NY Pub Auth L § 1977-A (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 12 1977-A - Bond and Note Authorization.

§  1977-a.  Bond  and  Note  Authorization.  1. (a) For the purpose of financing project costs for the project for  the  Battery  Park  project area  other  than the financing of loans, advances and mortgage loans to housing companies organized to provide housing within the  Battery  Park project  area,  the  authority may issue bonds and notes in an aggregate principal amount at any one time outstanding not exceeding three hundred million dollars, excluding bonds and notes issued to refund  outstanding bonds and notes.  (b)  Commodities  and  futures  exchange  facility. For the purpose of financing project costs to further the development of a commodities  and futures  exchange  facility  as part of the project to be located in the Battery Park project  area,  the  authority  may,  in  addition  to  the authorizations  contained  elsewhere  in  this  title,  borrow  money by issuing bonds or notes in an aggregate principal  amount  not  exceeding one  hundred  ten  million  dollars  plus a principal amount of bonds or notes issued (i) to fund any related debt service reserve fund, (ii)  to provide  capitalized  interest,  and  (iii)  to  provide  fees and other charges and expenses, including underwriters' discount, related  to  the issuance  of  such  bonds or notes and the maintenance of such reserves, all as determined by the authority, excluding bonds and notes issued  to refund  outstanding bonds and notes issued pursuant to this section. The authority may make loans from the proceeds of such issuance and may make temporary loans or advances, for the purpose of developing a commodities and futures exchange within the  Battery  Park  project  area,  and  may undertake  commitments therefor. Any such loans, advances or commitments shall be secured by a mortgage on or security interest in  the  property interests  of  such  exchanges  within the Battery Park project area and shall contain such  terms  and  conditions  not  inconsistent  with  the provisions  of  this  title  as  the  authority  may  deem  necessary or desirable to secure payment of its loan, the interest thereon and  other changes in connection therewith.  (c)  Additional  authorizations.  In  addition  to  the authorizations contained elsewhere in this title, the authority may issue  indebtedness for the purpose of refunding outstanding indebtedness of the housing New York  corporation  which  is  secured  by revenues of the authority, and indebtedness for the purpose of refunding  such  refunding  indebtedness issued  by the authority including the funding of reserves and providing for  fees  and  other  charges  and  expenses,  including  underwriters' discounts, related to the issuance of such refunding bonds or notes, all as determined by the authority.  (d)  Additional  authorizations.  For the purpose of financing capital costs in connection with development of the project area, the  authority may,  in  addition  to  the  authorizations  contained elsewhere in this title, borrow money by issuing bonds or notes in an aggregate  principal amount  not exceeding one hundred fifty million dollars plus a principal amount of bonds or notes issued (i) to fund  any  related  debt  service reserve fund, (ii) to provide capitalized interest, and (iii) to provide for  fees  and  other  charges  and expenses including any underwriters' discounts, related to the issuance  of  such  bonds  or  notes,  all  as determined  by the authority, excluding bonds and notes issued to refund outstanding bounds and notes issued pursuant to this section.  (e) Additional authorizations. For the purpose of financing  costs  of the  state,  the  authority  may,  in  addition  to  the  authorizations contained elsewhere in this title, borrow  money  by  issuing  bonds  or notes  in  an aggregate principal amount not exceeding two hundred fifty million dollars plus a principal amount of bonds or notes issued (i)  to fund  any related debt service reserve fund, (ii) to provide capitalized interest, and (iii) to provide for fees and other charges  and  expenses  including  any  underwriters' discounts, related to the issuance of such bonds or notes, all as determined by the authority, excluding bonds  and notes  issued  to  refund outstanding bonds and notes issued pursuant to this section.  (f)  Additional  authorizations.  For the purpose of financing capital costs in connection  with  a  program  of  infrastructure  construction, improvements  and  other  capital expenditures for the project area, the authority may, in addition to the authorizations contained elsewhere  in this  title,  borrow  money  by  issuing bonds and notes in an aggregate principal amount not exceeding five  hundred  million  dollars,  plus  a principal  amount  of bonds or notes issued (i) to fund any related debt service reserve fund, (ii) to provide capitalized interest, and (iii) to provide  for  fees  and  other  charges  and  expenses   including   any underwriters' discounts, related to the issuance of such bonds or notes, all  as determined by the authority, excluding bonds and notes issued to refund outstanding bonds and notes issued pursuant to this section.   2. For the purposes of financing loans, advances and mortgage loans to housing companies organized pursuant to article  two,  article  four  or article   eleven   of   the   private  housing  finance  law,  including subsidiaries of the authority, for housing accommodations to be  erected in  the  Battery  Park  project  area, the authority may issue bonds and notes in an aggregate principal amount at any one time  outstanding  not exceeding four hundred million dollars, excluding bonds and notes issued to refund outstanding bonds and notes.   3.  The  fixing  of the statutory maximums as provided in subdivisions one and two of this section shall not be  construed  as  constituting  a contract  between  the  authority  and the holders of its bonds or notes that additional bonds and notes may not be issued  subsequently  by  the authority  in  the event that such statutory maximums shall subsequently be increased by law.   4. The authority shall have the power  to  enter  into  interest  rate exchange  agreements, which shall mean written contracts entered into in connection with the issuance of authority debt  or  in  connection  with such  authority  debt  already  outstanding  to  provide for exchange of payments based upon fixed and/or variable interest rates, and  shall  be for  exchanges  in  currency  of  the United States of America only. The authority shall have the power: (a)  until  December  thirty-first,  two thousand  three,  to  enter into such interest rate exchange agreements, and (b) thereafter to enter into replacements and substitutions for  and amendments  to  exchange  agreements, provided that no such replacement, substitution or amendment shall increase the notional  principal  amount under an exchange agreement or extend the term of an exchange agreement. The   authority  shall  be  subject  to  subdivision  three  of  section sixty-nine-d of the state finance law.