New York Laws
Title 12 - New York State Environmental Facilities Corporation
1285-Q - Financing of Hazardous Waste Site Remediation Projects.

§ 1285-q. Financing of hazardous waste site remediation projects. In
order to effectuate the purposes of this title, the corporation shall
have the following additional special powers:

1. Subject to chapter fifty-nine of the laws of two thousand, but
notwithstanding any other provisions of law to the contrary, in order to
assist the corporation in undertaking the administration and the
financing of hazardous waste site remediation projects for payment of
the state's share of the costs of the remediation of hazardous waste
sites, in accordance with title thirteen of article twenty-seven of the
environmental conservation law and section ninety-seven-b of the state
finance law, and for payment of state costs associated with the
remediation of offsite contamination at significant threat sites as
provided in section 27-1411 of the environmental conservation law, and
beginning in state fiscal year two thousand fifteen - two thousand
sixteen for environmental restoration projects pursuant to title five of
article fifty-six of the environmental conservation law provided that
funding for such projects shall not exceed ten percent of the funding
appropriated for the purposes of financing hazardous waste site
remediation projects, pursuant to title thirteen of article twenty-seven
of the environmental conservation law in any state fiscal year pursuant
to capital appropriations made to the department of environmental
conservation, the director of the division of budget and the corporation
are each authorized to enter into one or more service contracts, none of
which shall exceed twenty years in duration, upon such terms and
conditions as the director and the corporation may agree, so as to
annually provide to the corporation in the aggregate, a sum not to
exceed the annual debt service payments and related expenses required
for any bonds and notes authorized pursuant to section twelve hundred
ninety of this title. Any service contract entered into pursuant to this
section shall provide that the obligation of the state to fund or to pay
the amounts therein provided for shall not constitute a debt of the
state within the meaning of any constitutional or statutory provision
and shall be deemed executory only to the extent of moneys available for
such purposes, subject to annual appropriation by the legislature. Any
such service contract or any payments made or to be made thereunder may
be assigned and pledged by the corporation as security for its bonds and
notes, as authorized pursuant to section twelve hundred ninety of this
title.

2. The comptroller is hereby authorized to receive from the
corporation any portion of bond proceeds paid to provide funds for or
reimburse the state for its costs associated with any hazardous waste
site remediation projects and to credit such amounts to the capital
projects fund or any other appropriate fund.

3. The maximum amount of bonds that may be issued for the purpose of
financing hazardous waste site remediation projects and environmental
restoration projects authorized by this section shall not exceed two
billion two hundred million dollars and shall not exceed one hundred
million dollars for appropriations enacted for any state fiscal year,
provided that the bonds not issued for such appropriations may be issued
pursuant to reappropriation in subsequent fiscal years. No bonds shall
be issued for the repayment of any new appropriation enacted after March
thirty-first, two thousand twenty-six for hazardous waste site
remediation projects authorized by this section. Amounts authorized to
be issued by this section shall be exclusive of bonds issued to fund any
debt service reserve funds, pay costs of issuance of such bonds, and
bonds or notes issued to refund or otherwise repay bonds or notes
previously issued. Such bonds and notes of the corporation shall not be
a debt of the state, and the state shall not be liable thereon, nor

shall they be payable out of any funds other than those appropriated by
this state to the corporation for debt service and related expenses
pursuant to any service contracts executed pursuant to subdivision one
of this section, and such bonds and notes shall contain on the face
thereof a statement to such effect.