NY Pub Auth L § 380 (2021)
2021 New York Laws PBA - Public Authorities Article 2 - Park, Parkway and Highway Authorities Title 9 - New York State Thruway Authority 380 - 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.