2006 New York Code - Further Additional Powers Of The Authority To Finance Certain Repayment Obligations Of The State In Connection With The Purchase Of Real Property For

 
    §  379.  Further additional powers of the authority to finance certain
  repayment obligations of the state in connection with  the  purchase  of
  real  property  for  highway  purposes.  1.  (a) The authority is hereby
  authorized, as a corporate purpose thereof, to issue bonds and notes  in
  an aggregate principal amount not to exceed fifty million dollars and to
  make  available  the proceeds from the sale of such bonds and notes, net
  of  all  costs  to  the  authority  in  connection  therewith,  to   the
  commissioner,  for  the purposes of financing a portion of the repayment
  to the treasurer  of  the  United  States  of  funds  in  an  amount  as
  determined   by  the  secretary  of  the  United  States  department  of
  transportation to be equal to the amount  of  federal  funds  previously
  expended  as  adjusted  by credits received to acquire real property for
  the portion of Interstate-478  which  was  withdrawn  from  the  federal
  interstate  system  in  accordance  with federal law. Provided, however,
  that the authority shall not issue any bonds or notes authorized by this
  section until  the  federal  highway  administration  has  ruled  on  an
  application by the state, or the state and the city of New York, seeking
  a  waiver  of the repayment obligation of the state and city for federal
  funds expended to acquire real property for a portion of Interstate 478.
    (b) Such bonds and notes shall be issued  with  the  approval  of  the
  director  of  the budget and shall be special limited obligations of the
  authority, secured by and payable solely out of certain  lease  payments
  made  by  the  state  and  funds  and accounts held under the resolution
  pursuant to which such bonds and  notes  are  issued,  without  recourse
  against  other assets, revenues or funds of or other payments due to the
  authority.
    (c) Such bonds and notes shall contain on the face thereof a statement
  to the effect that they shall not be deemed to be an obligation  of  the
  state and the state shall not be liable thereon.
    (d)  Such bonds shall be scheduled to mature over a term not to exceed
  thirty years.
    (e) The provisions of title ten of article nine of this chapter, shall
  not apply in any way to the bonds or notes authorized to  be  issued  by
  this section.
    (f)  All  the  provisions  of  this title relating to bonds and notes,
  which are not inconsistent with the provisions of  this  section,  shall
  apply  to the bonds and the notes authorized by this section, including,
  but not limited to, the power to issue renewal notes or refunding  bonds
  thereof.
    2.  (a)  Notwithstanding any general, special or local law, the state,
  acting by and through the commissioner, shall have the power  to  convey
  to the authority or its successor agency, without public bidding, public
  sale,  or  public  notice,  for  such  term,  and  upon  such  terms and
  conditions as the parties thereto shall agree, a leasehold  interest  in
  the  real  property  purchased in part with federal funds in the name of
  the state for the portion of then-designated  Interstate-478  which  was
  withdrawn  from  the  interstate  system in accordance with federal law.
  Any lease entered into pursuant to the provisions of this section  shall
  be  for  a  period  not less than that for which debt service is due and
  payable on any bonds and notes issued by the authority pursuant to  this
  section  and  not  more than thirty days after the period for which debt
  service is due and  payable  on  any  bonds  and  notes  issued  by  the
  authority pursuant to this section.
    (b)  Notwithstanding  the  provisions of any general, special or local
  law, the state, acting  by  and  through  the  commissioner,  is  hereby
  authorized  to  lease  from  the  authority  or its successor agency its
  interest in the real property purchased in part with  federal  funds  in
  the   name   of  the  state  for  the  portion  of  the  then-designated
  Interstate-478  which  was  withdrawn  from  the  interstate  system  in
  accordance  with  federal  law,  such  lease  to  be upon such terms and
  conditions as the parties thereto shall agree, provided that such  lease
  shall:  (i) be for a period not less than that for which debt service is
  due and payable on any bonds and notes issued by the authority  pursuant
  to this section and not more than thirty days after the period for which
  debt  service  is  due  and payable on any bonds and notes issued by the
  authority pursuant to  this  section,  (ii)  provide  for  lease  rental
  payments equal to the amount needed to pay debt service on said notes or
  bonds as the same become due and equal to the amount needed to cover all
  direct   and/or  indirect  costs  incurred  by  the  authority  and  not
  reimbursed from bond proceeds, (iii) provide that  during  any  year  in
  which  no  debt  service  is due and payable on any such bonds and notes
  such lease rental payments shall be in an amount equal  to  one  dollar,
  (iv) provide that the authority shall have no obligations or duties with
  respect  to  such real property except as set forth in this section, (v)
  provide that during such  leasehold  any  future  proposed  acquisition,
  disposition  or new or different utilization, development or improvement
  of the real property subject to such leasehold interest shall be subject
  to the provision of paragraph b of subdivision  five  of  section  three
  hundred  forty-b of the highway law, if applicable by the terms thereof,
  (vi) provide that the lease rental  revenue  stream  thereunder  may  be
  assigned  to a trustee for the payment of holders of bonds authorized by
  this chapter but prohibit the assignment of any other interests  in  the
  land  subject  to such lease to said trustee, and (vii) provide that the
  obligation of the state to make such lease  rental  payments  shall  not
  constitute  a debt of the state within the meaning of any constitutional
  or statutory provision and shall be deemed executory only to the  extent
  of  moneys made available to the state, and that no liability on account
  thereof shall be incurred by the state beyond the moneys  available  for
  the  purpose  thereof,  and  that  any  obligation  to make lease rental
  payments shall be subject to annual appropriation by the legislature.
    (c) The attorney general shall approve or disapprove of the  form  and
  sufficiency  and  manner  of  execution  of  any  lease  executed by the
  commissioner pursuant to the provisions of this section.