NY Pub Auth L § 381 (2021)
2021 New York Laws PBA - Public Authorities Article 2 - Park, Parkway and Highway Authorities Title 9 - New York State Thruway Authority 381 - Further Additional Powers of the Authority.

§ 381. Further additional powers of the authority. 1. The authority is   hereby  authorized,  as  additional  corporate  purposes thereof: (a) to   issue bonds and notes and to incur obligations secured by the moneys  as   provided  in  the  service  contracts  authorized  pursuant  to  section   fourteen of the chapter of the laws of nineteen hundred ninety-one which   enacted this section; and (b) to make available the  proceeds  from  the   sale  of  such  bonds  and  notes,  net of all costs to the authority in   connection therewith, to provide moneys to the authority to achieve  the   same corporate purposes as set forth in section three hundred sixty-five   of  this  chapter.  The  authority  is  further authorized to issue such   obligations in an  aggregate  principal  amount  not  to  exceed  eighty   million  dollars,  exclusive  of the principal amount of bonds, notes or   other obligations issued and  applied  (1)  to  fund  any  related  debt   service  fund,  or  other reserve funds as may be needed, (2) to provide   capitalized interest, and (3) to provide  fees  and  other  charges  and   expenses,  including  underwriters'  discount  and  the  purchase of any   credit or liquidity enhancement facilities, related to the  issuance  of   bonds,  notes or other obligations and the maintenance of such reserves,   all as determined by the authority and excluding bonds, notes  or  other   obligations  issued  to  refund or otherwise repay bonds, notes or other   obligations theretofore issued pursuant to this  section.  In  computing   the total principal amount of bonds, notes or other obligations that may   at  any time be issued for any purpose under this section, the amount of   the outstanding bonds,  notes  or  other  obligations  that  constitutes   interest  under  the  United  States  Internal  Revenue Code of 1986, as   amended to the effective  date  of  this  section,  shall  be  excluded.   Provided,  however,  that  upon  any  refunding  or repayment, except in   connection with the termination of the existence of the authority or  if   otherwise  authorized  by the legislature, the total aggregate principal   amount of outstanding bonds, notes or other obligations may  be  greater   than  the amount authorized by this section only if the present value of   the aggregate debt service of the refunding or repayment bonds, notes or   other obligations to be issued shall not exceed the present value of the   aggregate debt service of the bonds, notes or other obligations so to be   refunded or repaid. For purposes of this section, the present values  of   the aggregate debt service of the refunding or repayment bonds, notes or   other  obligations and of the aggregate debt service of the bonds, notes   or other obligations so refunded  or  repaid,  shall  be  calculated  by   utilizing  the  effective  interest  rate  of the refunding or repayment   bonds, notes or other obligations, which shall be that rate  arrived  at   by  doubling  the  semi-annual  interest rate (compounded semi-annually)   necessary to discount the debt service  payments  on  the  refunding  or   repayment  bonds,  notes  or  other  obligations  from the payment dates   thereof to the date of issue of the refunding or repayment bonds,  notes   or  other  obligations  and to the price bid including estimated accrued   interest or proceeds  received  by  the  authority  including  estimated   accrued interest from the sale thereof.2.  Such  obligations  shall  be  special  limited  obligations of the   authority, secured by  and  payable  solely  out  of  payments  received   pursuant to service contract or contracts authorized by section fourteen   of  the chapter of the laws of nineteen hundred ninety-one which enacted   this section, funded by amounts appropriated by the legislature 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.3. 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. 4. Such obligations shall be scheduled to mature over a  term  not  to   exceed thirty years.5. All 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.