N.Y. Public Authorities Law § 1977-a: Bond and Note Authorization

§ 1977-a. Bond and Note Authorization. 1. (a) For the purpose of

financing project costs for the project for the Battery Park project

area other than the financing of loans, advances and mortgage loans to

housing companies organized to provide housing within the Battery Park

project area, the authority may issue bonds and notes in an aggregate

principal amount at any one time outstanding not exceeding three hundred

million dollars, excluding bonds and notes issued to refund outstanding

bonds and notes.

(b) Commodities and futures exchange facility. For the purpose of

financing project costs to further the development of a commodities and

futures exchange facility as part of the project to be located in the

Battery Park project area, the authority may, in addition to the

authorizations contained elsewhere in this title, borrow money by

issuing bonds or notes in an aggregate principal amount not exceeding

one hundred ten million dollars plus a principal amount of bonds or

notes issued (i) to fund any related debt service reserve fund, (ii) to

provide capitalized interest, and (iii) to provide fees and other

charges and expenses, including underwriters' discount, related to the

issuance of such bonds or notes and the maintenance of such reserves,

all as determined by the authority, excluding bonds and notes issued to

refund outstanding bonds and notes issued pursuant to this section. The

authority may make loans from the proceeds of such issuance and may make

temporary loans or advances, for the purpose of developing a commodities

and futures exchange within the Battery Park project area, and may

undertake commitments therefor. Any such loans, advances or commitments

shall be secured by a mortgage on or security interest in the property

interests of such exchanges within the Battery Park project area and

shall contain such terms and conditions not inconsistent with the

provisions of this title as the authority may deem necessary or

desirable to secure payment of its loan, the interest thereon and other

changes in connection therewith.

(c) Additional authorizations. In addition to the authorizations

contained elsewhere in this title, the authority may issue indebtedness

for the purpose of refunding outstanding indebtedness of the housing New

York corporation which is secured by revenues of the authority, and

indebtedness for the purpose of refunding such refunding indebtedness

issued by the authority including the funding of reserves and providing

for fees and other charges and expenses, including underwriters'

discounts, related to the issuance of such refunding bonds or notes, all

as determined by the authority.

(d) Additional authorizations. For the purpose of financing capital

costs in connection with development of the project area, the authority

may, in addition to the authorizations contained elsewhere in this

title, borrow money by issuing bonds or notes in an aggregate principal

amount not exceeding one hundred fifty million dollars plus a principal

amount of bonds or notes issued (i) to fund any related debt service

reserve fund, (ii) to provide capitalized interest, and (iii) to provide

for fees and other charges and expenses including any underwriters'

discounts, related to the issuance of such bonds or notes, all as

determined by the authority, excluding bonds and notes issued to refund

outstanding bounds and notes issued pursuant to this section.

(e) Additional authorizations. For the purpose of financing costs of

the state, the authority may, in addition to the authorizations

contained elsewhere in this title, borrow money by issuing bonds or

notes in an aggregate principal amount not exceeding two hundred fifty

million dollars plus a principal amount of bonds or notes issued (i) to

fund any related debt service reserve fund, (ii) to provide capitalized

interest, and (iii) to provide for fees and other charges and expenses

including any underwriters' discounts, related to the issuance of such

bonds or notes, all as determined by the authority, excluding bonds and

notes issued to refund outstanding bonds and notes issued pursuant to

this section.

(f) Additional authorizations. For the purpose of financing capital

costs in connection with a program of infrastructure construction,

improvements and other capital expenditures for the project area, the

authority may, in addition to the authorizations contained elsewhere in

this title, borrow money by issuing bonds and notes in an aggregate

principal amount not exceeding two billion five hundred million dollars,

plus a principal amount of bonds or notes issued (i) to fund any related

debt service reserve fund, (ii) to provide capitalized interest, and

(iii) to provide for fees and other charges and expenses including any

underwriters' discounts, related to the issuance of such bonds or notes,

all as determined by the authority, excluding bonds and notes issued to

refund outstanding bonds and notes issued pursuant to this section.

2. For the purposes of financing loans, advances and mortgage loans to

housing companies organized pursuant to article two, article four or

article eleven of the private housing finance law, including

subsidiaries of the authority, for housing accommodations to be erected

in the Battery Park project area, the authority may issue bonds and

notes in an aggregate principal amount at any one time outstanding not

exceeding four hundred million dollars, excluding bonds and notes issued

to refund outstanding bonds and notes.

3. The fixing of the statutory maximums as provided in subdivisions

one and two of this section shall not be construed as constituting a

contract between the authority and the holders of its bonds or notes

that additional bonds and notes may not be issued subsequently by the

authority in the event that such statutory maximums shall subsequently

be increased by law.

4. The authority shall have the power to enter into interest rate

exchange agreements, which shall mean written contracts entered into in

connection with the issuance of authority debt or in connection with

such authority debt already outstanding to provide for exchange of

payments based upon fixed and/or variable interest rates, and shall be

for exchanges in currency of the United States of America only. The

authority shall have the power: (a) until December thirty-first, two

thousand three, to enter into such interest rate exchange agreements,

and (b) thereafter to enter into replacements and substitutions for and

amendments to exchange agreements, provided that no such replacement,

substitution or amendment shall increase the notional principal amount

under an exchange agreement or extend the term of an exchange agreement.

The authority shall be subject to subdivision three of section

sixty-nine-d of the state finance law.