2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 5 - (100 - 128) REDEVELOPMENT COMPANIES
107 - Limited return on investment.

 
    §  107.  Limited  return  on  investment. Subject to the provisions of
  section one hundred twenty-three of this article, there  shall  be  paid
  annually  out  of  the  earnings  of  the  redevelopment  company, after
  providing for all expenses, taxes and assessments, a sum for interest on
  and amortization of any mortgage indebtedness and  depreciation  charges
  if,  when  and to the extent deemed necessary by the supervising agency,
  plus a distribution of six per centum on the capital  and  interest  not
  exceeding  six  per centum on outstanding income debentures; except that
  in  the  case  of  redevelopment  companies  formed   prior   to   April
  twenty-ninth  nineteen  hundred  sixty, and subject to the provisions of
  section one hundred twenty-three of this article, there  shall  be  paid
  annually  out  of  the  earnings  of  the  redevelopment  company, after
  providing for all expenses, taxes and assessments  a  sum  for  interest
  amortization, depreciation and distributions, equal to but not exceeding
  six  per centum of the total actual final cost of the project as defined
  by subdivision two of section one hundred twelve of  this  article;  the
  obligation  in  respect  of  such  payments shall be cumulative, and any
  deficiency in interest, amortization, depreciation and distributions  in
  any  year  shall  be  paid  either  from  any  cash surplus derived from
  earnings remaining in the  treasury  of  the  redevelopment  company  in
  excess of the amount necessary to provide such cumulative annual sums or
  from  the  first  available  earnings  in subsequent years; and any cash
  surplus  derived  from  earnings  remaining  in  the  treasury  of   the
  redevelopment  company in excess of the amount necessary to provide such
  cumulative annual sums shall, upon the dissolution of, or in the case of
  a redevelopment company which is a trust the termination of the company,
  be paid into the general fund of the municipality  except  as  otherwise
  contemplated  by subdivision five of section one hundred twenty-three of
  this article.