NY Pub Auth L § 386-B (2021)
2021 New York Laws PBA - Public Authorities Article 2 - Park, Parkway and Highway Authorities Title 9 - New York State Thruway Authority 386-B - Financing of Peace Bridge and Transportation Capital Projects.

§   386-b.  Financing  of  peace  bridge  and  transportation  capital   projects.   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 financing  peace  bridge  projects   and  capital  costs  of state and local highways, parkways, bridges, the   New York state thruway, Indian reservation roads,  and  facilities,  and   transportation  infrastructure  projects  including  aviation  projects,   non-MTA mass transit projects, and rail service  preservation  projects,   including   work   appurtenant  and  ancillary  thereto.  The  aggregate   principal amount of bonds authorized  to  be  issued  pursuant  to  this   section shall not exceed eight billion eight hundred thirty-nine million   nine  hundred  sixty-three  thousand  dollars  $8,839,963,000, 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.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.