NY Pub Auth L § 2799-TT (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 33 - New York City Transitional Finance Authority 2799-TT - Additional Bonds of the Authority.

§  2799-tt.  Additional bonds of the authority. 1. Notwithstanding any   provision of this title or  of  any  other  law  to  the  contrary,  the   authority   is   hereby  authorized  to  issue  bonds,  notes  or  other   obligations in addition to those  authorized  by  sections  twenty-seven   hundred  ninety-nine-gg  and twenty-seven hundred ninety-nine-ss of this   title in an amount outstanding  of  up  to  nine  billion  four  hundred   million  dollars  for  purposes of (i) funding costs of such educational   facilities capital plan, the five-year  educational  facilities  capital   plan approved in accordance with section twenty-five hundred ninety-p of   the  education  law and (ii) refunding bonds, notes or other obligations   issued to pay such costs,  and  for  payment  of  all  other  costs  and   expenses  relating  to  bonds,  notes  or other obligations described in   clause  (i)  or  (ii)  of  this  subdivision  or  incurred  pursuant  to   agreements relating to such bonds, notes or other obligations, including   without  limitation,  capitalized  interest, the funding of reserves and   costs of issuance. The city, acting through the mayor, may assign all or   any portion of the state aid payable to the city  of  New  York  or  the   school  district  of the city of New York pursuant to subdivision six of   section thirty-six hundred two of the education law  of  the  state  (or   pursuant  to any successor provision of state law) to the authority and,   after such assignment, such aid and the right to receive such aid  shall   be  the property of the authority. Bonds issued pursuant to this section   shall have a maximum maturity of up to thirty years.2. Following notice from the city of New York to the director  of  the   state  division  of  the  budget  and  the  state  comptroller  of  such   assignment, such payment shall be made by the state comptroller directly   to the city's assignee; provided that such payment shall be subject  and   subordinate  to  payment  of  such aid to the municipal bond bank agency   pursuant to section twenty-four hundred thirty-six of this article,  the   educational construction fund pursuant to section four hundred sixty-two   of  the  education  law,  and  the  paying  agent for bonds and notes in   default pursuant to section ninety-nine-b of the state finance law.3. Notwithstanding any inconsistent provision of law, amounts  applied   pursuant  to  this  section to fund the five-year educational facilities   capital plan and related costs, and amounts applied to pay debt  service   on  bonds, notes or other obligations described in clause (i) or (ii) of   subdivision one of this section  (together  with  all  other  costs  and   expenses  referred  to  in  such subdivision) shall be deemed to be paid   from revenues of the city of New York for the purpose of any computation   of federal or state aid.4. The  pledge  and  agreement  of  the  state  contained  in  section   twenty-seven  hundred  ninety-nine-ii  of  this  title  shall  be  fully   applicable to bonds, notes or other obligations issued pursuant to  this   section,  and  may be included in any agreement with the holders of such   bonds, notes or other obligations. Nothing  contained  in  this  section   shall  be  deemed  to  restrict the right of the state to amend, modify,   repeal or otherwise alter statutes relating to the state aid subject  to   such  assignment, but such state aid shall in all events (i) continue to   be so payable, as assigned, so long as any such state aid  is  paid  and   (ii)  continue to be calculated in accordance with the same formula used   for such calculation, and otherwise on the same basis  as  such  aid  is   calculated,  on  the  date  that  the applicable project is approved for   reimbursement.