§ 58 — Gateway project

New York § 58

• Jurisdiction: New York
• Law UDA: Urban Development Corporation Act 174/68

Text

* § 58. Gateway project. 1. Findings and declaration of need. The\nstate of New York finds and determines that providing funding for the\npassenger rail transportation project commonly known as the gateway\nproject, is needed to preserve and improve the functionality and\nstrengthen the resiliency of long-distance and commuter rail\ninfrastructure between the state of New York and the state of New\nJersey.\n 2. Definitions. When used in this section:\n (a) "Commission" shall mean the gateway development commission, a\nbi-state commission and a body corporate and politic established by the\nstate of New Jersey and the state of New York, acting in the public\ninterest and exercising essential governmental functions in accordance\nwith the Gateway development commission act, and any successor thereto.\n (b) "Federal transportation loan" shall mean one or more loans made to\nthe commission to finance the Hudson tunnel project under or pursuant to\nany U.S. Department of Transportation program or act, including but not\nlimited to the Railroad Rehabilitation & Improvement Financing Program\nor the Transportation Infrastructure Finance and Innovation Act, which\nloan or loans are related to the state capital commitment.\n (c) "Gateway development commission act" shall mean chapter 108 of the\nlaws of New York, 2019, as amended.\n (d) "Gateway project" shall mean the Hudson tunnel project.\n (e) "Hudson tunnel project" shall mean the project consisting of\nconstruction of a tunnel connecting the states of New York and New\nJersey and the completion of certain ancillary facilities including\nconstruction of concrete casing at Hudson Yards in Manhattan, New York\nand the rehabilitation of the existing North River Tunnels.\n (f) "State capital commitment" shall mean (i) an aggregate principal\namount not to exceed $2,850,000,000, plus (ii) any interest costs,\nincluding capitalized interest, and (iii) related expenses and fees, all\nof which shall be payable by the state of New York to, or at the\ndirection of, the commission under one or more service contracts or\nother agreements pursuant to this section, as well as any expenses of\nthe state incurred in connection therewith.\n (g) "Related expenses and fees" shall mean commitment fees, servicing\nand monitoring costs, credit risk premium payments and similar charges,\nadministrative fees and other ancillary costs, expenses and fees\nincurred, and to become due and payable, by the commission in connection\nwith the Federal transportation loan, or by the state in connection with\nany service contract.\n 3. Notwithstanding any other provision of law to the contrary, in\norder to provide for the payment for the state capital commitment, the\ndirector of the budget is hereby authorized to enter into one or more\nservice contracts or other agreements with the commission, none of which\nshall exceed the maximum duration of the Federal transportation loan,\nupon such terms and conditions as the director of the budget and\ncommission agree, so as to provide to or at the direction of the\ncommission, for each state fiscal year, a sum not to exceed the amount\nrequired to be paid as principal and interest under the Federal\ntransportation loan for such fiscal year, plus related expenses and fees\nfor such fiscal year. Any such service contract or other agreement shall\nprovide that the obligation of the state to pay the amount therein\nprovided shall not constitute a debt of the state within the meaning of\nany constitutional or statutory provision and shall be deemed executory\nonly to the extent of monies available, that no liability shall be\nincurred by the state beyond the monies available for such purpose, and\nthat such obligation is subject to annual appropriation by the\nlegislature. Any such service contract or other agreement and any\npayments made or to be made thereunder may be assigned and pledged by\nthe commission as security for the repayment by the commission of the\nFederal transportation loan.\n 4. The director of the budget is also authorized to enter into such\nother agreements and to take or cause to be taken such additional\nactions as are necessary or desirable to effectuate the purposes of the\ntransactions contemplated by the state capital commitment provided for\nherein and the service contract or other agreement authorized by\nsubdivision 3 of this section.\n 5. On or before the beginning of each quarter, the director of the\nbudget shall certify to the state comptroller the estimated amount of\nmonies that shall be reserved in the general debt service fund for\npayment pursuant to any service contract authorized by subdivision 3 of\nthis section payable by such fund during each month of the state fiscal\nyear. Such certificate may be periodically updated, as necessary.\nNotwithstanding any provision of law to the contrary, the state\ncomptroller shall reserve in the general debt service fund the amount of\nmonies identified on such certificate as necessary for payment pursuant\nto any service contract authorized by subdivision 3 of this section\nduring the current or next succeeding quarter of the state fiscal year.\nSuch monies so reserved shall not be available for any other purpose.\nSuch certificate shall be reported to the chairpersons of the Senate\nFinance Committee and the Assembly Ways and Means Committee.\n * NB There are 2 § 58's\n