§ 1680-E — State university athletic facilities

§ 1680-e. State university athletic facilities. 1. The authority may\ndesign, acquire, construct, reconstruct, rehabilitate, improve or\notherwise provide, furnish and equip a state university athletic\nfacility and for that purpose may issue its bonds in accordance with the\nprovisions of this article.\n 2. The state shall annually appropriate to the authority and on June\ntenth and December tenth of each year pay to or upon the order of the\nauthority on account of state university athletic facilities the sum of:\n (a) the interest on bonds issued in connection with state university\nathletic facilities payable on the interest payment date next succeeding\nsuch June tenth or December tenth;\n (b) one-half of the principal or sinking fund installments of such\nbonds payable on the July first next succeeding such June tenth or\nDecember tenth;\n (c) the amount required by the agreement of the authority with the\nholders of such bonds to be paid to maintain or restore any reserve fund\nto the requirement for such reserve fund; and\n (d) one-half of the fees, expenses, administrative costs and overhead\nof the authority incurred or to be incurred in connection with or\nallocated to state university athletic facilities or bonds issued in\nconnection therewith, including amounts, if any, to be rebated to the\ndepartment of the treasury of the United States of America pursuant to\nthe internal revenue code of 1986, as amended, or the regulations\nadopted thereunder.\n The amount of money required to be paid pursuant to this subdivision\nshall be determined from the report required to be submitted by the\nauthority pursuant to subdivision five of this section.\n The state shall receive a credit against the payments required to be\nmade pursuant to paragraphs (a) and (b) of this subdivision in an amount\nequal to the amount by which the amount in the debt service fund\nestablished pursuant to the agreement of the authority and the holders\nof bonds issued in connection with state university athletic facilities\non the date of any such payment is to be made exceeds the amount\nrequired pursuant to such resolution to be on deposit in such fund or\nrequired to pay the purchase price or redemption price, including\naccrued interest to the date of purchase or redemption, of bonds\noutstanding theretofore contracted to be purchased or called for\nredemption.\n 3. Any payments to be made by the state may be pledged and assigned by\nthe authority to secure the payment of the principal of and interest on\nbonds issued by the authority to finance the cost of the design and\nconstruction of a state university athletic facility and other costs and\nnecessary or incidental expenses related thereto. The right of the\nauthority to receive the payment of amounts appropriated shall be\nenforceable by the authority. All public officers are authorized and\nrequired to pay all such money due to the authority to the authority or\nits designee pursuant to a certificate filed with any such public\nofficer pursuant to the provisions of this subdivision.\n 4. The state university of New York may, with respect to such state\nuniversity athletic facility, transfer title or grant any other real\nproperty interests or rights to the authority, and the authority may\ntransfer title or grant any other real property interests to the state\nuniversity of New York.\n 5. Not later than one hundred twenty days prior to the beginning of\nthe fiscal year of the state, the authority shall submit to the director\nof the budget, the state comptroller, the chairperson of the senate\nfinance committee and the chairperson of the assembly ways and means\ncommittee, a report setting forth in connection with a state university\nathletic facility the following:\n (a) the principal and sinking fund installments of and interest on\nbonds issued in connection with state university athletic facilities,\npayable during the next succeeding fiscal year of the state;\n (b) the amount required to be paid during the next succeeding fiscal\nyear of the state pursuant to the agreement of the authority with the\nholders of such bonds to restore or maintain any reserve fund\nestablished pursuant to such agreement; and\n (c) the fees, expenses, administrative costs and overhead estimated by\nthe authority to be incurred by it during the next succeeding fiscal\nyear of the state in connection with or to be allocated during the next\nsucceeding fiscal year of the state to state university athletic\nfacilities or bonds issued in connection therewith, including amounts,\nif any, to be rebated to the department of the treasury of the United\nStates of America pursuant to the internal revenue code of 1986, as\namended, or the regulations adopted thereunder.\n The report submitted by the authority pursuant to this subdivision may\nbe amended from time to time prior to any date on which payment is\nrequired to be made by the state pursuant to subdivision two of this\nsection.\n 6. The state university trustees shall, notwithstanding any other\nprovision of law, be empowered to allow employees, representatives,\nagents of, and persons or entities under contract to the authority to\nenter upon the campus of the state university of New York at Buffalo for\npurposes of managing the acquisition, design, construction,\nreconstruction, rehabilitation, improvement, furnishing and equipping of\nthe state university athletic facility, including, but not limited to,\nthe connection of such facility with the existing infrastructure of the\ncampus. Upon the determination by the authority that the right to enter\nupon the campus of the state university of New York at Buffalo created\nhereunder is no longer necessary for such acquisition, design,\nconstruction, reconstruction, rehabilitation, improvement, furnishing or\nequipping of such state university athletic facility by the authority,\nthe authority shall relinquish its right established hereunder to enter\nupon the campus of the state university of New York at Buffalo. The\nauthority shall have the power to enter into agreements with\nindividuals, partnerships, corporations or any other entity in order to\ntake whatever actions are necessary to carry out the provisions of this\nsection.\n 7. Notwithstanding any other provision of this section, or any other\nprovision of law, funds for any payments to the authority on account of\na state university athletic facility shall be paid exclusively from\nappropriations intended for this purpose.\n 8. The authority shall not issue its bonds to finance the design,\nconstruction, reconstruction, rehabilitation, improvement, furnishing\nand equipping of a state university athletic facility in an aggregate\nprincipal amount greater than twenty-two million dollars; provided,\nhowever, that, in addition to such bonds, the authority may issue an\naggregate principal amount of bonds sufficient to fund any reserve funds\nestablished in connection therewith to pay the costs incurred in\nconnection with the issuance of any of such bonds and the cost of the\nmanagement of the design and construction of the state university\nathletic facility.\n 9. With respect to the financing, design, acquisition, construction,\nreconstruction, rehabilitation, improvement, or otherwise providing,\nfurnishing and equipping of a state university athletic facility, any\nmember, officer or employee of the authority is deemed to be an employee\nas such term is defined in and for all of the purposes of the provisions\nof section seventeen of the public officers law, which shall be\napplicable to any such member, officer or employee.\n 10. If a state university athletic facility or part thereof is taken\nby eminent domain or condemnation, or damaged or destroyed, then and in\nsuch event:\n (a) if, within one hundred twenty days from the occurrence, the state\nuniversity of New York notifies the authority in writing of its\nintention to replace or restore such state university athletic facility,\nthe state university of New York shall proceed to replace or restore\nsuch state university athletic facility, including all fixtures,\nfurniture, equipment and effects, to its original condition insofar as\npossible. The moneys required for such replacement or restoration shall\nbe paid from the proceeds of any condemnation award or insurance\nreceived by reason of such occurrence and, to the extent that such\nproceeds are not sufficient, from any moneys available therefor in any\nfund established pursuant to the agreement of the authority with the\nholders of bonds issued in connection with a state university athletic\nfacility, if any, or from moneys to be provided by the state university\nof New York; or\n (b) if the authority has not within such one hundred twenty day period\nbeen notified in writing of the intention of the state university of New\nYork to restore or replace such state university athletic facility, the\ndormitory authority in its discretion may determine that such state\nuniversity athletic facility has been abandoned and is no longer useful\nor necessary in the operation of the state university of New York. In\nsuch event, the proceeds of any condemnation award or insurance received\nby reason of such occurrence shall be applied and paid in the manner and\norder of priority as provided in such agreement with the holders of such\nbonds.\n