New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter XLII - New York State Environmental Facilities Corporation
Part 2604 - New York State Drinking Water Revolving Fund Regulations
Section 2604.4 - Direct financings

(a) The corporation may provide financial assistance to recipients for eligible projects from any available moneys in the fund, if and to the extent the corporation determines that it is unable to, or that it is impractical or inadvisable to, finance all or a portion of the costs of an eligible project from the proceeds of bonds or notes that are special obligations of the corporation.

(b) The corporation may provide a short-term financing or a long-term financing as a direct financing.

(c) Interest rates for direct financings shall be determined by the corporation as an interest rate or rates no higher than the market rate of interest.