2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 18 - State of New York Municipal Bond Bank Agency Act › 2438 - Bond Authorization.

§  2438.  Bond authorization. (1) The agency shall not issue bonds and
notes in an aggregate principal  amount  at  any  one  time  outstanding
exceeding   one  billion  dollars,  excluding  tax  lien  collateralized
securities, special school purpose bonds, special school deficit program
bonds, special program  bonds  issued  to  finance  the  reconstruction,
rehabilitation  or renovation of an educational facility pursuant to the
provisions of subdivision (b) of section sixteen of chapter six  hundred
five  of  the  laws  of  two  thousand,  special program bonds issued to
finance  the  cost  of  a  project   for   design,   reconstruction   or
rehabilitation  of  a  school  building  pursuant  to  the provisions of
section fourteen of the city of Syracuse and the board of  education  of
the  city  school  district  of  the city of Syracuse cooperative school
reconstruction act, special program bonds issued to finance the cost  of
a  project for design, construction, reconstruction or rehabilitation of
a school building pursuant to the provisions of section thirteen of  the
Yonkers   city   school   district   joint   schools   construction  and
modernization act, recovery  act  bonds,  public  safety  communications
bonds and bonds and notes issued to refund outstanding bonds and notes.
(2)  The  agency  shall  not  issue special school purpose bonds in an
aggregate principal amount in excess of: for the city of New York,  four
hundred  thirty-five  million  dollars;  for  the  city of Buffalo, four
million seven hundred thousand dollars; for the city of Rochester,  five
million  one  hundred  thousand dollars; for the city of Syracuse, eight
hundred thousand dollars; and for the city  of  Yonkers,  three  hundred
thousand  dollars;  or  the amount of prior year claims that are due and
payable to each such school district of each such special school purpose
municipality  pursuant  to  section  thirty-six  hundred  four  of   the
education  law.  Such amount shall exclude bonds issued to fund any debt
service reserve fund, bonds issued to refund such special school purpose
bonds, bonds issued to pay the costs of issuance of such special  school
purpose  bonds  and  the  amount of bonds that would constitute interest
under the Internal Revenue Code of 1986, as amended. Notwithstanding any
provision of law to the  contrary,  the  special  school  purpose  bonds
issued for the city of New York shall be issued in such principal amount
as  will  provide  funds  sufficient to pay interest on such bonds for a
period of at least two years after the date of issuance thereof and such
amount  shall  be  excluded  from  the  limitation  contained  in   this
subdivision.
(3)  The  agency  shall not issue special school deficit program bonds
(a) prior to the time the state comptroller determines the amount of the
accumulated projected  deficit  of  a  special  school  deficit  program
district  in  its  general  fund at the close of its current fiscal year
ending June thirtieth, two thousand two, including any budget notes  and
revenue  anticipation  notes  which  may  be  part  of  such deficit, as
provided in a chapter of the laws  of  two  thousand  two,  and  (b)  in
aggregate  principal amount in excess of the lesser of (i) the amount of
such deficit as determined by the  state  comptroller  or  (ii)  sixteen
million  five hundred thousand dollars, excluding bonds to fund any debt
service reserve fund, bonds issued  to  refund  special  school  deficit
program bonds, bonds issued to pay the costs of issuance of such special
school  deficit  program  bonds  and  the  amount  of  bonds  that would
constitute interest under the Internal Revenue Code of 1986, as amended.
(4) The fixing of the statutory maximum in this section shall  not  be
construed  as constituting a contract between the agency and the holders
of its bonds or notes that additional bonds and notes may not be  issued
subsequently  by  the  agency  in  the event that such statutory maximum
shall subsequently be increased by law.