2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 12 › 1977-A - Bond and Note Authorization.

§  1977-a.  Bond  and  Note  Authorization.  1. (a) For the purpose of
financing project costs for the project for  the  Battery  Park  project
area  other  than the financing of loans, advances and mortgage loans to
housing companies organized to provide housing within the  Battery  Park
project  area,  the  authority may issue bonds and notes in an aggregate
principal amount at any one time outstanding not exceeding three hundred
million dollars, excluding bonds and notes issued to refund  outstanding
bonds and notes.
(b)  Commodities  and  futures  exchange  facility. For the purpose of
financing project costs to further the development of a commodities  and
futures  exchange  facility  as part of the project to be located in the
Battery Park project  area,  the  authority  may,  in  addition  to  the
authorizations  contained  elsewhere  in  this  title,  borrow  money by
issuing bonds or notes in an aggregate principal  amount  not  exceeding
one  hundred  ten  million  dollars  plus a principal amount of bonds or
notes issued (i) to fund any related debt service reserve fund, (ii)  to
provide  capitalized  interest,  and  (iii)  to  provide  fees and other
charges and expenses, including underwriters' discount, related  to  the
issuance  of  such  bonds or notes and the maintenance of such reserves,
all as determined by the authority, excluding bonds and notes issued  to
refund  outstanding bonds and notes issued pursuant to this section. The
authority may make loans from the proceeds of such issuance and may make
temporary loans or advances, for the purpose of developing a commodities
and futures exchange within the  Battery  Park  project  area,  and  may
undertake  commitments therefor. Any such loans, advances or commitments
shall be secured by a mortgage on or security interest in  the  property
interests  of  such  exchanges  within the Battery Park project area and
shall contain such  terms  and  conditions  not  inconsistent  with  the
provisions  of  this  title  as  the  authority  may  deem  necessary or
desirable to secure payment of its loan, the interest thereon and  other
changes in connection therewith.
(c)  Additional  authorizations.  In  addition  to  the authorizations
contained elsewhere in this title, the authority may issue  indebtedness
for the purpose of refunding outstanding indebtedness of the housing New
York  corporation  which  is  secured  by revenues of the authority, and
indebtedness for the purpose of refunding  such  refunding  indebtedness
issued  by the authority including the funding of reserves and providing
for  fees  and  other  charges  and  expenses,  including  underwriters'
discounts, related to the issuance of such refunding bonds or notes, all
as determined by the authority.
(d)  Additional  authorizations.  For the purpose of financing capital
costs in connection with development of the project area, the  authority
may,  in  addition  to  the  authorizations  contained elsewhere in this
title, borrow money by issuing bonds or notes in an aggregate  principal
amount  not exceeding one hundred fifty million dollars plus a principal
amount of bonds or notes issued (i) to fund  any  related  debt  service
reserve fund, (ii) to provide capitalized interest, and (iii) to provide
for  fees  and  other  charges  and expenses including any underwriters'
discounts, related to the issuance  of  such  bonds  or  notes,  all  as
determined  by the authority, excluding bonds and notes issued to refund
outstanding bounds and notes issued pursuant to this section.
(e) Additional authorizations. For the purpose of financing  costs  of
the  state,  the  authority  may,  in  addition  to  the  authorizations
contained elsewhere in this title, borrow  money  by  issuing  bonds  or
notes  in  an aggregate principal amount not exceeding two hundred fifty
million dollars plus a principal amount of bonds or notes issued (i)  to
fund  any related debt service reserve fund, (ii) to provide capitalized
interest, and (iii) to provide for fees and other charges  and  expenses

including  any  underwriters' discounts, related to the issuance of such
bonds or notes, all as determined by the authority, excluding bonds  and
notes  issued  to  refund outstanding bonds and notes issued pursuant to
this section.
(f)  Additional  authorizations.  For the purpose of financing capital
costs in connection  with  a  program  of  infrastructure  construction,
improvements  and  other  capital expenditures for the project area, the
authority may, in addition to the authorizations contained elsewhere  in
this  title,  borrow  money  by  issuing bonds and notes in an aggregate
principal amount not exceeding two billion five hundred million dollars,
plus a principal amount of bonds or notes issued (i) to fund any related
debt service reserve fund, (ii) to  provide  capitalized  interest,  and
(iii)  to  provide for fees and other charges and expenses including any
underwriters' discounts, related to the issuance of such bonds or notes,
all as determined by the authority, excluding bonds and notes issued  to
refund outstanding bonds and notes issued pursuant to this section.
2. For the purposes of financing loans, advances and mortgage loans to
housing  companies  organized  pursuant  to article two, article four or
article  eleven  of  the  private   housing   finance   law,   including
subsidiaries  of the authority, for housing accommodations to be erected
in the Battery Park project area, the  authority  may  issue  bonds  and
notes  in  an aggregate principal amount at any one time outstanding not
exceeding four hundred million dollars, excluding bonds and notes issued
to refund outstanding bonds and notes.
3. The fixing of the statutory maximums as  provided  in  subdivisions
one  and  two  of  this section shall not be construed as constituting a
contract between the authority and the holders of  its  bonds  or  notes
that  additional  bonds  and notes may not be issued subsequently by the
authority in the event that such statutory maximums  shall  subsequently
be increased by law.
4.  The  authority  shall  have  the power to enter into interest rate
exchange agreements, which shall mean written contracts entered into  in
connection  with  the  issuance  of authority debt or in connection with
such authority debt already  outstanding  to  provide  for  exchange  of
payments  based  upon fixed and/or variable interest rates, and shall be
for exchanges in currency of the United  States  of  America  only.  The
authority  shall  have  the  power: (a) until December thirty-first, two
thousand three, to enter into such interest  rate  exchange  agreements,
and  (b) thereafter to enter into replacements and substitutions for and
amendments to exchange agreements, provided that  no  such  replacement,
substitution  or  amendment shall increase the notional principal amount
under an exchange agreement or extend the term of an exchange agreement.
The  authority  shall  be  subject  to  subdivision  three  of   section
sixty-nine-d of the state finance law.