§ 381. Further additional powers of the authority. 1. The authority is\nhereby authorized, as additional corporate purposes thereof:
(a)to\nissue bonds and notes and to incur obligations secured by the moneys as\nprovided in the service contracts authorized pursuant to section\nfourteen of the chapter of the laws of nineteen hundred ninety-one which\nenacted this section; and (b) to make available the proceeds from the\nsale of such bonds and notes, net of all costs to the authority in\nconnection therewith, to provide moneys to the authority to achieve the\nsame corporate purposes as set forth in section three hundred sixty-five\nof this chapter. The authority is further authorized to issue such\nobligations in an aggregate principal amount not to exceed eighty\nmillion dollars, exclus
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§ 381. Further additional powers of the authority. 1. The authority is\nhereby authorized, as additional corporate purposes thereof: (a) to\nissue bonds and notes and to incur obligations secured by the moneys as\nprovided in the service contracts authorized pursuant to section\nfourteen of the chapter of the laws of nineteen hundred ninety-one which\nenacted this section; and (b) to make available the proceeds from the\nsale of such bonds and notes, net of all costs to the authority in\nconnection therewith, to provide moneys to the authority to achieve the\nsame corporate purposes as set forth in section three hundred sixty-five\nof this chapter. The authority is further authorized to issue such\nobligations in an aggregate principal amount not to exceed eighty\nmillion dollars, exclusive of the principal amount of bonds, notes or\nother obligations issued and applied (1) to fund any related debt\nservice fund, or other reserve funds as may be needed, (2) to provide\ncapitalized interest, and (3) to provide fees and other charges and\nexpenses, including underwriters' discount and the purchase of any\ncredit or liquidity enhancement facilities, related to the issuance of\nbonds, notes or other obligations and the maintenance of such reserves,\nall as determined by the authority and excluding bonds, notes or other\nobligations issued to refund or otherwise repay bonds, notes or other\nobligations theretofore issued pursuant to this section. In computing\nthe total principal amount of bonds, notes or other obligations that may\nat any time be issued for any purpose under this section, the amount of\nthe outstanding bonds, notes or other obligations that constitutes\ninterest under the United States Internal Revenue Code of 1986, as\namended to the effective date of this section, shall be excluded.\nProvided, however, that upon any refunding or repayment, except in\nconnection with the termination of the existence of the authority or if\notherwise authorized by the legislature, the total aggregate principal\namount of outstanding bonds, notes or other obligations may be greater\nthan the amount authorized by this section only if the present value of\nthe aggregate debt service of the refunding or repayment bonds, notes or\nother obligations to be issued shall not exceed the present value of the\naggregate debt service of the bonds, notes or other obligations so to be\nrefunded or repaid. For purposes of this section, the present values of\nthe aggregate debt service of the refunding or repayment bonds, notes or\nother obligations and of the aggregate debt service of the bonds, notes\nor other obligations so refunded or repaid, shall be calculated by\nutilizing the effective interest rate of the refunding or repayment\nbonds, notes or other obligations, which shall be that rate arrived at\nby doubling the semi-annual interest rate (compounded semi-annually)\nnecessary to discount the debt service payments on the refunding or\nrepayment bonds, notes or other obligations from the payment dates\nthereof to the date of issue of the refunding or repayment bonds, notes\nor other obligations and to the price bid including estimated accrued\ninterest or proceeds received by the authority including estimated\naccrued interest from the sale thereof.\n 2. Such obligations shall be special limited obligations of the\nauthority, secured by and payable solely out of payments received\npursuant to service contract or contracts authorized by section fourteen\nof the chapter of the laws of nineteen hundred ninety-one which enacted\nthis section, funded by amounts appropriated by the legislature and any\nother funds appropriated by the legislature to the authority therefor,\nwithout recourse against any other assets, revenues or funds of or other\npayments due to the authority.\n 3. Such obligations shall contain on the face thereof a statement to\nthe effect that they shall not be deemed to be an obligation of the\nstate and that the state shall not be liable thereon.\n 4. Such obligations shall be scheduled to mature over a term not to\nexceed thirty years.\n 5. All the provisions of this title relating to bonds and notes, which\nare not inconsistent with the provisions of this section, shall apply to\nobligations authorized by this section, including, but not limited to,\nthe power to issue renewal notes or refunding bonds thereof.\n