§ 51 — Powers, functions and duties of the New York state public authorities control board; limitations

§ 51. Powers, functions and duties of the New York state public\nauthorities control board; limitations. 1. The New York state public\nauthorities control board shall have the power and it shall be its duty\nto receive applications for approval of the financing and construction\nof any project proposed by any of the following state public benefit\ncorporations:\n a. New York state environmental facilities corporation\n b. New York state housing finance agency\n c. New York state medical care facilities finance agency\n d. Dormitory authority\n e. New York state urban development corporation\n f. Job development authority\n g. Battery park city authority\n h. New York state project finance agency\n i. State of New York mortgage agency\n j. New York state energy research and development authority\n k. Long Island Power Authority\n l. Albany Convention Center Authority\n m. State of New York Municipal Bond Bank Agency for bonds issued\npursuant to section two thousand four hundred thirty-six-b of this\nchapter\n n. North Country Power Authority\nAny application made concerning a project shall include the terms,\nconditions and dates of the repayment of state appropriations authorized\nby law pursuant to a repayment agreement. Any subsidiary of, or\ncorporation with the same members or directors as, a public benefit\ncorporation subject to the provisions of this section shall also be\nsubject to the provisions of this section. All applications and\nsubmissions to the board required to be made by a subsidiary shall be\nmade on behalf of such subsidiary by the public benefit corporation\nwhich created the subsidiary. No public benefit corporation subject to\nthe provisions of this section shall make any commitment, enter into any\nagreement or incur any indebtedness for the purpose of acquiring,\nconstructing, or financing any project unless prior approval has been\nreceived from the board by such public benefit corporation as provided\nherein.\n 2. The board may require as part of such application such information\nas it deems necessary and shall act upon such application within a\nreasonable time. The board shall furnish the state comptroller with a\ncopy of each such application within three days following receipt\nthereof by the board. The board shall not approve any such application\nprior to the earlier of (a) seven days following the receipt by the\nstate comptroller of such application or (b) the receipt by the board of\nthe state comptroller's comments on the application or his consent to an\nearlier determination by the board. Reference to the state comptroller\nin this subdivision shall include any authorized representative of the\nstate comptroller.\n 3. The board may approve applications only upon its determination\nthat, with relation to any proposed project, there are commitments of\nfunds sufficient to finance the acquisition and construction of such\nproject. In determining the sufficiency of commitments of funds, the\nboard may consider commitments of funds, projections of fees or other\nrevenues and security, which may, in the discretion of the board,\ninclude collateral security sufficient to retire a proposed indebtedness\nor protect or indemnify against potential liabilities proposed to be\nundertaken. A copy of such determination shall be submitted to the chief\nexecutive officer of the appropriate public benefit corporation and the\nstate comptroller.\n 3-a. The board shall not approve recovery act bonds applications\nprovided by the state of New York municipal bond bank agency unless the\nboard finds sufficient interest rate and other savings to each\nparticipating municipality.\n 4. Notwithstanding any other provisions of this section, the\nrequirements of subdivisions one, two and three of this section shall\nnot apply with regard to any project of the New York state environmental\nfacilities corporation, the New York state housing finance agency, the\nNew York state medical care facilities finance agency or the dormitory\nauthority in progress on the first day of April, nineteen hundred\nseventy-six, with regard to any project of the New York state project\nfinance agency or the New York state urban development corporation in\nprogress on the first day of April, nineteen hundred seventy-eight, with\nregard to any project of the job development authority or the battery\npark city authority in progress on the first day of July, nineteen\nhundred eighty, and with regard to a project of any other public benefit\ncorporation subject to the provisions of this section in progress on the\nfirst day of July, nineteen hundred eighty-three, as determined by the\nNew York state public authorities control board whose affirmative\ndetermination shall be conclusive as to all matters of law and fact for\nthe purpose of the limitations of this section.\n 5. Nothing contained in subdivisions one, two and three of this\nsection shall limit the right or obligation of any public benefit\ncorporation subject to the provisions of this section to comply with the\nprovisions of any existing contract, including any existing contract\nwith or for the benefit of the holders of any obligations of any public\nbenefit corporation.\n 6. A member of the board must vote within the scope of his or her\nlegal authority. The legal authority of a member of the board pursuant\nto this section is solely to determine whether the issuing authority has\ndemonstrated that there is the commitment of funds sufficient to finance\nthe acquisition and construction of the project subject to approval.\nFailure of a member to vote within the scope of his or her legal\nauthority constitutes a violation of the public's trust for the purposes\nof paragraph h of subdivision three of section seventy-four of the\npublic officers law. As the appointing authority, the governor has the\nfull discretion to immediately remove a member of the board he or she\nfinds to be acting, or threatening to act, beyond the scope of such\nmember's legal authority set forth herein.\n