§ 376 — Further additional powers of the authority

New York § 376

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 9: New York State Thruway Authority
• Art. 2: Park, Parkway and Highway Authorities

Text

§ 376. Further additional powers of the authority. The authority shall\nhave the power, in addition to the powers granted in other sections of\nthis title:\n 1. (a) To enter into a cooperative highway contractual agreement or\nagreements with the commissioner of transportation for the financing by\nthe authority of expenditures made in advance by the state for design,\nacquisition, construction, reconstruction or the reconditioning and\npreservation of transportation facilities pursuant to the provisions of\nsection eighty-eight-b of the state finance law, state highways, state\nparkways, state arterial highways in cities and related facilities and\nstructures thereon, including bridges, the reconditioning and\npreservation of structures separating highways and railroads, and the\ntraffic operations program to increase capacity and safety on existing\nstreet and highway systems in urban areas, capacity and infrastructure\nimprovements to state, county, town, city or village roads, highways,\nparkways and bridges, in any case where the expense thereof is paid in\nwhole or in part by the state.\n (b) To issue use permits to the commissioner of transportation for\nprojects financed by the authority of expenditures made in advance by\nthe state in accordance with the provisions of a cooperative highway\ncontractual agreement or agreements provided, that such projects are\nmaintained and operated under the supervision of the department of\ntransportation or the municipal agency designated by the commissioner of\ntransportation without cost to the New York State thruway authority for\nthe full term of such agreement or agreements, and, provided further\nthat such use permit shall be granted by the authority for the use of\nsuch projects by the department of transportation or the municipal\nagency designated by the commissioner of transportation on a toll free\nbasis.\n 2. From time to time to issue emergency highway reconditioning and\npreservation bonds and notes for the purposes of this section. All the\nprovisions of this title relating to bonds and notes, which are not\ninconsistent with the provisions of this section, shall apply to the\nbonds and notes authorized by this section. The authority shall not\nissue emergency highway reconditioning and preservation bonds and notes\nin an aggregate principal amount exceeding: (a) one hundred million\ndollars, excluding bonds issued to refund outstanding notes, in the\nperiod from April first, nineteen hundred seventy-two through March\nthirty-first, nineteen hundred eighty-two; and (b) an additional one\nhundred thirty-six million dollars, excluding bonds issued to refund\noutstanding notes, on or after April first, nineteen hundred eighty-two\nbut before April first, nineteen hundred eighty-six.\n 2-a. From time to time issue emergency highway construction and\nreconstruction bonds and notes for the purposes of this section. All the\nprovisions of this title relating to bonds and notes which are not\ninconsistent with the provisions of this section shall apply to the\nbonds and notes authorized by this section. The authority shall not\nissue emergency highway construction and reconstruction bonds and notes\nin an aggregate principal amount exceeding: (a) one hundred million\ndollars, excluding bonds or notes issued to refund outstanding bonds or\nnotes, before April first, nineteen hundred ninety and (b) an additional\nthirty-four million dollars, excluding bonds or notes issued to refund\noutstanding bonds or notes, on or after April first, nineteen hundred\nninety and (c) an additional ninety-three million dollars, excluding\nbonds or notes, issued to refund outstanding bonds or notes on or after\nApril first, nineteen hundred ninety-one and (d) an additional ninety\nmillion dollars, excluding bonds or notes issued to refund outstanding\nbonds or notes, on or after April first, nineteen hundred ninety-two.\n 2-b. From time to time to enter into agreements with the commissioner\nof transportation to finance the capital costs of projects authorized\npursuant to section eighty-eight-b of the state finance law, and to\nissue bonds and notes for capital projects approved by metropolitan\nplanning organizations or transportation coordinating committees\npursuant to the provisions of such section eighty-eight-b. All the\nprovisions of this title relating to bonds and notes which are not\ninconsistent with the provisions of this section shall apply to the\nbonds and notes authorized by this section. No bonds or notes shall be\nissued for the purposes authorized by this subdivision after the\nthirty-first day of March, two thousand.\n 2-c. From time to time to issue additional emergency highway\nreconditioning and preservation bonds and notes for the purposes of this\nsection. All the provisions of this title relating to bonds and notes,\nwhich are not inconsistent with the provisions of this section, shall\napply to the bonds and notes authorized by this section. The authority\nshall not issue such additional emergency highway reconditioning and\npreservation bonds and notes in an aggregate principal amount exceeding\n(a) forty-eight million dollars, excluding bonds or notes issued to\nrefund outstanding bonds or notes, on or after April first, nineteen\nhundred ninety, and (b) an additional eighty-four million dollars\nexcluding bonds or notes issued to refund outstanding bonds or notes on\nor after April first, nineteen hundred ninety-one, and (c) an additional\neighty-five million dollars, excluding bonds or notes issued to refund\noutstanding bonds or notes, on or after April first, nineteen hundred\nninety-two.\n 3. In addition to the provisions authorized by this title any\nresolution or resolutions authorizing any bonds or notes for the\npurposes of this section may contain provisions which may be a part of\nthe contract with the holders of such bonds providing for the creation\nand establishment and maintenance of reserve funds and payments to such\nreserve funds as hereinafter in this subdivision set forth.\n The authority may create and establish reserve funds to be known as\nthe emergency highway reconditioning and preservation debt service\nreserve fund, the emergency highway construction and reconstruction debt\nservice reserve fund and the suburban transportation debt service\nreserve fund and may pay into such reserve funds (a) moneys made\navailable by the state for the purposes of such funds from the emergency\nhighway reconditioning and preservation fund, or the emergency highway\nconstruction and reconstruction fund or the suburban transportation fund\nas created by section eighty-nine, eighty-nine-a or eighty-eight-b of\nthe state finance law, respectively; (b) any proceeds of sale of bonds\nand notes to the extent provided in the resolution of the authority\nauthorizing the issuance thereof; and (c) any other moneys which may be\nmade available to the authority for the purposes of such funds from any\nother source or sources. The moneys held in or credited to such debt\nservice reserve funds established under this subdivision, except as\nhereinafter provided, shall be used solely for the payment of the\nprincipal of bonds of the authority secured by such reserve funds, as\nthe same mature, the purchase of such bonds of the authority, the\npayment of interest on such bonds of the authority or the payment of any\nredemption premium required to be paid when such bonds are redeemed\nprior to maturity; provided, however, that moneys in any such funds\nshall not be withdrawn therefrom at any time in such amount as would\nreduce the amount of such funds to less than the maximum amount of\nprincipal and interest maturing and becoming due in any succeeding\ncalendar year on the bonds of the authority then outstanding and secured\nby such reserve funds, except for the purpose of paying principal and\ninterest on the bonds of the authority secured by such reserve funds\nmaturing and becoming due and for the payment of which other moneys of\nthe authority are not available. Any income or interest earned by, or\nincrement to, any such debt service reserve funds due to the investment\nthereof may be transferred to any other fund or account of the authority\nestablished for the purposes of this section to the extent it does not\nreduce the amount of such debt service reserve funds below the maximum\namount of principal and interest maturing and becoming due in any\nsucceeding calendar year on all bonds of the authority then outstanding\nand secured by such reserve funds.\n 4. The authority shall not issue bonds at any time for the purposes of\nthis section if the maximum amount of principal and interest maturing\nand becoming due in a succeeding calendar year on the bonds outstanding\nand then to be issued and secured by any debt service reserve fund will\nexceed the amount of such reserve fund at the time of issuance, unless\nthe authority at the time of issuance of such bonds, shall deposit in\nsuch reserve fund from the proceeds of the bonds so to be issued, or\notherwise, an amount which together with the amount then in such reserve\nfund, will be not less than the maximum amount of principal and interest\nmaturing and becoming due in any succeeding calendar year on the bonds\nthen to be issued and on all other bonds of the authority then\noutstanding and secured by such reserve fund.\n 5. (a) To assure the continued operation and solvency of the authority\nfor the carrying out of the purposes relating to this section provision\nis made in this section for the accumulation in the debt service reserve\nfund of an amount equal to the maximum amount of principal and interest\nmaturing and becoming due in any succeeding calendar year on all bonds\nof the authority then outstanding and secured by such reserve fund. In\norder further to assure the maintenance of such debt service reserve\nfund, with respect to bonds of the authority issued pursuant to this\nsection prior to April first, nineteen hundred ninety, there shall be\nannually apportioned and paid to the authority for deposit in such debt\nservice reserve fund such sum, if any, as shall be certified by the\nchairman of the authority to the governor and state director of the\nbudget as necessary to restore such reserve fund to an amount equal to\nthe maximum amount of principal and interest maturing and becoming due\nin any succeeding calendar year on the bonds of the authority then\noutstanding and secured by such reserve fund. The chairman of the\nauthority shall annually, on or before December first, make and deliver\nto the governor and state director of the budget his certificate stating\nthe sum, if any, required to restore such debt service reserve fund to\nthe amount aforesaid, and the sum or sums so certified, if any, shall be\napportioned and paid to the authority during the then current state\nfiscal year.\n (b) To assure the continued operation and solvency of the authority\nfor the carrying out of the purposes relating to this section, provision\nis made in this section for the accumulation in the debt service reserve\nfund of an amount equal to the maximum amount of principal and interest\nmaturing and becoming due in any succeeding calendar year on all bonds\nof the authority then outstanding and secured by such reserve fund;\nprovided however for such bonds issued by the authority after April\nfirst, nineteen hundred ninety-two, such debt service reserve fund may\nin the discretion of the authority and consistent with any covenants\nwith any existing bondholders and without impairing the rights of any\nexisting bondholders be sized in an amount equal to not less than\none-half of the maximum amount of principal and interest maturing and\nbecoming due in any succeeding calendar year on such bonds of the\nauthority then outstanding and secured by such debt service reserve\nfund. In order to further assure the maintenance of such debt service\nreserve fund, with respect to bonds of the authority issued pursuant to\nsubdivisions two-a, two-b and two-c of this section after April first,\nnineteen hundred ninety, the authority shall create a special subaccount\nin each revenue fund established pursuant to any resolution or\nresolutions authorizing such bonds. Such subaccounts shall consist of\nthe moneys available after April first, nineteen hundred ninety,\npursuant to sections two hundred eighty-two-b, two hundred eighty-two-c,\ntwo hundred eighty-four-a and two hundred eighty-four-c of the tax law,\nrespectively, in the emergency highway reconditioning and preservation\nfund reserve account established pursuant to paragraph (b) of\nsubdivision two of section eighty-nine of the state finance law and in\nthe emergency highway construction and reconstruction fund reserve\naccount established pursuant to paragraph (b) of subdivision two of\nsection eighty-nine-a of the state finance law, apportioned and paid to\nthe authority for deposit in such subaccount of the revenue fund.\nAmounts in each such subaccount shall be kept separate and shall not be\ncommingled with any other moneys in the custody of the authority.\nAmounts in each such subaccount shall be applied solely to pay such sum,\nif any, as shall semi-annually, (on such dates as are established under\nthe terms of any cooperative highway contractual agreement of the\ndepartment of transportation with the New York state thruway authority\nentered into on or after April first, nineteen hundred ninety which is\nthen in effect), be certified by the chairman of the authority to the\ngovernor and state director of the budget as necessary to provide funds\nin an amount sufficient together with other moneys available to the\nauthority for such purpose, to pay one-half of the total annual\nprincipal and interest maturing and becoming due during the next\nsucceeding twelve calendar months on all bonds of the authority issued\npursuant to subdivisions two-a, two-b and two-c of this section after\nApril first, nineteen hundred ninety and maintaining or funding debt\nservice reserve funds therefor. Any surplus of funds in excess of such\ncertified amounts remaining in each such subaccount after such payments,\nif any, have been made shall on the dates established under the terms of\nsuch cooperative highway agreements, be paid over for deposit,\nrespectively, in the emergency highway reconditioning and preservation\nfund reserve account established pursuant to paragraph (b) of\nsubdivision two of section eighty-nine of the state finance law and in\nthe emergency highway construction and reconstruction fund reserve\naccount established pursuant to paragraph (b) of subdivision two of\nsection eighty-nine-a of the state finance law.\n 6. In computing the debt service reserve fund for the purposes of this\nsection, securities in which all or a portion of such reserve fund shall\nbe invested shall be valued at par, or if purchased at less than par, at\ntheir cost to the authority.\n 7. The authorization, sale and issuance of bonds, notes or other\nobligations pursuant to this section shall not be deemed an action as\nsuch term is defined in article eight of the environmental conservation\nlaw for the purposes of such article. Such exemption shall be strictly\nlimited in its application to such financing activities of the authority\nand does not exempt the department of transportation or any other entity\nfrom compliance with such article.\n