The Hudson River Park Trust is a body corporate and politic, constituting a public benefit corporation, established by the Hudson River Park Act, chapter 592 of the Laws of 1998 of the State of New York. This prompt payment policy is adopted pursuant to section 2880 of the Public Authorities Law, requiring each public benefit corporation to promulgate rules and regulations detailing its policy with respect to making prompt payment to contractors.
N.Y. Comp. Codes R. & Regs. Tit. 21 § 753.1