§ 2799-TT — Additional bonds of the authority

§ 2799-tt. Additional bonds of the authority. 1. Notwithstanding any\nprovision of this title or of any other law to the contrary, the\nauthority is hereby authorized to issue bonds, notes or other\nobligations in addition to those authorized by sections twenty-seven\nhundred ninety-nine-gg and twenty-seven hundred ninety-nine-ss of this\ntitle in an amount outstanding of up to nine billion four hundred\nmillion dollars for purposes of (i) funding costs of such educational\nfacilities capital plan, the five-year educational facilities capital\nplan approved in accordance with section twenty-five hundred ninety-p of\nthe education law and (ii) refunding bonds, notes or other obligations\nissued to pay such costs, and for payment of all other costs and\nexpenses relating to bonds, notes or other obligations described in\nclause (i) or (ii) of this subdivision or incurred pursuant to\nagreements relating to such bonds, notes or other obligations, including\nwithout limitation, capitalized interest, the funding of reserves and\ncosts of issuance. The city, acting through the mayor, may assign all or\nany portion of the state aid payable to the city of New York or the\nschool district of the city of New York pursuant to subdivision six of\nsection thirty-six hundred two of the education law of the state (or\npursuant to any successor provision of state law) to the authority and,\nafter such assignment, such aid and the right to receive such aid shall\nbe the property of the authority. Bonds issued pursuant to this section\nshall have a maximum maturity of up to thirty years.\n 2. Following notice from the city of New York to the director of the\nstate division of the budget and the state comptroller of such\nassignment, such payment shall be made by the state comptroller directly\nto the city's assignee; provided that such payment shall be subject and\nsubordinate to payment of such aid to the municipal bond bank agency\npursuant to section twenty-four hundred thirty-six of this article, the\neducational construction fund pursuant to section four hundred sixty-two\nof the education law, and the paying agent for bonds and notes in\ndefault pursuant to section ninety-nine-b of the state finance law.\n 3. Notwithstanding any inconsistent provision of law, amounts applied\npursuant to this section to fund the five-year educational facilities\ncapital plan and related costs, and amounts applied to pay debt service\non bonds, notes or other obligations described in clause (i) or (ii) of\nsubdivision one of this section (together with all other costs and\nexpenses referred to in such subdivision) shall be deemed to be paid\nfrom revenues of the city of New York for the purpose of any computation\nof federal or state aid.\n 4. The pledge and agreement of the state contained in section\ntwenty-seven hundred ninety-nine-ii of this title shall be fully\napplicable to bonds, notes or other obligations issued pursuant to this\nsection, and may be included in any agreement with the holders of such\nbonds, notes or other obligations. Nothing contained in this section\nshall be deemed to restrict the right of the state to amend, modify,\nrepeal or otherwise alter statutes relating to the state aid subject to\nsuch assignment, but such state aid shall in all events (i) continue to\nbe so payable, as assigned, so long as any such state aid is paid and\n(ii) continue to be calculated in accordance with the same formula used\nfor such calculation, and otherwise on the same basis as such aid is\ncalculated, on the date that the applicable project is approved for\nreimbursement.\n