NY Pub Auth L § 379 (2021)
2021 New York Laws PBA - Public Authorities Article 2 - Park, Parkway and Highway Authorities Title 9 - New York State Thruway Authority 379 - 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expended  as  adjusted  by credits received to acquire real property for the portion of Interstate-478  which  was  withdrawn  from  the  federal interstate  system  in  accordance  with federal law.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.