New York Consolidated Laws, Public Authorities Law - PBA § 1821. Rate of interest to project occupant

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