2023 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 fifteen billion two hundred forty million six
  hundred sixty-nine thousand  dollars  $15,240,669,000,  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.