N.Y. Public Authorities Law § 1680-e: State university athletic facilities

§ 1680-e. State university athletic facilities. 1. The authority may

design, acquire, construct, reconstruct, rehabilitate, improve or

otherwise provide, furnish and equip a state university athletic

facility and for that purpose may issue its bonds in accordance with the

provisions of this article.

2. The state shall annually appropriate to the authority and on June

tenth and December tenth of each year pay to or upon the order of the

authority on account of state university athletic facilities the sum of:

(a) the interest on bonds issued in connection with state university

athletic facilities payable on the interest payment date next succeeding

such June tenth or December tenth;

(b) one-half of the principal or sinking fund installments of such

bonds payable on the July first next succeeding such June tenth or

December tenth;

(c) the amount required by the agreement of the authority with the

holders of such bonds to be paid to maintain or restore any reserve fund

to the requirement for such reserve fund; and

(d) one-half of the fees, expenses, administrative costs and overhead

of the authority incurred or to be incurred in connection with or

allocated to state university athletic facilities or bonds issued in

connection therewith, including amounts, if any, to be rebated to the

department of the treasury of the United States of America pursuant to

the internal revenue code of 1986, as amended, or the regulations

adopted thereunder.

The amount of money required to be paid pursuant to this subdivision

shall be determined from the report required to be submitted by the

authority pursuant to subdivision five of this section.

The state shall receive a credit against the payments required to be

made pursuant to paragraphs (a) and (b) of this subdivision in an amount

equal to the amount by which the amount in the debt service fund

established pursuant to the agreement of the authority and the holders

of bonds issued in connection with state university athletic facilities

on the date of any such payment is to be made exceeds the amount

required pursuant to such resolution to be on deposit in such fund or

required to pay the purchase price or redemption price, including

accrued interest to the date of purchase or redemption, of bonds

outstanding theretofore contracted to be purchased or called for

redemption.

3. Any payments to be made by the state may be pledged and assigned by

the authority to secure the payment of the principal of and interest on

bonds issued by the authority to finance the cost of the design and

construction of a state university athletic facility and other costs and

necessary or incidental expenses related thereto. The right of the

authority to receive the payment of amounts appropriated shall be

enforceable by the authority. All public officers are authorized and

required to pay all such money due to the authority to the authority or

its designee pursuant to a certificate filed with any such public

officer pursuant to the provisions of this subdivision.

4. The state university of New York may, with respect to such state

university athletic facility, transfer title or grant any other real

property interests or rights to the authority, and the authority may

transfer title or grant any other real property interests to the state

university of New York.

5. Not later than one hundred twenty days prior to the beginning of

the fiscal year of the state, the authority shall submit to the director

of the budget, the state comptroller, the chairperson of the senate

finance committee and the chairperson of the assembly ways and means

committee, a report setting forth in connection with a state university

athletic facility the following:

(a) the principal and sinking fund installments of and interest on

bonds issued in connection with state university athletic facilities,

payable during the next succeeding fiscal year of the state;

(b) the amount required to be paid during the next succeeding fiscal

year of the state pursuant to the agreement of the authority with the

holders of such bonds to restore or maintain any reserve fund

established pursuant to such agreement; and

(c) the fees, expenses, administrative costs and overhead estimated by

the authority to be incurred by it during the next succeeding fiscal

year of the state in connection with or to be allocated during the next

succeeding fiscal year of the state to state university athletic

facilities or bonds issued in connection therewith, including amounts,

if any, to be rebated to the department of the treasury of the United

States of America pursuant to the internal revenue code of 1986, as

amended, or the regulations adopted thereunder.

The report submitted by the authority pursuant to this subdivision may

be amended from time to time prior to any date on which payment is

required to be made by the state pursuant to subdivision two of this

section.

6. The state university trustees shall, notwithstanding any other

provision of law, be empowered to allow employees, representatives,

agents of, and persons or entities under contract to the authority to

enter upon the campus of the state university of New York at Buffalo for

purposes of managing the acquisition, design, construction,

reconstruction, rehabilitation, improvement, furnishing and equipping of

the state university athletic facility, including, but not limited to,

the connection of such facility with the existing infrastructure of the

campus. Upon the determination by the authority that the right to enter

upon the campus of the state university of New York at Buffalo created

hereunder is no longer necessary for such acquisition, design,

construction, reconstruction, rehabilitation, improvement, furnishing or

equipping of such state university athletic facility by the authority,

the authority shall relinquish its right established hereunder to enter

upon the campus of the state university of New York at Buffalo. The

authority shall have the power to enter into agreements with

individuals, partnerships, corporations or any other entity in order to

take whatever actions are necessary to carry out the provisions of this

section.

7. Notwithstanding any other provision of this section, or any other

provision of law, funds for any payments to the authority on account of

a state university athletic facility shall be paid exclusively from

appropriations intended for this purpose.

8. The authority shall not issue its bonds to finance the design,

construction, reconstruction, rehabilitation, improvement, furnishing

and equipping of a state university athletic facility in an aggregate

principal amount greater than twenty-two million dollars; provided,

however, that, in addition to such bonds, the authority may issue an

aggregate principal amount of bonds sufficient to fund any reserve funds

established in connection therewith to pay the costs incurred in

connection with the issuance of any of such bonds and the cost of the

management of the design and construction of the state university

athletic facility.

9. With respect to the financing, design, acquisition, construction,

reconstruction, rehabilitation, improvement, or otherwise providing,

furnishing and equipping of a state university athletic facility, any

member, officer or employee of the authority is deemed to be an employee

as such term is defined in and for all of the purposes of the provisions

of section seventeen of the public officers law, which shall be

applicable to any such member, officer or employee.

10. If a state university athletic facility or part thereof is taken

by eminent domain or condemnation, or damaged or destroyed, then and in

such event:

(a) if, within one hundred twenty days from the occurrence, the state

university of New York notifies the authority in writing of its

intention to replace or restore such state university athletic facility,

the state university of New York shall proceed to replace or restore

such state university athletic facility, including all fixtures,

furniture, equipment and effects, to its original condition insofar as

possible. The moneys required for such replacement or restoration shall

be paid from the proceeds of any condemnation award or insurance

received by reason of such occurrence and, to the extent that such

proceeds are not sufficient, from any moneys available therefor in any

fund established pursuant to the agreement of the authority with the

holders of bonds issued in connection with a state university athletic

facility, if any, or from moneys to be provided by the state university

of New York; or

(b) if the authority has not within such one hundred twenty day period

been notified in writing of the intention of the state university of New

York to restore or replace such state university athletic facility, the

dormitory authority in its discretion may determine that such state

university athletic facility has been abandoned and is no longer useful

or necessary in the operation of the state university of New York. In

such event, the proceeds of any condemnation award or insurance received

by reason of such occurrence shall be applied and paid in the manner and

order of priority as provided in such agreement with the holders of such

bonds.