§ 18 — Bond authorization

§ 18. Bond authorization. The corporation shall not issue bonds and\nnotes in an aggregate principal amount exceeding one billion two hundred\nninety-five million dollars, excluding (1) bonds and notes issued to\nrefund or otherwise repay outstanding bonds and notes of the corporation\nor of the New York state project finance agency, (2) notes issued by the\ncorporation to evidence eligible loans made to the corporation pursuant\nto the New York state project finance agency act, and (3) bonds and\nnotes issued with the approval of the state director of the budget and\nthe New York state public authorities control board which are secured by\nand payable solely out of a specific project, other than a residential\nproject, undertaken by the corporation subsequent to June first,\nnineteen hundred seventy-seven, and the revenues and receipts derived\ntherefrom, without recourse against other assets of the corporation or\nagainst a debt service reserve fund to which state funds are\napportionable pursuant to subdivision three of section twenty of this\nact, provided that the corporation shall not issue bonds or notes\npursuant to this clause (3) if (a) (i) the arrangements under which the\nproject is undertaken do not provide for annual real property taxes, or\npayments in lieu of real property taxes, on the real property included\nin the project securing such bonds or notes which together at least\nequal the average annual real property taxes which were paid with\nrespect to such real property for three years prior to the acquisition\nof such project or any portion thereof by the corporation or a\nsubsidiary thereof, and (ii) after a public hearing, the local\nlegislative body of the city, town or village in which such project is\nto be located has not consented to such arrangements, provided, however,\nthat in a city having a population of one million or more such consent\nshall be given by the board of estimate of such city, or (b) the\naggregate principal amount of any such bonds and notes is less than\ntwice the amount of any moneys appropriated by the state and made\navailable by the corporation to the project securing such bonds and\nnotes, or (c) the aggregate principal amount of the bonds and notes\nissued pursuant to this clause (3) will thereby exceed three hundred\nseventy-nine million dollars, excluding bonds and notes issued to refund\nor otherwise repay outstanding bonds and notes issued pursuant to this\nclause (3), provided, however, that the corporation may provide for a\npooled financing arrangement with regard to bonds issued for the\npurposes of financing the construction of the Center for Computers,\nMicroelectronics and Telecommunications at Columbia University, the\nCenter for Science and Technology at Syracuse University, the Cornell\nSuper Computer Center at Cornell University, the Onondaga County\nConvention Center Complex, the Center for Advanced Materials Processing\nat Clarkson University, the Center for Electro-Optic Imaging at\nUniversity of Rochester, the Center for Neural Science at New York\nUniversity, the Alfred University Incubator Facilities in Allegany\nCounty and Steuben County, the Broadway Redevelopment Project, and the\nSematech Semiconductor facility, and, that the aggregate amount of bonds\nwhich may be issued pursuant to this clause (3) shall be increased above\nthe amounts in the following schedule for the purposes of providing for\nthe costs of issuance including any debt service reserve requirements\nthat may be necessary in accordance with the following schedule:\n Schedule\n Project Amount\nThe Carborundum Company\nNiagara Falls............................ 4,400,000\nHooker Chemicals & Plastics Corporation\nNiagara Falls............................ 13,500,000\nMoog, Inc.\nTown of Elma............................. 8,925,000\nSybron Corporation\nRochester................................ 6,600,000\nRefined Syrups & Sugars, Inc.\nYonkers.................................. 7,500,000\nSheraton Hotel\nUtica.................................... 4,300,000\nUrban Renewal Parcel\nOffice Building\nUtica.................................... 5,000,000\nDowntown Retail Center\nBinghamton............................... 3,000,000\nAmerican Stock Exchange/Office Facility\nNew York City............................ -0\nNew Printing Plant\nNew York City (Bronx).................... 16,000,000\nNew Electronics Manufacturing Plant\nNew York City (Bronx).................... 8,000,000\nSavin Corporation\nBinghamton............................... 6,000,000\nIndustrial Renewal Project\nNew York City (Brooklyn)................. 2,700,000\nManufacturing Plant Expansion\nNew York City (Bronx).................... 15,000,000\nShopping Mall\nCity of Buffalo.......................... 2,100,000\nNettleton Shoe\nSyracuse................................. 2,200,000\nBatten Kill Railroad Project\nWarren/Washington Counties............... 2,250,000\nCarrier Corporation\nOnondaga County.......................... 27,000,000\nCenter for Industrial Innovation\nCity of Troy............................. 33,000,000\nFordham Plaza\nNew York City (Bronx).................... 10,000,000\nFreezer Queen Foods, Inc.\nBuffalo.................................. 2,380,000\nChelsea Homes Project\nMarlboro (Ulster County)................. 2,700,000\nColumbia University\nCenter for Computers, Microelectronics\nand Telecommunications\nCity of New York......................... 36,000,000\nSyracuse University\nCenter for Science and Technology\nCity of Syracuse......................... 27,000,000\nCornell University\nCornell Super Computer Center\nCity of Ithaca........................... 5,000,000\nOnondaga County Convention\nCenter Complex at Syracuse............... 40,000,000\nClarkson University\nCenter for Advance\nMaterials Processing..................... 23,500,000\nUniversity of Rochester\nCenter for Elector-Optic Imaging......... 10,000,000\nNew York University\nCenter for Neural Science................ 5,000,000\nAlfred University Incubator Facilities in\nAllegany County and Steuben County....... 10,000,000\nBroadway Redevelopment Project\nat Schenectady........................... 5,500,000\nAlbany International\nEast Greenbush (Rensselaer County)....... 2,500,000\nSematech Semi-Conductor Facility\nNew York State........................... 40,000,000\nStony Brook Incubator\nProject.................................. 2,305,000\n -----------\nTotal of Schedule...................... $389,360,000\n ============\n The amounts in the above schedule are interchangeable among the\nprojects listed but in no case may be used to fund or initiate any other\nproject.\n