NY Pub Auth L § 386-A (2021)
2021 New York Laws PBA - Public Authorities Article 2 - Park, Parkway and Highway Authorities Title 9 - New York State Thruway Authority 386-A - Financing of Metropolitan Transportation Authority (Mta) Transportation Facilities.

§  386-a.  Financing  of  metropolitan  transportation authority (MTA)   transportation facilities.  1. Notwithstanding any  other  provision  of   law  to  the  contrary,  the  authority, the dormitory authority and the   urban development corporation are hereby authorized to  issue  bonds  or   notes   in  one  or  more  series  for  the  purpose  of  assisting  the   metropolitan transportation authority in the financing of transportation   facilities as defined in subdivision seventeen of section twelve hundred   sixty-one of this chapter  or  other  capital  projects.  The  aggregate   principal  amount  of  bonds  authorized  to  be issued pursuant to this   section shall not exceed twelve billion  five  hundred  fifteen  million   eight  hundred  fifty-six  thousand  dollars  $12,515,856,000, excluding   bonds issued to fund one or more debt  service  reserve  funds,  to  pay   costs  of  issuance of such bonds, and to refund or otherwise repay such   bonds or notes previously issued. Such bonds and notes of the authority,   the dormitory authority and the urban development corporation shall  not   be  a  debt of the state, and the state shall not be liable thereon, nor   shall they be payable out of any funds other than those appropriated  by   the  state  to  the  authority,  the  dormitory  authority and the urban   development corporation for principal, interest,  and  related  expenses   pursuant to a service contract and such bonds and notes shall contain on   the  face  thereof  a  statement  to such effect. Except for purposes of   complying with the internal revenue code, any interest income earned  on   bond  proceeds  shall  only  be  used to pay debt service on such bonds.   Notwithstanding any other provision of law to  the  contrary,  including   the  limitations  contained in subdivision four of section sixty-seven-b   of the state finance law, (A) any bonds and notes issued prior to  April   first,  two  thousand  twenty-two pursuant to this section may be issued   with a maximum maturity of fifty years, and  (B)  any  bonds  issued  to   refund  such  bonds  and  notes may be issued with a maximum maturity of   fifty years from the respective date of original issuance of such  bonds   and notes.2.  Notwithstanding  any  other  provision  of law to the contrary, in   order to assist the authority, the dormitory  authority  and  the  urban   development   corporation   in   undertaking   the   financing  of  such   transportation facilities projects, the director of the budget is hereby   authorized to  enter  into  one  or  more  service  contracts  with  the   authority,   the   dormitory   authority   and   the  urban  development   corporation, none of which shall exceed thirty years in  duration,  upon   such  terms  and  conditions  as  the  director  of  the  budget and the   authority, the dormitory authority and the urban development corporation   agree, so as  to  annually  provide  to  the  authority,  the  dormitory   authority and the urban development corporation, in the aggregate, a sum   not to exceed the principal, interest, and related expenses required for   such bonds and notes. Any service contract entered into pursuant to this   section shall provide that the obligation of the state to pay the amount   therein  provided  shall  not  constitute a debt of the state within the   meaning of any constitutional or statutory provision and shall be deemed   executory only to the extent of monies available and that  no  liability   shall  be  incurred  by  the  state beyond the monies available for such   purpose, subject to annual appropriation by the  legislature.  Any  such   service  contract  or  any payments made or to be made thereunder may be   assigned and pledged by the authority, the dormitory authority  and  the   urban  development  corporation as security for such bonds and notes, as   authorized by this section.