2023 New York Laws › PBA - Public Authorities › Article 5 - Public Utility Authorities › Title 12 - New York State Environmental Facilities Corporation › 1285-Q - Financing of Hazardous Waste Site Remediation Projects.

§  1285-q.  Financing of hazardous waste site remediation projects. In
  order to effectuate the purposes of this title,  the  corporation  shall
  have the following additional special powers:
1.  Subject  to  chapter  fifty-nine  of the laws of two thousand, but
  notwithstanding any other provisions of law to the contrary, in order to
  assist  the  corporation  in  undertaking  the  administration  and  the
  financing  of  hazardous  waste site remediation projects for payment of
  the state's share of the costs of the  remediation  of  hazardous  waste
  sites,  in accordance with title thirteen of article twenty-seven of the
  environmental conservation law and section ninety-seven-b of  the  state
  finance  law,  and  for  payment  of  state  costs  associated  with the
  remediation of offsite contamination  at  significant  threat  sites  as
  provided  in  section 27-1411 of the environmental conservation law, and
  beginning in state fiscal year  two  thousand  fifteen  -  two  thousand
  sixteen for environmental restoration projects pursuant to title five of
  article  fifty-six  of  the environmental conservation law provided that
  funding for such projects shall not exceed ten percent  of  the  funding
  appropriated   for  the  purposes  of  financing  hazardous  waste  site
  remediation projects, pursuant to title thirteen of article twenty-seven
  of the environmental conservation law in any state fiscal year  pursuant
  to  capital  appropriations  made  to  the  department  of environmental
  conservation, the director of the division of budget and the corporation
  are each authorized to enter into one or more service contracts, none of
  which shall exceed  twenty  years  in  duration,  upon  such  terms  and
  conditions  as  the  director  and  the  corporation may agree, so as to
  annually provide to the corporation in  the  aggregate,  a  sum  not  to
  exceed  the  annual  debt service payments and related expenses required
  for any bonds and notes authorized pursuant to  section  twelve  hundred
  ninety of this title. Any service contract entered into pursuant to this
  section shall provide that the obligation of the state to fund or to pay
  the  amounts  therein  provided  for  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 moneys available for
  such  purposes,  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 corporation as security for its bonds and
  notes,  as  authorized pursuant to section twelve hundred ninety of this
  title.
2.  The  comptroller  is  hereby  authorized  to  receive   from   the
  corporation  any  portion  of bond proceeds paid to provide funds for or
  reimburse the state for its costs associated with  any  hazardous  waste
  site  remediation  projects  and  to  credit such amounts to the capital
  projects fund or any other appropriate fund.
3. The maximum amount of bonds that may be issued for the  purpose  of
  financing  hazardous  waste  site remediation projects and environmental
  restoration projects authorized by this section  shall  not  exceed  two
  billion  two  hundred  million  dollars and shall not exceed one hundred
  million dollars for appropriations enacted for any  state  fiscal  year,
  provided that the bonds not issued for such appropriations may be issued
  pursuant  to  reappropriation in subsequent fiscal years. No bonds shall
  be issued for the repayment of any new appropriation enacted after March
  thirty-first,  two  thousand  twenty-six  for   hazardous   waste   site
  remediation  projects  authorized by this section. Amounts authorized to
  be issued by this section shall be exclusive of bonds issued to fund any
  debt service reserve funds, pay costs of issuance  of  such  bonds,  and
  bonds  or  notes  issued  to  refund  or  otherwise repay bonds or notes
  previously issued. Such bonds and notes of the 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
  this  state  to  the  corporation  for debt service and related expenses
  pursuant to any service contracts executed pursuant to  subdivision  one
  of  this  section,  and  such  bonds and notes shall contain on the face
  thereof a statement to such effect.