2023 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-seven 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.