NY Pub Auth L § 51 (2021)
2021 New York Laws PBA - Public Authorities Article 1-A - New York State Public Authorities Control Board 51 - Powers, Functions and Duties of the New York State Public Authorities Control Board; Limitations.

§  51.  Powers,  functions  and  duties  of  the New York state public   authorities control board; limitations. 1. The  New  York  state  public   authorities  control board shall have the power and it shall be its duty   to receive applications for approval of the financing  and  construction   of  any  project  proposed  by any of the following state public benefit   corporations:a. New York state environmental facilities corporationb. New York state housing finance agencyc. New York state medical care facilities finance agencyd. Dormitory authoritye. New York state urban development corporationf. Job development authorityg. Battery park city authorityh. New York state project finance agencyi. State of New York mortgage agencyj. New York state energy research and development authorityk. Long Island Power Authorityl. Albany Convention Center Authoritym. State of New York Municipal  Bond  Bank  Agency  for  bonds  issued   pursuant  to  section  two  thousand  four  hundred thirty-six-b of this   chaptern. North Country Power Authority   Any application made concerning  a  project  shall  include  the  terms,   conditions and dates of the repayment of state appropriations authorized   by  law  pursuant  to  a  repayment  agreement.  Any  subsidiary  of, or   corporation with the same members or  directors  as,  a  public  benefit   corporation  subject  to  the  provisions  of this section shall also be   subject  to  the  provisions  of  this  section.  All  applications  and   submissions  to  the  board required to be made by a subsidiary shall be   made on behalf of such subsidiary  by  the  public  benefit  corporation   which  created  the subsidiary. No public benefit corporation subject to   the provisions of this section shall make any commitment, enter into any   agreement or incur  any  indebtedness  for  the  purpose  of  acquiring,   constructing,  or  financing  any project unless prior approval has been   received from the board by such public benefit corporation  as  provided   herein.2.  The board may require as part of such application such information   as it deems necessary and shall  act  upon  such  application  within  a   reasonable  time.  The  board shall furnish the state comptroller with a   copy of each  such  application  within  three  days  following  receipt   thereof  by  the board. The board shall not approve any such application   prior to the earlier of (a) seven days  following  the  receipt  by  the   state comptroller of such application or (b) the receipt by the board of   the state comptroller's comments on the application or his consent to an   earlier  determination  by the board. Reference to the state comptroller   in this subdivision shall include any authorized representative  of  the   state comptroller.3.  The  board  may  approve  applications only upon its determination   that, with relation to any proposed project, there  are  commitments  of   funds  sufficient  to  finance  the acquisition and construction of such   project.  In determining the sufficiency of commitments  of  funds,  the   board  may  consider  commitments of funds, projections of fees or other   revenues and security, which  may,  in  the  discretion  of  the  board,   include collateral security sufficient to retire a proposed indebtedness   or  protect  or  indemnify  against potential liabilities proposed to be   undertaken. A copy of such determination shall be submitted to the chief   executive officer of the appropriate public benefit corporation and  the   state comptroller. 3-a.  The  board  shall  not  approve  recovery act bonds applications   provided by the state of New York municipal bond bank agency unless  the   board   finds  sufficient  interest  rate  and  other  savings  to  each   participating municipality.4.   Notwithstanding   any  other  provisions  of  this  section,  the   requirements of subdivisions one, two and three of  this  section  shall   not apply with regard to any project of the New York state environmental   facilities  corporation,  the New York state housing finance agency, the   New York state medical care facilities finance agency or  the  dormitory   authority  in  progress  on  the  first  day  of April, nineteen hundred   seventy-six, with regard to any project of the New  York  state  project   finance  agency  or  the New York state urban development corporation in   progress on the first day of April, nineteen hundred seventy-eight, with   regard to any project of the job development authority  or  the  battery   park  city  authority  in  progress  on  the first day of July, nineteen   hundred eighty, and with regard to a project of any other public benefit   corporation subject to the provisions of this section in progress on the   first day of July, nineteen hundred eighty-three, as determined  by  the   New  York  state  public  authorities  control  board  whose affirmative   determination shall be conclusive as to all matters of law and fact  for   the purpose of the limitations of this section.5.  Nothing  contained  in  subdivisions  one,  two  and three of this   section shall limit the  right  or  obligation  of  any  public  benefit   corporation subject to the provisions of this section to comply with the   provisions  of  any  existing  contract, including any existing contract   with or for the benefit of the holders of any obligations of any  public   benefit corporation.6.  A  member  of  the  board must vote within the scope of his or her   legal authority. The legal authority of a member of the  board  pursuant   to this section is solely to determine whether the issuing authority has   demonstrated that there is the commitment of funds sufficient to finance   the  acquisition  and  construction  of the project subject to approval.   Failure of a member to vote  within  the  scope  of  his  or  her  legal   authority constitutes a violation of the public's trust for the purposes   of  paragraph  h  of  subdivision  three  of section seventy-four of the   public officers law. As the appointing authority, the governor  has  the   full  discretion  to  immediately remove a member of the board he or she   finds to be acting, or threatening to act,  beyond  the  scope  of  such   member's legal authority set forth herein.