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CITY PLANNING COMMISSION February 22, 2006/Calendar No. 21 N 060249 HAD IN THE MATTER OF an application submitted by the Department of Housing Preservation and Development (HPD): 1) pursuant to Article

2) pursuant to Article 11 of the General Municipal Law of New York State for a Community Planning Act Community Revitalization Development Fund (“CDD Board”); and a CDD Board for the purposes stated in this Article. 3) in the event that the above-mentioned CDD Board is unable to issue bonds in conformance with and in accordance with the conditions of this Article, said CDD Board is hereby authorized to incur and pay, with the approval of the City Council, such amounts of debt from the Public Service Levy Account as the Secretary of State in conformity with the provisions of Article 13, Part 3 of this Code is authorized to accept. 4) the City's obligation to levy taxes and issue bonds under this Article shall be conditioned upon the expenditure of revenues from the foregoing properties for the following purposes: (a) the General Obligations Bond Refinance Fund (“GO BRF”); (b) an Urban Development Action Area Project for said area; (c) the Public Utilities Administration Projects for the aforementioned area; (d) the Public Education Maintenance and Improvement Fund Project for said area; and (e) the Urban Development Action Area Project for a Neighborhood Economic Development Area for said area. 5) a bond issue and sale under Section 9.1 of the New York State Finance Law in the amount in question, as the Secretary of State is authorized to accept for the purposes set out in Paragraph 5 of this Article, is deemed to be a State grant made to the respective local boards specified herein at such time and from such sources or from such means as they may select or from which they make appropriations for the purposes set forth in this Article. 6) If the funds described above for the aforementioned projects listed in said subparagraph 5 of this Article are not expended in the manner provided at the time of the application, the City shall apply to the New York State Treasury pursuant to the provisions of the New York State Finance Law for any and all amounts of debt that may remain to be issued pursuant to a Special Improvement District to the extent necessary to remedy the deficiency.

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