N.Y. Public Authorities Law § 376: Further additional powers of the authority

§ 376. Further additional powers of the authority. The authority shall

have the power, in addition to the powers granted in other sections of

this title:

1. (a) To enter into a cooperative highway contractual agreement or

agreements with the commissioner of transportation for the financing by

the authority of expenditures made in advance by the state for design,

acquisition, construction, reconstruction or the reconditioning and

preservation of transportation facilities pursuant to the provisions of

section eighty-eight-b of the state finance law, state highways, state

parkways, state arterial highways in cities and related facilities and

structures thereon, including bridges, the reconditioning and

preservation of structures separating highways and railroads, and the

traffic operations program to increase capacity and safety on existing

street and highway systems in urban areas, capacity and infrastructure

improvements to state, county, town, city or village roads, highways,

parkways and bridges, in any case where the expense thereof is paid in

whole or in part by the state.

(b) To issue use permits to the commissioner of transportation for

projects financed by the authority of expenditures made in advance by

the state in accordance with the provisions of a cooperative highway

contractual agreement or agreements provided, that such projects are

maintained and operated under the supervision of the department of

transportation or the municipal agency designated by the commissioner of

transportation without cost to the New York State thruway authority for

the full term of such agreement or agreements, and, provided further

that such use permit shall be granted by the authority for the use of

such projects by the department of transportation or the municipal

agency designated by the commissioner of transportation on a toll free

basis.

2. From time to time to issue emergency highway reconditioning and

preservation bonds and notes for the purposes of this section. All the

provisions of this title relating to bonds and notes, which are not

inconsistent with the provisions of this section, shall apply to the

bonds and notes authorized by this section. The authority shall not

issue emergency highway reconditioning and preservation bonds and notes

in an aggregate principal amount exceeding: (a) one hundred million

dollars, excluding bonds issued to refund outstanding notes, in the

period from April first, nineteen hundred seventy-two through March

thirty-first, nineteen hundred eighty-two; and (b) an additional one

hundred thirty-six million dollars, excluding bonds issued to refund

outstanding notes, on or after April first, nineteen hundred eighty-two

but before April first, nineteen hundred eighty-six.

2-a. From time to time issue emergency highway construction and

reconstruction bonds and notes for the purposes of this section. All the

provisions of this title relating to bonds and notes which are not

inconsistent with the provisions of this section shall apply to the

bonds and notes authorized by this section. The authority shall not

issue emergency highway construction and reconstruction bonds and notes

in an aggregate principal amount exceeding: (a) one hundred million

dollars, excluding bonds or notes issued to refund outstanding bonds or

notes, before April first, nineteen hundred ninety and (b) an additional

thirty-four million dollars, excluding bonds or notes issued to refund

outstanding bonds or notes, on or after April first, nineteen hundred

ninety and (c) an additional ninety-three million dollars, excluding

bonds or notes, issued to refund outstanding bonds or notes on or after

April first, nineteen hundred ninety-one and (d) an additional ninety

million dollars, excluding bonds or notes issued to refund outstanding

bonds or notes, on or after April first, nineteen hundred ninety-two.

2-b. From time to time to enter into agreements with the commissioner

of transportation to finance the capital costs of projects authorized

pursuant to section eighty-eight-b of the state finance law, and to

issue bonds and notes for capital projects approved by metropolitan

planning organizations or transportation coordinating committees

pursuant to the provisions of such section eighty-eight-b. All the

provisions of this title relating to bonds and notes which are not

inconsistent with the provisions of this section shall apply to the

bonds and notes authorized by this section. No bonds or notes shall be

issued for the purposes authorized by this subdivision after the

thirty-first day of March, two thousand.

2-c. From time to time to issue additional emergency highway

reconditioning and preservation bonds and notes for the purposes of this

section. All the provisions of this title relating to bonds and notes,

which are not inconsistent with the provisions of this section, shall

apply to the bonds and notes authorized by this section. The authority

shall not issue such additional emergency highway reconditioning and

preservation bonds and notes in an aggregate principal amount exceeding

(a) forty-eight million dollars, excluding bonds or notes issued to

refund outstanding bonds or notes, on or after April first, nineteen

hundred ninety, and (b) an additional eighty-four million dollars

excluding bonds or notes issued to refund outstanding bonds or notes on

or after April first, nineteen hundred ninety-one, and (c) an additional

eighty-five million dollars, excluding bonds or notes issued to refund

outstanding bonds or notes, on or after April first, nineteen hundred

ninety-two.

3. In addition to the provisions authorized by this title any

resolution or resolutions authorizing any bonds or notes for the

purposes of this section may contain provisions which may be a part of

the contract with the holders of such bonds providing for the creation

and establishment and maintenance of reserve funds and payments to such

reserve funds as hereinafter in this subdivision set forth.

The authority may create and establish reserve funds to be known as

the emergency highway reconditioning and preservation debt service

reserve fund, the emergency highway construction and reconstruction debt

service reserve fund and the suburban transportation debt service

reserve fund and may pay into such reserve funds (a) moneys made

available by the state for the purposes of such funds from the emergency

highway reconditioning and preservation fund, or the emergency highway

construction and reconstruction fund or the suburban transportation fund

as created by section eighty-nine, eighty-nine-a or eighty-eight-b of

the state finance law, respectively; (b) any proceeds of sale of bonds

and notes to the extent provided in the resolution of the authority

authorizing the issuance thereof; and (c) any other moneys which may be

made available to the authority for the purposes of such funds from any

other source or sources. The moneys held in or credited to such debt

service reserve funds established under this subdivision, except as

hereinafter provided, shall be used solely for the payment of the

principal of bonds of the authority secured by such reserve funds, as

the same mature, the purchase of such bonds of the authority, the

payment of interest on such bonds of the authority or the payment of any

redemption premium required to be paid when such bonds are redeemed

prior to maturity; provided, however, that moneys in any such funds

shall not be withdrawn therefrom at any time in such amount as would

reduce the amount of such funds to less than the maximum amount of

principal and interest maturing and becoming due in any succeeding

calendar year on the bonds of the authority then outstanding and secured

by such reserve funds, except for the purpose of paying principal and

interest on the bonds of the authority secured by such reserve funds

maturing and becoming due and for the payment of which other moneys of

the authority are not available. Any income or interest earned by, or

increment to, any such debt service reserve funds due to the investment

thereof may be transferred to any other fund or account of the authority

established for the purposes of this section to the extent it does not

reduce the amount of such debt service reserve funds below the maximum

amount of principal and interest maturing and becoming due in any

succeeding calendar year on all bonds of the authority then outstanding

and secured by such reserve funds.

4. The authority shall not issue bonds at any time for the purposes of

this section if the maximum amount of principal and interest maturing

and becoming due in a succeeding calendar year on the bonds outstanding

and then to be issued and secured by any debt service reserve fund will

exceed the amount of such reserve fund at the time of issuance, unless

the authority at the time of issuance of such bonds, shall deposit in

such reserve fund from the proceeds of the bonds so to be issued, or

otherwise, an amount which together with the amount then in such reserve

fund, will be not less than the maximum amount of principal and interest

maturing and becoming due in any succeeding calendar year on the bonds

then to be issued and on all other bonds of the authority then

outstanding and secured by such reserve fund.

5. (a) To assure the continued operation and solvency of the authority

for the carrying out of the purposes relating to this section provision

is made in this section for the accumulation in the debt service reserve

fund of an amount equal to the maximum amount of principal and interest

maturing and becoming due in any succeeding calendar year on all bonds

of the authority then outstanding and secured by such reserve fund. In

order further to assure the maintenance of such debt service reserve

fund, with respect to bonds of the authority issued pursuant to this

section prior to April first, nineteen hundred ninety, there shall be

annually apportioned and paid to the authority for deposit in such debt

service reserve fund such sum, if any, as shall be certified by the

chairman of the authority to the governor and state director of the

budget as necessary to restore such reserve fund to an amount equal to

the maximum amount of principal and interest maturing and becoming due

in any succeeding calendar year on the bonds of the authority then

outstanding and secured by such reserve fund. The chairman of the

authority shall annually, on or before December first, make and deliver

to the governor and state director of the budget his certificate stating

the sum, if any, required to restore such debt service reserve fund to

the amount aforesaid, and the sum or sums so certified, if any, shall be

apportioned and paid to the authority during the then current state

fiscal year.

(b) To assure the continued operation and solvency of the authority

for the carrying out of the purposes relating to this section, provision

is made in this section for the accumulation in the debt service reserve

fund of an amount equal to the maximum amount of principal and interest

maturing and becoming due in any succeeding calendar year on all bonds

of the authority then outstanding and secured by such reserve fund;

provided however for such bonds issued by the authority after April

first, nineteen hundred ninety-two, such debt service reserve fund may

in the discretion of the authority and consistent with any covenants

with any existing bondholders and without impairing the rights of any

existing bondholders be sized in an amount equal to not less than

one-half of the maximum amount of principal and interest maturing and

becoming due in any succeeding calendar year on such bonds of the

authority then outstanding and secured by such debt service reserve

fund. In order to further assure the maintenance of such debt service

reserve fund, with respect to bonds of the authority issued pursuant to

subdivisions two-a, two-b and two-c of this section after April first,

nineteen hundred ninety, the authority shall create a special subaccount

in each revenue fund established pursuant to any resolution or

resolutions authorizing such bonds. Such subaccounts shall consist of

the moneys available after April first, nineteen hundred ninety,

pursuant to sections two hundred eighty-two-b, two hundred eighty-two-c,

two hundred eighty-four-a and two hundred eighty-four-c of the tax law,

respectively, in the emergency highway reconditioning and preservation

fund reserve account established pursuant to paragraph (b) of

subdivision two of section eighty-nine of the state finance law and in

the emergency highway construction and reconstruction fund reserve

account established pursuant to paragraph (b) of subdivision two of

section eighty-nine-a of the state finance law, apportioned and paid to

the authority for deposit in such subaccount of the revenue fund.

Amounts in each such subaccount shall be kept separate and shall not be

commingled with any other moneys in the custody of the authority.

Amounts in each such subaccount shall be applied solely to pay such sum,

if any, as shall semi-annually, (on such dates as are established under

the terms of any cooperative highway contractual agreement of the

department of transportation with the New York state thruway authority

entered into on or after April first, nineteen hundred ninety which is

then in effect), be certified by the chairman of the authority to the

governor and state director of the budget as necessary to provide funds

in an amount sufficient together with other moneys available to the

authority for such purpose, to pay one-half of the total annual

principal and interest maturing and becoming due during the next

succeeding twelve calendar months on all bonds of the authority issued

pursuant to subdivisions two-a, two-b and two-c of this section after

April first, nineteen hundred ninety and maintaining or funding debt

service reserve funds therefor. Any surplus of funds in excess of such

certified amounts remaining in each such subaccount after such payments,

if any, have been made shall on the dates established under the terms of

such cooperative highway agreements, be paid over for deposit,

respectively, in the emergency highway reconditioning and preservation

fund reserve account established pursuant to paragraph (b) of

subdivision two of section eighty-nine of the state finance law and in

the emergency highway construction and reconstruction fund reserve

account established pursuant to paragraph (b) of subdivision two of

section eighty-nine-a of the state finance law.

6. In computing the debt service reserve fund for the purposes of this

section, securities in which all or a portion of such reserve fund shall

be invested shall be valued at par, or if purchased at less than par, at

their cost to the authority.

7. The authorization, sale and issuance of bonds, notes or other

obligations pursuant to this section shall not be deemed an action as

such term is defined in article eight of the environmental conservation

law for the purposes of such article. Such exemption shall be strictly

limited in its application to such financing activities of the authority

and does not exempt the department of transportation or any other entity

from compliance with such article.