State Codes and Statutes

Statutes > New-york > Pvh > Article-5 > 107

§  107.  Limited  return  on  investment. Subject to the provisions of  section one hundred twenty-three of this article, there  shall  be  paid  annually  out  of  the  earnings  of  the  redevelopment  company, after  providing for all expenses, taxes and assessments, a sum for interest on  and amortization of any mortgage indebtedness and  depreciation  charges  if,  when  and to the extent deemed necessary by the supervising agency,  plus a distribution of six per centum on the capital  and  interest  not  exceeding  six  per centum on outstanding income debentures; except that  in  the  case  of  redevelopment  companies  formed   prior   to   April  twenty-ninth  nineteen  hundred  sixty, and subject to the provisions of  section one hundred twenty-three of this article, there  shall  be  paid  annually  out  of  the  earnings  of  the  redevelopment  company, after  providing for all expenses, taxes and assessments  a  sum  for  interest  amortization, depreciation and distributions, equal to but not exceeding  six  per centum of the total actual final cost of the project as defined  by subdivision two of section one hundred twelve of  this  article;  the  obligation  in  respect  of  such  payments shall be cumulative, and any  deficiency in interest, amortization, depreciation and distributions  in  any  year  shall  be  paid  either  from  any  cash surplus derived from  earnings remaining in the  treasury  of  the  redevelopment  company  in  excess of the amount necessary to provide such cumulative annual sums or  from  the  first  available  earnings  in subsequent years; and any cash  surplus  derived  from  earnings  remaining  in  the  treasury  of   the  redevelopment  company in excess of the amount necessary to provide such  cumulative annual sums shall, upon the dissolution of, or in the case of  a redevelopment company which is a trust the termination of the company,  be paid into the general fund of the municipality  except  as  otherwise  contemplated  by subdivision five of section one hundred twenty-three of  this article.

State Codes and Statutes

Statutes > New-york > Pvh > Article-5 > 107

§  107.  Limited  return  on  investment. Subject to the provisions of  section one hundred twenty-three of this article, there  shall  be  paid  annually  out  of  the  earnings  of  the  redevelopment  company, after  providing for all expenses, taxes and assessments, a sum for interest on  and amortization of any mortgage indebtedness and  depreciation  charges  if,  when  and to the extent deemed necessary by the supervising agency,  plus a distribution of six per centum on the capital  and  interest  not  exceeding  six  per centum on outstanding income debentures; except that  in  the  case  of  redevelopment  companies  formed   prior   to   April  twenty-ninth  nineteen  hundred  sixty, and subject to the provisions of  section one hundred twenty-three of this article, there  shall  be  paid  annually  out  of  the  earnings  of  the  redevelopment  company, after  providing for all expenses, taxes and assessments  a  sum  for  interest  amortization, depreciation and distributions, equal to but not exceeding  six  per centum of the total actual final cost of the project as defined  by subdivision two of section one hundred twelve of  this  article;  the  obligation  in  respect  of  such  payments shall be cumulative, and any  deficiency in interest, amortization, depreciation and distributions  in  any  year  shall  be  paid  either  from  any  cash surplus derived from  earnings remaining in the  treasury  of  the  redevelopment  company  in  excess of the amount necessary to provide such cumulative annual sums or  from  the  first  available  earnings  in subsequent years; and any cash  surplus  derived  from  earnings  remaining  in  the  treasury  of   the  redevelopment  company in excess of the amount necessary to provide such  cumulative annual sums shall, upon the dissolution of, or in the case of  a redevelopment company which is a trust the termination of the company,  be paid into the general fund of the municipality  except  as  otherwise  contemplated  by subdivision five of section one hundred twenty-three of  this article.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pvh > Article-5 > 107

§  107.  Limited  return  on  investment. Subject to the provisions of  section one hundred twenty-three of this article, there  shall  be  paid  annually  out  of  the  earnings  of  the  redevelopment  company, after  providing for all expenses, taxes and assessments, a sum for interest on  and amortization of any mortgage indebtedness and  depreciation  charges  if,  when  and to the extent deemed necessary by the supervising agency,  plus a distribution of six per centum on the capital  and  interest  not  exceeding  six  per centum on outstanding income debentures; except that  in  the  case  of  redevelopment  companies  formed   prior   to   April  twenty-ninth  nineteen  hundred  sixty, and subject to the provisions of  section one hundred twenty-three of this article, there  shall  be  paid  annually  out  of  the  earnings  of  the  redevelopment  company, after  providing for all expenses, taxes and assessments  a  sum  for  interest  amortization, depreciation and distributions, equal to but not exceeding  six  per centum of the total actual final cost of the project as defined  by subdivision two of section one hundred twelve of  this  article;  the  obligation  in  respect  of  such  payments shall be cumulative, and any  deficiency in interest, amortization, depreciation and distributions  in  any  year  shall  be  paid  either  from  any  cash surplus derived from  earnings remaining in the  treasury  of  the  redevelopment  company  in  excess of the amount necessary to provide such cumulative annual sums or  from  the  first  available  earnings  in subsequent years; and any cash  surplus  derived  from  earnings  remaining  in  the  treasury  of   the  redevelopment  company in excess of the amount necessary to provide such  cumulative annual sums shall, upon the dissolution of, or in the case of  a redevelopment company which is a trust the termination of the company,  be paid into the general fund of the municipality  except  as  otherwise  contemplated  by subdivision five of section one hundred twenty-three of  this article.