of
  the United States. The powers herein conferred shall be in  addition  to
  the  powers  conferred  by  any  other  law and such powers shall not be
  subject to the limitations or restrictions of any other law, but nothing
  contained herein or in any such contract or contracts shall be construed
  to covenant or consent, or to authorize any covenant or consent, to  the
  application  of  any other provision of any other law, federal or state,
  to the corporation or to such bonds, notes, or other obligations, or  to
  the  elimination  or  modification  in  any  way  of any other exemption
  (including without limitation exemption from taxation under section  six
  hundred sixty-three of this article), privilege, or immunity thereof.