2006 New York Code - Further Additional Powers Of The Authority To Finance Certain Local Highway And Bridge Improvements And Payments To The Authority.

 
    §  380.  Further additional powers of the authority to finance certain
  local highway and bridge improvements and payments to the authority.  1.
  (a) The authority is hereby authorized, as additional corporate purposes
  thereof:  (i)  to issue bonds and notes and to incur obligations secured
  by the moneys as provided in the service contracts  authorized  pursuant
  to  section  eleven  of chapter three hundred twenty-nine of the laws of
  nineteen hundred ninety-one, as amended;  (ii)  to  make  available  the
  proceeds  from the sale of such bonds and notes, net of all costs to the
  authority in connection therewith, for the purposes of financing all  or
  a  portion  of  the  capital  costs of local highway and bridge projects
  pursuant to sections ten-c, ten-f and  ten-g  of  the  highway  law  and
  sections  sixteen  and  sixteen-a of the chapter of the laws of nineteen
  hundred ninety-one which enacted this section, section eighty-b  of  the
  highway  law and section fifteen of chapter three hundred twenty-nine of
  the laws of nineteen hundred ninety-one which enacted this section,  and
  project    costs   for:   construction,   reconstruction,   improvement,
  reconditioning and preservation of rail freight facilities and intercity
  rail passenger facilities and equipment;  construction,  reconstruction,
  improvement,  reconditioning  and  preservation  of state, municipal and
  privately  owned  ports;  construction,   reconstruction,   improvement,
  reconditioning  and  preservation of municipal airports; privately owned
  airports and aviation capital facilities, excluding airports operated by
  the state or operated by a bi-state municipal corporate  instrumentality
  for  which  federal  funding  is  not  available provided the project is
  consistent  with  an  approved  airport   layout   plan;   construction,
  reconstruction,  enhancement,  improvement, replacement, reconditioning,
  restoration, rehabilitation and preservation  of  state,  county,  town,
  city   and   village   roads,   highways,   parkways  and  bridges,  and
  construction,   reconstruction,    improvement,    reconditioning    and
  preservation  of fixed ferry facilities of municipal and privately owned
  ferry lines for transportation purposes; (iii) to enter into  agreements
  with  the commissioner with respect to financing any such local highways
  and bridges owned, maintained or operated by a municipality, and (iv) to
  enter into service contracts, contracts, agreements,  deeds  and  leases
  with  the  director  of the budget or the commissioner of transportation
  and project sponsors and others to provide  for  the  financing  by  the
  authority   of   project   costs   for:   construction,  reconstruction,
  improvement, reconditioning and preservation of rail freight  facilities
  and  intercity  rail  passenger  facilities and equipment; construction,
  reconstruction, improvement, reconditioning and preservation  of  state,
  municipal  and  privately  owned  ports;  construction,  reconstruction,
  improvement, reconditioning  and  preservation  of  municipal  airports;
  privately  owned  airports  and  aviation  capital facilities, excluding
  airports operated by the state  or  operated  by  a  bi-state  municipal
  corporate  instrumentality  for  which  federal funding is not available
  provided the project is consistent with an approved airport layout plan;
  construction,  reconstruction,  enhancement,  improvement,  replacement,
  reconditioning,  restoration,  rehabilitation and preservation of state,
  county, town, city and village roads, highways,  parkways  and  bridges;
  and   construction,   reconstruction,  improvement,  reconditioning  and
  preservation of fixed ferry facilities of municipal and privately  owned
  ferry  lines for transportation purposes. The director of the budget and
  the commissioner of transportation are each hereby authorized  to  enter
  into service contracts, contracts, agreements, deeds and leases with the
  authority,  project  sponsors  or others to provide for the financing by
  the authority of the project costs specified in subparagraph (iv) of the
  preceding sentence.
    (b) Such obligations shall be issued or incurred 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 amounts  appropriated
  by  the  legislature  as  authorized  pursuant to such section eleven of
  chapter   three   hundred   twenty-nine  of  laws  of  nineteen  hundred
  ninety-one,  as  amended,  and  any  other  funds  appropriated  by  the
  legislature to the authority therefor without recourse against any other
  assets, revenues or funds of or other payments due to the authority.
    (d)  Such obligations 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 that the state shall not be liable thereon.
    (e)  All  of the provisions of this title relating to bonds and notes,
  which are not inconsistent with the provisions of  this  section,  shall
  apply  to  obligations  authorized  by  this  section, including but not
  limited to the power to issue renewal notes or refunding bonds thereof.
    (f) Notwithstanding any inconsistent provision of law, any place where
  reference to paragraph (c) of this subdivision is made in law  it  shall
  be  deemed  to  be  a  reference to paragraph (b) of this subdivision as
  relettered by chapter six hundred thirty-seven of the laws  of  nineteen
  hundred ninety-six which added this paragraph.
    2.  Not less than one hundred twenty days before the beginning of each
  state fiscal year, the chairman of the authority shall  certify  to  the
  comptroller  and to the director of the budget a schedule of anticipated
  cash requirements for such fiscal year. The total  amount  so  certified
  for  such  fiscal  year  shall  be equal to the total amount of the debt
  service due or expected to be due during such fiscal year on obligations
  of the authority incurred pursuant to subdivision one of  this  section,
  including  payments  of  interest  and principal (including sinking fund
  payments), together with:
    (a) the amount, if any, due to any provider of any  insurance  policy,
  letter  of  credit  or other letter of enhancement or a related facility
  with respect to such obligations, representing payments made  by  it  as
  provided  in the applicable resolution or trust indenture as a result of
  any previous failure of the state to make any payment  provided  for  in
  this section, including any related reasonable interest, fees or charges
  so provided;
    (b)  the  amount,  if  any, required to restore any applicable reserve
  fund to the applicable  reserve  fund  requirement  to  the  extent  any
  deficiency  therein  has resulted directly or indirectly from failure by
  the state to make any payment provided for in this section;
    (c) the amount, if any, required to be rebated to the United States to
  provide for continued exclusion from federal income taxation of interest
  on obligations of the authority; and
    (d) the expenses of the establishment and continued operating expenses
  of the authority relating to  local  highway  and  bridge  projects  and
  project    costs   for:   construction,   reconstruction,   improvement,
  reconditioning and preservation of rail freight facilities and intercity
  rail passenger facilities and equipment;  construction,  reconstruction,
  improvement,  reconditioning  and  preservation  of state, municipal and
  privately  owned  ports;  construction,   reconstruction,   improvement,
  reconditioning  and  preservation of municipal airports; privately owned
  airports and aviation capital facilities, excluding airports operated by
  the state or operated by a bi-state municipal corporate  instrumentality
  for  which  federal  funding  is  not  available provided the project is
  consistent  with  an  approved  airport   layout   plan;   construction,
  reconstruction,  enhancement,  improvement, replacement, reconditioning,
  restoration, rehabilitation and preservation  of  state,  county,  town,
  city   and   village   roads,   highways,   parkways  and  bridges;  and
  construction,   reconstruction,    improvement,    reconditioning    and
  preservation  of fixed ferry facilities of municipal and privately owned
  ferry lines for transportation  purposes,  funded  pursuant  to  section
  eleven  of  chapter  three  hundred  twenty-nine of the laws of nineteen
  hundred ninety-one, as amended, including, but not limited to, trustees'
  fees, fees payable to providers of credit facilities, fees  for  issuing
  and  paying  agents,  remarketing  agents  and  dealers,  legal counsel,
  financial  or  other  advisors  or  consultants,  independent  auditors,
  providers   of  interest  rate  exchange  agreements,  rating  agencies,
  transfer or information agents, the publication  of  advertisements  and
  notices,  surety arrangements, and printer's fees or charges incurred by
  the authority to comply with applicable federal and state securities and
  tax laws; and any other costs  of  issuance  in  excess  of  the  amount
  provided  therefor from the proceeds of the sale of such obligations, to
  the extent that any of the foregoing amounts or expenses are not  to  be
  paid from other resources available to the authority for such purpose.
    3. The chairman of the authority may revise such certification at such
  times  as  shall  be determined by the chairman; provided, however, that
  the chairman of the authority shall revise such certification not  later
  than  thirty  days  after  the  issuance  of  any obligations authorized
  pursuant to subdivision one of this section including  refunding  bonds,
  and  the  adoption  of  any  interest  rate  exchange or other financial
  arrangement affecting  the  cash  requirements  of  the  authority  with
  respect to the obligations incurred pursuant to this section.
    4.  Such certification shall provide for payments on such dates as the
  authority deems appropriate to ensure  that  sufficient  funds  will  be
  available  from  the  sources identified in this section to enable it to
  meet its current obligations with respect to those obligations  incurred
  pursuant to this section as they become due.
    5.  Upon  receipt  of such certification, or any revision thereof, the
  comptroller shall pay such amount to the authority  in  accordance  with
  such  certification,  from  the service contracts authorized pursuant to
  section  eleven  of  chapter  329  of  the  laws  of  nineteen   hundred
  ninety-one,  as  amended, or from any other amount appropriated for such
  purpose. Such payments shall be made on or before the date specified  in
  each  certificate or within thirty days after such receipt, whichever is
  later, provided that all such amounts shall have been first appropriated
  by the state.
    6. The state, acting through the  director  of  the  budget,  and  the
  authority  may  enter  into,  amend,  modify,  or  rescind  one  or more
  agreements providing for the specific  manner,  timing,  and  amount  of
  payments to be made under this section, but only in conformity with this
  section.  The  agreement of the state contained in this section shall be
  deemed executory only to the  extent  of  appropriations  available  for
  payments  under  this  section  and  no liability on account of any such
  payment shall be incurred by the state beyond such appropriations.
    7. The authorization, sale and  issuance  of  bonds,  notes  or  other
  obligations  pursuant  to  this section shall not be deemed an action as
  such term is defined in article eight of the environmental  conservation
  law  for  the purposes of such article. Such exemption shall be strictly
  limited in its application to such financing activities of the authority
  and does not exempt the department of transportation or any other entity
  from compliance with such article.