§ 1285-Q — Financing of hazardous waste site remediation projects

§ 1285-q. Financing of hazardous waste site remediation projects. In\norder to effectuate the purposes of this title, the corporation shall\nhave the following additional special powers:\n 1. Subject to chapter fifty-nine of the laws of two thousand, but\nnotwithstanding any other provisions of law to the contrary, in order to\nassist the corporation in undertaking the administration and the\nfinancing of hazardous waste site remediation projects for payment of\nthe state's share of the costs of the remediation of hazardous waste\nsites, in accordance with title thirteen of article twenty-seven of the\nenvironmental conservation law and section ninety-seven-b of the state\nfinance law, and for payment of state costs associated with the\nremediation of offsite contamination at significant threat sites as\nprovided in section 27-1411 of the environmental conservation law, and\nbeginning in state fiscal year two thousand fifteen - two thousand\nsixteen for environmental restoration projects pursuant to title five of\narticle fifty-six of the environmental conservation law provided that\nfunding for such projects shall not exceed ten percent of the funding\nappropriated for the purposes of financing hazardous waste site\nremediation projects, pursuant to title thirteen of article twenty-seven\nof the environmental conservation law in any state fiscal year pursuant\nto capital appropriations made to the department of environmental\nconservation, the director of the division of budget and the corporation\nare each authorized to enter into one or more service contracts, none of\nwhich shall exceed twenty years in duration, upon such terms and\nconditions as the director and the corporation may agree, so as to\nannually provide to the corporation in the aggregate, a sum not to\nexceed the annual debt service payments and related expenses required\nfor any bonds and notes authorized pursuant to section twelve hundred\nninety of this title. Any service contract entered into pursuant to this\nsection shall provide that the obligation of the state to fund or to pay\nthe amounts therein provided for shall not constitute a debt of the\nstate within the meaning of any constitutional or statutory provision\nand shall be deemed executory only to the extent of moneys available for\nsuch purposes, subject to annual appropriation by the legislature. Any\nsuch service contract or any payments made or to be made thereunder may\nbe assigned and pledged by the corporation as security for its bonds and\nnotes, as authorized pursuant to section twelve hundred ninety of this\ntitle.\n 2. The comptroller is hereby authorized to receive from the\ncorporation any portion of bond proceeds paid to provide funds for or\nreimburse the state for its costs associated with any hazardous waste\nsite remediation projects and to credit such amounts to the capital\nprojects fund or any other appropriate fund.\n 3. The maximum amount of bonds that may be issued for the purpose of\nfinancing hazardous waste site remediation projects and environmental\nrestoration projects authorized by this section shall not exceed three\nbillion four hundred fifty million dollars, provided that the bonds not\nissued for such appropriations may be issued pursuant to reappropriation\nin subsequent fiscal years. No bonds shall be issued for the repayment\nof any new appropriation enacted after March thirty-first, two thousand\nthirty-six for hazardous waste site remediation projects authorized by\nthis section. Amounts authorized to be issued by this section shall be\nexclusive of bonds issued to fund any debt service reserve funds, pay\ncosts of issuance of such bonds, and bonds or notes issued to refund or\notherwise repay bonds or notes previously issued. Such bonds and notes\nof the corporation shall not be a debt of the state, and the state shall\nnot be liable thereon, nor shall they be payable out of any funds other\nthan those appropriated by this state to the corporation for debt\nservice and related expenses pursuant to any service contracts executed\npursuant to subdivision one of this section, and such bonds and notes\nshall contain on the face thereof a statement to such effect.\n