§ 1977-A — Bond and Note Authorization

New York § 1977-A

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 12: No title
• Art. 8: Miscellaneous Authorities

Text

§ 1977-a. Bond and Note Authorization. 1. (a) For the purpose of\nfinancing project costs for the project for the Battery Park project\narea other than the financing of loans, advances and mortgage loans to\nhousing companies organized to provide housing within the Battery Park\nproject area, the authority may issue bonds and notes in an aggregate\nprincipal amount at any one time outstanding not exceeding three hundred\nmillion dollars, excluding bonds and notes issued to refund outstanding\nbonds and notes.\n (b) Commodities and futures exchange facility. For the purpose of\nfinancing project costs to further the development of a commodities and\nfutures exchange facility as part of the project to be located in the\nBattery Park project area, the authority may, in addition to the\nauthorizations contained elsewhere in this title, borrow money by\nissuing bonds or notes in an aggregate principal amount not exceeding\none hundred ten million dollars plus a principal amount of bonds or\nnotes issued (i) to fund any related debt service reserve fund, (ii) to\nprovide capitalized interest, and (iii) to provide fees and other\ncharges and expenses, including underwriters' discount, related to the\nissuance of such bonds or notes and the maintenance of such reserves,\nall as determined by the authority, excluding bonds and notes issued to\nrefund outstanding bonds and notes issued pursuant to this section. The\nauthority may make loans from the proceeds of such issuance and may make\ntemporary loans or advances, for the purpose of developing a commodities\nand futures exchange within the Battery Park project area, and may\nundertake commitments therefor. Any such loans, advances or commitments\nshall be secured by a mortgage on or security interest in the property\ninterests of such exchanges within the Battery Park project area and\nshall contain such terms and conditions not inconsistent with the\nprovisions of this title as the authority may deem necessary or\ndesirable to secure payment of its loan, the interest thereon and other\nchanges in connection therewith.\n (c) Additional authorizations. In addition to the authorizations\ncontained elsewhere in this title, the authority may issue indebtedness\nfor the purpose of refunding outstanding indebtedness of the housing New\nYork corporation which is secured by revenues of the authority, and\nindebtedness for the purpose of refunding such refunding indebtedness\nissued by the authority including the funding of reserves and providing\nfor fees and other charges and expenses, including underwriters'\ndiscounts, related to the issuance of such refunding bonds or notes, all\nas determined by the authority.\n (d) Additional authorizations. For the purpose of financing capital\ncosts in connection with development of the project area, the authority\nmay, in addition to the authorizations contained elsewhere in this\ntitle, borrow money by issuing bonds or notes in an aggregate principal\namount not exceeding one hundred fifty million dollars plus a principal\namount of bonds or notes issued (i) to fund any related debt service\nreserve fund, (ii) to provide capitalized interest, and (iii) to provide\nfor fees and other charges and expenses including any underwriters'\ndiscounts, related to the issuance of such bonds or notes, all as\ndetermined by the authority, excluding bonds and notes issued to refund\noutstanding bounds and notes issued pursuant to this section.\n (e) Additional authorizations. For the purpose of financing costs of\nthe state, the authority may, in addition to the authorizations\ncontained elsewhere in this title, borrow money by issuing bonds or\nnotes in an aggregate principal amount not exceeding two hundred fifty\nmillion dollars plus a principal amount of bonds or notes issued (i) to\nfund any related debt service reserve fund, (ii) to provide capitalized\ninterest, and (iii) to provide for fees and other charges and expenses\nincluding any underwriters' discounts, related to the issuance of such\nbonds or notes, all as determined by the authority, excluding bonds and\nnotes issued to refund outstanding bonds and notes issued pursuant to\nthis section.\n (f) Additional authorizations. For the purpose of financing capital\ncosts in connection with a program of infrastructure construction,\nimprovements and other capital expenditures for the project area, the\nauthority may, in addition to the authorizations contained elsewhere in\nthis title, borrow money by issuing bonds and notes in an aggregate\nprincipal amount not exceeding two billion five hundred million dollars,\nplus a principal amount of bonds or notes issued (i) to fund any related\ndebt service reserve fund, (ii) to provide capitalized interest, and\n(iii) to provide for fees and other charges and expenses including any\nunderwriters' discounts, related to the issuance of such bonds or notes,\nall as determined by the authority, excluding bonds and notes issued to\nrefund outstanding bonds and notes issued pursuant to this section.\n 2. For the purposes of financing loans, advances and mortgage loans to\nhousing companies organized pursuant to article two, article four or\narticle eleven of the private housing finance law, including\nsubsidiaries of the authority, for housing accommodations to be erected\nin the Battery Park project area, the authority may issue bonds and\nnotes in an aggregate principal amount at any one time outstanding not\nexceeding four hundred million dollars, excluding bonds and notes issued\nto refund outstanding bonds and notes.\n 3. The fixing of the statutory maximums as provided in subdivisions\none and two of this section shall not be construed as constituting a\ncontract between the authority and the holders of its bonds or notes\nthat additional bonds and notes may not be issued subsequently by the\nauthority in the event that such statutory maximums shall subsequently\nbe increased by law.\n 4. The authority shall have the power to enter into interest rate\nexchange agreements, which shall mean written contracts entered into in\nconnection with the issuance of authority debt or in connection with\nsuch authority debt already outstanding to provide for exchange of\npayments based upon fixed and/or variable interest rates, and shall be\nfor exchanges in currency of the United States of America only. The\nauthority shall have the power: (a) until December thirty-first, two\nthousand three, to enter into such interest rate exchange agreements,\nand (b) thereafter to enter into replacements and substitutions for and\namendments to exchange agreements, provided that no such replacement,\nsubstitution or amendment shall increase the notional principal amount\nunder an exchange agreement or extend the term of an exchange agreement.\nThe authority shall be subject to subdivision three of section\nsixty-nine-d of the state finance law.\n