New York Laws
Title 12 - New York State Environmental Facilities Corporation
1285-K - Financing of the Design, Acquisition, Construction, Improvement and Installation of Riverbank Park.

§ 1285-k. Financing of the design, acquisition, construction,
improvement and installation of Riverbank Park. In order to effectuate
the purposes of this title, the corporation shall have the following
additional special powers:

1. Notwithstanding the provisions of any law to the contrary, the
corporation and any state agency, subject to the approval of the
director of the budget, may enter into a contract for financing the
design, acquisition, construction, improvement and installation of all
or any portion of Riverbank Park, for and on behalf of such state
agency; and the corporation and any state agency may enter into a
contract, lease, easement, license or other instrument pursuant to which
the corporation shall make all or any portion of Riverbank Park
available to such agency, for use as a park. Any such contract or
contracts, lease, easement, license or other instrument shall be upon
such terms and conditions as the corporation and the subject state
agency shall determine to be reasonable, including, but not limited to,
the payment of, or reimbursement to the corporation for, (a) all costs
of the corporation in financing the design, acquisition, construction,
improvement and installation of all or any portion of Riverbank Park,
and any claims arising therefrom, (b) all fees and other charges of, and
all expenses incurred by, the corporation in connection with the
issuance and administration of any bonds or notes issued by the
corporation for such purpose, and (c) amounts sufficient to pay all
principal, premium, if any, and interest on such bonds or notes. Such
payment or reimbursement may be made annually or otherwise, may be in
fixed amounts or based on any factors or other matters, or may be made
in any other manner, as such contract or contracts shall provide.

2. Any contract, lease, easement, license or other instrument entered
into by the corporation pursuant to subdivision one of this section may
be assigned or pledged by the corporation as security for its bonds or
notes issued for the purpose of financing the design, acquisition,
construction, improvement and installation of all or any portion of
Riverbank Park.

3. The corporation, any state agency, the city of New York or any
agency or instrumentality thereof, may enter into any leases, easements,
licenses, or other instruments, for the purpose of granting to the
corporation any interest in real property which the corporation shall
deem necessary for the purpose of financing the design, acquisition,
construction, improvement and installation of all or any portion of
Riverbank Park.

4. Notwithstanding the provisions of subdivision one of this section,
any contract, lease, easement, license or other instrument entered into
by the corporation with any state agency, pursuant to subdivision one of
this section, shall (a) provide that the obligation of the state or such
state agency to pay the amounts therein provided shall not constitute a
debt of the state within the meaning of any constitutional or statutory
provision, and (b) be deemed executory only to the extent moneys are
available, and provide that the obligation of the state or such state
agency to make payments thereunder is subject to annual appropriation by
the legislature.