N.Y. Public Authorities Law § 1285-k: Financing of the design, acquisition, construction, improvement and installation of Riverbank Park

§ 1285-k. Financing of the design, acquisition, construction,

improvement and installation of Riverbank Park. In order to effectuate

the purposes of this title, the corporation shall have the following

additional special powers:

1. Notwithstanding the provisions of any law to the contrary, the

corporation and any state agency, subject to the approval of the

director of the budget, may enter into a contract for financing the

design, acquisition, construction, improvement and installation of all

or any portion of Riverbank Park, for and on behalf of such state

agency; and the corporation and any state agency may enter into a

contract, lease, easement, license or other instrument pursuant to which

the corporation shall make all or any portion of Riverbank Park

available to such agency, for use as a park. Any such contract or

contracts, lease, easement, license or other instrument shall be upon

such terms and conditions as the corporation and the subject state

agency shall determine to be reasonable, including, but not limited to,

the payment of, or reimbursement to the corporation for, (a) all costs

of the corporation in financing the design, acquisition, construction,

improvement and installation of all or any portion of Riverbank Park,

and any claims arising therefrom, (b) all fees and other charges of, and

all expenses incurred by, the corporation in connection with the

issuance and administration of any bonds or notes issued by the

corporation for such purpose, and (c) amounts sufficient to pay all

principal, premium, if any, and interest on such bonds or notes. Such

payment or reimbursement may be made annually or otherwise, may be in

fixed amounts or based on any factors or other matters, or may be made

in any other manner, as such contract or contracts shall provide.

2. Any contract, lease, easement, license or other instrument entered

into by the corporation pursuant to subdivision one of this section may

be assigned or pledged by the corporation as security for its bonds or

notes issued for the purpose of financing the design, acquisition,

construction, improvement and installation of all or any portion of

Riverbank Park.

3. The corporation, any state agency, the city of New York or any

agency or instrumentality thereof, may enter into any leases, easements,

licenses, or other instruments, for the purpose of granting to the

corporation any interest in real property which the corporation shall

deem necessary for the purpose of financing the design, acquisition,

construction, improvement and installation of all or any portion of

Riverbank Park.

4. Notwithstanding the provisions of subdivision one of this section,

any contract, lease, easement, license or other instrument entered into

by the corporation with any state agency, pursuant to subdivision one of

this section, shall (a) provide that the obligation of the state or such

state agency to pay the amounts therein provided shall not constitute a

debt of the state within the meaning of any constitutional or statutory

provision, and (b) be deemed executory only to the extent moneys are

available, and provide that the obligation of the state or such state

agency to make payments thereunder is subject to annual appropriation by

the legislature.