2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 5 - (100 - 128) REDEVELOPMENT COMPANIES
112 - Limitations.

 
    §  112.  Limitations.  In  addition  to limitations prescribed by this
  article a redevelopment company shall not have power to:
    1. Acquire any real property or interest  therein  for  a  project  or
  projects  unless  the  supervising agency and the local legislative body
  determine as provided in this article that such acquisition is necessary
  or convenient for the public purpose defined in this article, and unless
  any deed, lease or other instrument  by  which  such  real  property  or
  interest therein is acquired contains a statement that the conveyance is
  to  a  redevelopment  company  organized pursuant to article five of the
  private housing finance law.
    2. Create its capital, or issue its debentures and and bonds  covering
  any  project undertaken by it in an amount greater in the aggregate than
  the total actual final cost of such project. The  actual  cost  of  such
  project   shall   include   the  cost  of  the  lands  and  improvements
  constituting the project  and  charges  for  financing  and  supervision
  approved  by  the  supervising agency, condemnation charges and interest
  and other carrying charges during  the  period  of  acquisition  and  of
  construction.  The  total  actual  final  cost  shall be deemed to be an
  amount equal to such actual cost plus an allowance for working  capital.
  Such  allowance  for working capital shall not exceed an amount equal to
  three per centum of the estimated cost or of the total actual final cost
  of the project if that shall be greater than the estimated cost.
    3. Enter into contracts for the payment of  salaries  to  officers  or
  employees,  or  for  the  construction  or  for  the substantial repair,
  improvement or operation of projects except subject to the  approval  of
  the supervising agency.