§ 1285-o. Pipeline for jobs fund. The corporation shall undertake to\nprovide financial assistance to recipients to encourage and support the\nplanning, design and construction of eligible projects which provide an\neconomic development benefit to the state.\n 1. There is hereby established in the custody of the corporation a\n"pipeline for jobs fund". The purpose of the pipeline for jobs fund\nshall be to provide financial assistance, as determined by the\ncorporation in consultation with the department of economic development,\nto recipients for the planning, design and construction of eligible\nprojects.\n 2. For purposes of this section, and notwithstanding any provision of\nlaw to the contrary, as used in this section:\n (a) "Construction" means the erection, building, acquisition,\nalteration, reconstruction, improvement, enlargement or extension of an\neligible project; the inspection and supervision thereof; and the\nengineering, architectural, legal, fiscal, and economic investigations\nand studies, surveys, designs, plans, working drawings, specifications,\nprocedures, and other actions necessary thereto.\n (b) "Eligible municipality" means any county, city, town or village\nlocated within the state.\n (c) "Eligible project" means a project intended to create, improve or\nextend water supply facilities, including, but not limited to, drinking\nwater facilities and cold water supply facilities for economic\ndevelopment purposes on behalf of businesses, which may include projects\nthat may be eligible for financing under or designed to comply with the\nrequirements of the federal safe drinking water act or other applicable\nfederal laws and state drinking water quality goals and standards.\n (d) "Financial assistance" means state assistance payments for the\nstate share of the cost of an eligible project, or any one or more of\nthe following types of financial assistance:\n (i) loans to recipients for construction of eligible projects on such\nterms as the corporation may determine, subject to any applicable\nprovisions of federal or state law;\n (ii) buying or refinancing debt obligations of recipients at market or\nbelow market rates, subject to any applicable provisions of federal or\nstate law;\n (iii) guarantying, or purchasing insurance or other credit enhancement\nfor municipal obligations where such action would improve credit market\naccess for or reduce interest rates on such municipal obligations;\n (iv) providing a source of revenue or security for payment of\nprincipal and interest on bonds or notes issued by the corporation if\nthe proceeds of the sale of such bonds or notes will be deposited in the\nfund; and\n (v) providing interest rate subsidies from investment earnings on\ncorpus allocations to subsidize loans to recipients made from the\nproceeds of the corporation's bonds or notes.\n (e) "Fund" means the pipeline for jobs fund established by this\nsection.\n (f) "Recipient" means any eligible municipality, public utility,\npublic benefit corporation, or person, including any individual, firm,\npartnership, association, not-for-profit corporation or other\ncorporation organized and existing under the laws of the state or any\nother state which is empowered to construct and operate an eligible\nproject, or any two or more of the foregoing which are acting jointly in\nconnection with an eligible project.\n 3. Moneys in the fund shall be segregated from all other funds of or\nin the custody of the corporation. Moneys in the fund shall be used for\nany authorized purpose of the fund as provided and in accordance with\nthe provisions of this section.\n 4. The fund shall consist of:\n (a) moneys appropriated by the legislature pursuant to a chapter of\nthe laws of nineteen hundred ninety-nine, or any reappropriation\nthereof, for the purpose of such fund or otherwise transferred by the\nstate for deposit therein by the comptroller as required by law;\n (b) payments of principal and intere
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