NY Pub Auth L § 1680-E (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 4 - Dormitory Authority 1680-E - State University Athletic Facilities.

§  1680-e.  State university athletic facilities. 1. The authority may design,  acquire,  construct,  reconstruct,  rehabilitate,  improve   or otherwise  provide,  furnish  and  equip  a  state  university  athletic facility and for that purpose may issue its bonds in accordance with the provisions of this article.   2. The state shall annually appropriate to the authority and  on  June tenth  and  December  tenth of each year pay to or upon the order of the authority on account of state university athletic facilities the sum of:  (a) the interest on bonds issued in connection with  state  university athletic facilities payable on the interest payment date next succeeding such June tenth or December tenth;  (b)  one-half  of  the  principal or sinking fund installments of such bonds payable on the July first  next  succeeding  such  June  tenth  or December tenth;  (c)  the  amount  required  by the agreement of the authority with the holders of such bonds to be paid to maintain or restore any reserve fund to the requirement for such reserve fund; and  (d) one-half of the fees, expenses, administrative costs and  overhead of  the  authority  incurred  or  to  be  incurred in connection with or allocated to state university athletic facilities  or  bonds  issued  in connection  therewith,  including  amounts, if any, to be rebated to the department of the treasury of the United States of America  pursuant  to the  internal  revenue  code  of  1986,  as  amended, or the regulations adopted thereunder.   The amount of money required to be paid pursuant to  this  subdivision shall  be  determined  from  the  report required to be submitted by the authority pursuant to subdivision five of this section.   The state shall receive a credit against the payments required  to  be made pursuant to paragraphs (a) and (b) of this subdivision in an amount equal  to  the  amount  by  which  the  amount  in the debt service fund established pursuant to the agreement of the authority and  the  holders of  bonds issued in connection with state university athletic facilities on the date of any such  payment  is  to  be  made  exceeds  the  amount required  pursuant  to  such resolution to be on deposit in such fund or required to pay  the  purchase  price  or  redemption  price,  including accrued  interest  to  the  date  of  purchase  or  redemption, of bonds outstanding  theretofore  contracted  to  be  purchased  or  called  for redemption.   3. Any payments to be made by the state may be pledged and assigned by the  authority to secure the payment of the principal of and interest on bonds issued by the authority to finance the  cost  of  the  design  and construction of a state university athletic facility and other costs and necessary  or  incidental  expenses  related  thereto.  The right of the authority to receive  the  payment  of  amounts  appropriated  shall  be enforceable  by  the  authority.  All public officers are authorized and required to pay all such money due to the authority to the authority  or its  designee  pursuant  to  a  certificate  filed  with any such public officer pursuant to the provisions of this subdivision.   4. The state university of New York may, with respect  to  such  state university  athletic  facility,  transfer  title or grant any other real property interests or rights to the authority,  and  the  authority  may transfer  title  or grant any other real property interests to the state university of New York.   5. Not later than one hundred twenty days prior to  the  beginning  of the fiscal year of the state, the authority shall submit to the director of  the  budget,  the  state  comptroller, the chairperson of the senate finance committee and the chairperson of the  assembly  ways  and  means  committee,  a report setting forth in connection with a state university athletic facility the following:  (a)  the  principal  and  sinking fund installments of and interest on bonds issued in connection with state  university  athletic  facilities, payable during the next succeeding fiscal year of the state;  (b)  the  amount required to be paid during the next succeeding fiscal year of the state pursuant to the agreement of the  authority  with  the holders   of  such  bonds  to  restore  or  maintain  any  reserve  fund established pursuant to such agreement; and  (c) the fees, expenses, administrative costs and overhead estimated by the authority to be incurred by it during  the  next  succeeding  fiscal year  of the state in connection with or to be allocated during the next succeeding fiscal  year  of  the  state  to  state  university  athletic facilities  or  bonds issued in connection therewith, including amounts, if any, to be rebated to the department of the treasury  of  the  United States  of  America  pursuant  to  the internal revenue code of 1986, as amended, or the regulations adopted thereunder.   The report submitted by the authority pursuant to this subdivision may be amended from time to time prior to  any  date  on  which  payment  is required  to  be  made  by the state pursuant to subdivision two of this section.   6. The state university  trustees  shall,  notwithstanding  any  other provision  of  law,  be  empowered  to allow employees, representatives, agents of, and persons or entities under contract to  the  authority  to enter upon the campus of the state university of New York at Buffalo for purposes    of   managing   the   acquisition,   design,   construction, reconstruction, rehabilitation, improvement, furnishing and equipping of the state university athletic facility, including, but not  limited  to, the  connection of such facility with the existing infrastructure of the campus. Upon the determination by the authority that the right to  enter upon  the  campus of the state university of New York at Buffalo created hereunder  is  no  longer  necessary  for  such   acquisition,   design, construction, reconstruction, rehabilitation, improvement, furnishing or equipping  of  such state university athletic facility by the authority, the authority shall relinquish its right established hereunder to  enter upon  the  campus  of  the  state university of New York at Buffalo. The authority  shall  have  the  power  to  enter   into   agreements   with individuals,  partnerships, corporations or any other entity in order to take whatever actions are necessary to carry out the provisions of  this section.   7.  Notwithstanding  any other provision of this section, or any other provision of law, funds for any payments to the authority on account  of a  state  university  athletic  facility  shall be paid exclusively from appropriations intended for this purpose.   8. The authority shall not issue its  bonds  to  finance  the  design, construction,  reconstruction,  rehabilitation,  improvement, furnishing and equipping of a state university athletic facility  in  an  aggregate principal  amount  greater  than  twenty-two  million dollars; provided, however, that, in addition to such bonds, the  authority  may  issue  an aggregate principal amount of bonds sufficient to fund any reserve funds established  in  connection  therewith  to  pay  the  costs  incurred in connection with the issuance of any of such bonds and the  cost  of  the management  of  the  design  and  construction  of  the state university athletic facility.   9. With respect to the financing, design,  acquisition,  construction, reconstruction,  rehabilitation,  improvement,  or  otherwise providing, furnishing and equipping of a state university  athletic  facility,  any member, officer or employee of the authority is deemed to be an employee  as such term is defined in and for all of the purposes of the provisions of  section  seventeen  of  the  public  officers  law,  which  shall be applicable to any such member, officer or employee.   10.  If  a state university athletic facility or part thereof is taken by eminent domain or condemnation, or damaged or destroyed, then and  in such event:  (a)  if, within one hundred twenty days from the occurrence, the state university of  New  York  notifies  the  authority  in  writing  of  its intention to replace or restore such state university athletic facility, the  state  university  of  New York shall proceed to replace or restore such  state  university  athletic  facility,  including  all   fixtures, furniture,  equipment  and effects, to its original condition insofar as possible. The moneys required for such replacement or restoration  shall be  paid  from  the  proceeds  of  any  condemnation  award or insurance received by reason of such occurrence  and,  to  the  extent  that  such proceeds  are  not sufficient, from any moneys available therefor in any fund established pursuant to the agreement of  the  authority  with  the holders  of  bonds issued in connection with a state university athletic facility, if any, or from moneys to be provided by the state  university of New York; or  (b) if the authority has not within such one hundred twenty day period been notified in writing of the intention of the state university of New York  to restore or replace such state university athletic facility, the dormitory authority in its discretion  may  determine  that  such  state university  athletic facility has been abandoned and is no longer useful or necessary in the operation of the state university of  New  York.  In such event, the proceeds of any condemnation award or insurance received by reason of such occurrence shall be applied and paid in the manner and order of priority as provided in such agreement with the holders of such bonds.