NY Pub Auth L § 1285-Q (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 12 - New York State Environmental Facilities Corporation 1285-Q - Financing of Hazardous Waste Site Remediation Projects.

§  1285-q.  Financing of hazardous waste site remediation projects. In   order to effectuate the purposes of this title,  the  corporation  shall   have the following additional special powers:1.  Subject  to  chapter  fifty-nine  of the laws of two thousand, but   notwithstanding any other provisions of law to the contrary, in order to   assist  the  corporation  in  undertaking  the  administration  and  the   financing  of  hazardous  waste site remediation projects for payment of   the state's share of the costs of the  remediation  of  hazardous  waste   sites,  in accordance with title thirteen of article twenty-seven of the   environmental conservation law and section ninety-seven-b of  the  state   finance  law,  and  for  payment  of  state  costs  associated  with the   remediation of offsite contamination  at  significant  threat  sites  as   provided  in  section 27-1411 of the environmental conservation law, and   beginning in state fiscal year  two  thousand  fifteen  -  two  thousand   sixteen for environmental restoration projects pursuant to title five of   article  fifty-six  of  the environmental conservation law provided that   funding for such projects shall not exceed ten percent  of  the  funding   appropriated   for  the  purposes  of  financing  hazardous  waste  site   remediation projects, pursuant to title thirteen of article twenty-seven   of the environmental conservation law in any state fiscal year  pursuant   to  capital  appropriations  made  to  the  department  of environmental   conservation, the director of the division of budget and the corporation   are each authorized to enter into one or more service contracts, none of   which shall exceed  twenty  years  in  duration,  upon  such  terms  and   conditions  as  the  director  and  the  corporation may agree, so as to   annually provide to the corporation in  the  aggregate,  a  sum  not  to   exceed  the  annual  debt service payments and related expenses required   for any bonds and notes authorized pursuant to  section  twelve  hundred   ninety of this title. Any service contract entered into pursuant to this   section shall provide that the obligation of the state to fund or to pay   the  amounts  therein  provided  for  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 moneys available for   such  purposes,  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 corporation as security for its bonds and   notes,  as  authorized pursuant to section twelve hundred ninety of this   title.2.  The  comptroller  is  hereby  authorized  to  receive   from   the   corporation  any  portion  of bond proceeds paid to provide funds for or   reimburse the state for its costs associated with  any  hazardous  waste   site  remediation  projects  and  to  credit such amounts to the capital   projects fund or any other appropriate fund.3. The maximum amount of bonds that may be issued for the  purpose  of   financing  hazardous  waste  site remediation projects and environmental   restoration projects authorized by this section  shall  not  exceed  two   billion  two  hundred  million  dollars and shall not exceed one hundred   million dollars for appropriations enacted for any  state  fiscal  year,   provided that the bonds not issued for such appropriations may be issued   pursuant  to  reappropriation in subsequent fiscal years. No bonds shall   be issued for the repayment of any new appropriation enacted after March   thirty-first,  two  thousand  twenty-six  for   hazardous   waste   site   remediation  projects  authorized by this section. Amounts authorized to   be issued by this section shall be exclusive of bonds issued to fund any   debt service reserve funds, pay costs of issuance  of  such  bonds,  and   bonds  or  notes  issued  to  refund  or  otherwise repay bonds or notes   previously issued. Such bonds and notes of the 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   this  state  to  the  corporation  for debt service and related expenses   pursuant to any service contracts executed pursuant to  subdivision  one   of  this  section,  and  such  bonds and notes shall contain on the face   thereof a statement to such effect.