NY Pub Auth L § 2435-D (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 18 - State of New York Municipal Bond Bank Agency Act 2435-D - Special School Purpose Agreements.

§  2435-d.  Special school purpose agreements. In order to fulfill the   purposes of this title and to provide  a  means  by  which  the  special   school  purpose  municipalities  may  receive  assistance  to meet their   obligations and, notwithstanding any  general  or  special  law  to  the   contrary,  the  agency  and each special school purpose municipality are   hereby authorized to enter into  one  or  more  special  school  purpose   agreements  in  accordance  with  the  provisions  of  this  title as to   financing of costs by the agency, the application of school aid revenues   to the agency to secure its bonds and further assurances in  respect  of   the  agency's  receipt of such revenues. Any such special school purpose   agreements shall not  constitute  indebtedness  of  the  special  school   purpose  municipality for purposes of section 20.00 of the local finance   law or any constitutional or  statutory  limitation.  In  addition,  any   special  school  purpose  bonds  issued  in connection with such special   school purpose agreement shall not constitute a debt of the state or  of   the   applicable   special   school   purpose   municipality  under  any   constitutional or statutory provision.  Any  such  school  aid  revenues   shall  belong to the agency, shall not be, or be treated as, revenues of   the special school purpose municipality for appropriation, accounting or   any other purpose, provided, however,  that  such  school  aid  revenues   shall   be   deemed  to  be  revenues  of  the  special  school  purpose   municipality for the purpose of any computation of federal or state aid,   and shall not be consolidated, commingled or otherwise combined with any   other moneys of the agency and any such special school purpose agreement   shall include a statement to such effect. Any such school  aid  revenues   and  any  such  special  school purpose agreements may be pledged by the   agency in accordance with and with the  effect  of  subdivision  ten  of   section  two  thousand four hundred thirty-seven of this title to secure   its bonds and may not be modified thereafter except as provided  by  the   terms of the pledge. Each special school purpose agreement shall specify   the amount to be made available to the respective special school purpose   municipality  through the proceeds of an issue of special school purpose   bonds and such other matters as the agency shall determine necessary  or   desirable  as to the application of bond proceeds or the security of the   bonds. Such special school purpose agreement shall also provide that the   agency shall not be entitled  to  receive  any  special  school  purpose   school aid revenues. The receipt of the proceeds of any issue of special   school purpose bonds by the special school purpose municipality shall be   deemed  to satisfy an equivalent amount of prior year claims owed to the   school district of such special school purpose municipality pursuant  to   section  thirty-six hundred four of the education law, and such proceeds   provided pursuant to this section shall not  reduce  the  apportionments   payable  for  approved project costs pursuant to subdivisions six, six-a   and six-b and paragraph c of subdivision fourteen of section  thirty-six   hundred  two  and  subdivision  twelve  of  section  thirty-six  hundred   forty-one of the education law and may be used  by  an  eligible  school   district to fund the principal amount of any costs that are in excess of   the  costs  approved  for an apportionment pursuant to such subdivisions   six, six-a or six-b of section thirty-six  hundred  two  or  subdivision   twelve of section thirty-six hundred forty-one of the education law.