NY State Fin L § 66-B (2021)
2021 New York Laws STF - State Finance Article 5-A - Certificates of Participation 66-B - Issuance of Certificates of Participation.

§  66-b. Issuance of certificates of participation. 1. The director of   the  budget  shall  determine  whether  the  use  of   certificates   of   participation  to  finance  and/or  to refinance installment purchase or   lease purchase contracts entered into by state departments, agencies  or   the city university of New York is financially desirable and in the best   interest  of  the  state.  Upon notice of such a determination the state   comptroller  is  authorized,  pursuant  to  a  request  for   proposals,   competitive  bidding  or  negotiated  placement,  to  cause to be issued   certificates of participation  or  similar  instruments  that  represent   undivided  proportionate  interests  in  periodic  payments due from the   state to fund installment purchase or lease purchase  contracts  entered   into,  or  expected  to  be  entered  into,  by  the  state departments,   agencies, the city university of New York, or any  combination  thereof,   pursuant  to the provisions of this article. The state comptroller shall   issue regulations to govern the procedure he shall follow  in  any  sale   conducted   pursuant   to   this  section  of  such  certificates.  Such   regulations shall, in the case of all  sales,  require  that  notice  be   published  in  a  definitive  trade  publication  of  the municipal bond   industry published on each business day in the state of New York,  which   is  generally  available to participants in the municipal bond industry,   which notice shall state the terms of the sale. The  proceeds  from  the   issuance  of such certificates may also be used for the establishment of   reserve funds to secure  such  certificates,  the  cost  or  premium  of   letters  of  credit, insurance or other credit enhancements, the cost of   bond counsel, financial advisor, trustees and  paying  agent,  and  such   other  related  expenses  as  may  be necessary for the issuance of such   certificates. The foregoing shall not be construed to authorize the  use   of  such  proceeds for the payment of personal service expenses of state   departments, agencies or the city university of  New  York,  other  than   payments made to the department of law for legal services rendered.2. The maximum term of certificates of participation issued to finance   personal  property  shall be ten years. The maximum term of certificates   of participation to finance  the  acquisition  or  improvement  of  real   property  shall  be  twenty-five years. In no event, however, shall such   term exceed the expected useful life of  the  property  being  financed,   with  such  term  calculated  from the date of delivery, with respect to   personal property, and the date  of  occupancy,  with  respect  to  real   property.3.  Ten  days  prior  to the issuance of certificates of participation   pursuant to this section, the director of the budget shall  transmit  to   the  chairs  of  the  senate finance committee and the assembly ways and   means committee a copy of the director of the  budget's  notice  to  the   state  comptroller  pursuant  to this section. Such notice shall provide   the following information pertaining to  the  personal  property  to  be   financed by the certificates:1. The agency and program procuring the equipment.2. A brief description of the equipment.3. The estimated cost of the equipment if purchased outright.4. The estimated terms of such financings.5.  The estimated total lease or installment purchase payments for the   equipment.6. The estimated lease or installment purchase payments by fiscal year   for the current fiscal year and the next five fiscal years.7. The anticipated source  of  funds  to  make  lease  or  installment   purchase payments.8.  Those  items  of  equipment  not  anticipated  to be financed upon   enactment of the budget for such fiscal year.    Before the issuance of the certificates the director of the  budget  may   amend such notice and shall transmit a copy of the amended notice to the   chairs  of  the  senate  finance  committee  and assembly ways and means   committee. After the issuance of the certificates, the director  of  the   budget  shall transmit to the chairs of the senate finance committee and   assembly ways and means committee and the state comptroller  a  copy  of   the  final  official statement accompanying such issuance and thereafter   shall transmit quarterly reports  which  update  such  notices  to  such   individuals.4.  Subject to the provisions of chapter fifty-nine of the laws of two   thousand, but  notwithstanding  any  other  provisions  of  law  to  the   contrary, the maximum amount of certificates of participation or similar   instruments  representing  periodic  payments  due from the state of New   York, issued on behalf of  state  departments  and  agencies,  the  city   university  of  New  York and any other state entity otherwise specified   after March thirty-first, two thousand  three  shall  be  seven  hundred   eighty-four  million  two  hundred  eighty-five  thousand  dollars. Such   amount shall be exclusive of certificates of  participation  or  similar   instruments  issued  to  fund a reserve fund or funds, costs of issuance   and to refund outstanding certificates of participation.