N.Y. Public Authorities Law § 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 three

billion four hundred fifty million dollars, 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

thirty-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.