New York Laws
Title 9 - New York State Thruway Authority
376 - Further Additional Powers of the Authority.

(b) To issue use permits to the commissioner of transportation for
projects financed by the authority of expenditures made in advance by
the state in accordance with the provisions of a cooperative highway
contractual agreement or agreements provided, that such projects are
maintained and operated under the supervision of the department of
transportation or the municipal agency designated by the commissioner of
transportation without cost to the New York State thruway authority for
the full term of such agreement or agreements, and, provided further
that such use permit shall be granted by the authority for the use of
such projects by the department of transportation or the municipal
agency designated by the commissioner of transportation on a toll free
basis.
2. From time to time to issue emergency highway reconditioning and
preservation bonds and notes for the purposes of this section. All the
provisions of this title relating to bonds and notes, which are not
inconsistent with the provisions of this section, shall apply to the
bonds and notes authorized by this section. The authority shall not
issue emergency highway reconditioning and preservation bonds and notes
in an aggregate principal amount exceeding: (a) one hundred million
dollars, excluding bonds issued to refund outstanding notes, in the
period from April first, nineteen hundred seventy-two through March
thirty-first, nineteen hundred eighty-two; and (b) an additional one
hundred thirty-six million dollars, excluding bonds issued to refund
outstanding notes, on or after April first, nineteen hundred eighty-two
but before April first, nineteen hundred eighty-six.
2-a. From time to time issue emergency highway construction and
reconstruction bonds and notes for the purposes of this section. All the
provisions of this title relating to bonds and notes which are not
inconsistent with the provisions of this section shall apply to the
bonds and notes authorized by this section. The authority shall not
issue emergency highway construction and reconstruction bonds and notes
in an aggregate principal amount exceeding: (a) one hundred million
dollars, excluding bonds or notes issued to refund outstanding bonds or
notes, before April first, nineteen hundred ninety and (b) an additional
thirty-four million dollars, excluding bonds or notes issued to refund
outstanding bonds or notes, on or after April first, nineteen hundred
ninety and (c) an additional ninety-three million dollars, excluding
bonds or notes, issued to refund outstanding bonds or notes on or after
April first, nineteen hundred ninety-one and (d) an additional ninety
million dollars, excluding bonds or notes issued to refund outstanding
bonds or notes, on or after April first, nineteen hundred ninety-two.

2-b. From time to time to enter into agreements with the commissioner
of transportation to finance the capital costs of projects authorized
pursuant to section eighty-eight-b of the state finance law, and to
issue bonds and notes for capital projects approved by metropolitan
planning organizations or transportation coordinating committees
pursuant to the provisions of such section eighty-eight-b. All the
provisions of this title relating to bonds and notes which are not
inconsistent with the provisions of this section shall apply to the
bonds and notes authorized by this section. No bonds or notes shall be
issued for the purposes authorized by this subdivision after the
thirty-first day of March, two thousand.
2-c. From time to time to issue additional emergency highway
reconditioning and preservation bonds and notes for the purposes of this
section. All the provisions of this title relating to bonds and notes,
which are not inconsistent with the provisions of this section, shall
apply to the bonds and notes authorized by this section. The authority
shall not issue such additional emergency highway reconditioning and
preservation bonds and notes in an aggregate principal amount exceeding
(a) forty-eight million dollars, excluding bonds or notes issued to
refund outstanding bonds or notes, on or after April first, nineteen
hundred ninety, and (b) an additional eighty-four million dollars
excluding bonds or notes issued to refund outstanding bonds or notes on
or after April first, nineteen hundred ninety-one, and (c) an additional
eighty-five million dollars, excluding bonds or notes issued to refund
outstanding bonds or notes, on or after April first, nineteen hundred
ninety-two.
3. In addition to the provisions authorized by this title any
resolution or resolutions authorizing any bonds or notes for the
purposes of this section may contain provisions which may be a part of
the contract with the holders of such bonds providing for the creation
and establishment and maintenance of reserve funds and payments to such
reserve funds as hereinafter in this subdivision set forth.
The authority may create and establish reserve funds to be known as
the emergency highway reconditioning and preservation debt service
reserve fund, the emergency highway construction and reconstruction debt
service reserve fund and the suburban transportation debt service
reserve fund and may pay into such reserve funds (a) moneys made
available by the state for the purposes of such funds from the emergency
highway reconditioning and preservation fund, or the emergency highway
construction and reconstruction fund or the suburban transportation fund
as created by section eighty-nine, eighty-nine-a or eighty-eight-b of
the state finance law, respectively; (b) any proceeds of sale of bonds
and notes to the extent provided in the resolution of the authority
authorizing the issuance thereof; and (c) any other moneys which may be
made available to the authority for the purposes of such funds from any
other source or sources. The moneys held in or credited to such debt
service reserve funds established under this subdivision, except as
hereinafter provided, shall be used solely for the payment of the
principal of bonds of the authority secured by such reserve funds, as
the same mature, the purchase of such bonds of the authority, the
payment of interest on such bonds of the authority or the payment of any
redemption premium required to be paid when such bonds are redeemed
prior to maturity; provided, however, that moneys in any such funds
shall not be withdrawn therefrom at any time in such amount as would
reduce the amount of such funds to less than the maximum amount of
principal and interest maturing and becoming due in any succeeding
calendar year on the bonds of the authority then outstanding and secured
by such reserve funds, except for the purpose of paying principal and

interest on the bonds of the authority secured by such reserve funds
maturing and becoming due and for the payment of which other moneys of
the authority are not available. Any income or interest earned by, or
increment to, any such debt service reserve funds due to the investment
thereof may be transferred to any other fund or account of the authority
established for the purposes of this section to the extent it does not
reduce the amount of such debt service reserve funds below the maximum
amount of principal and interest maturing and becoming due in any
succeeding calendar year on all bonds of the authority then outstanding
and secured by such reserve funds.
4. The authority shall not issue bonds at any time for the purposes of
this section if the maximum amount of principal and interest maturing
and becoming due in a succeeding calendar year on the bonds outstanding
and then to be issued and secured by any debt service reserve fund will
exceed the amount of such reserve fund at the time of issuance, unless
the authority at the time of issuance of such bonds, shall deposit in
such reserve fund from the proceeds of the bonds so to be issued, or
otherwise, an amount which together with the amount then in such reserve
fund, will be not less than the maximum amount of principal and interest
maturing and becoming due in any succeeding calendar year on the bonds
then to be issued and on all other bonds of the authority then
outstanding and secured by such reserve fund.
5. (a) To assure the continued operation and solvency of the authority
for the carrying out of the purposes relating to this section provision
is made in this section for the accumulation in the debt service reserve
fund of an amount equal to the maximum amount of principal and interest
maturing and becoming due in any succeeding calendar year on all bonds
of the authority then outstanding and secured by such reserve fund. In
order further to assure the maintenance of such debt service reserve
fund, with respect to bonds of the authority issued pursuant to this
section prior to April first, nineteen hundred ninety, there shall be
annually apportioned and paid to the authority for deposit in such debt
service reserve fund such sum, if any, as shall be certified by the
chairman of the authority to the governor and state director of the
budget as necessary to restore such reserve fund to an amount equal to
the maximum amount of principal and interest maturing and becoming due
in any succeeding calendar year on the bonds of the authority then
outstanding and secured by such reserve fund. The chairman of the
authority shall annually, on or before December first, make and deliver
to the governor and state director of the budget his certificate stating
the sum, if any, required to restore such debt service reserve fund to
the amount aforesaid, and the sum or sums so certified, if any, shall be
apportioned and paid to the authority during the then current state
fiscal year.
(b) To assure the continued operation and solvency of the authority
for the carrying out of the purposes relating to this section, provision
is made in this section for the accumulation in the debt service reserve
fund of an amount equal to the maximum amount of principal and interest
maturing and becoming due in any succeeding calendar year on all bonds
of the authority then outstanding and secured by such reserve fund;
provided however for such bonds issued by the authority after April
first, nineteen hundred ninety-two, such debt service reserve fund may
in the discretion of the authority and consistent with any covenants
with any existing bondholders and without impairing the rights of any
existing bondholders be sized in an amount equal to not less than
one-half of the maximum amount of principal and interest maturing and
becoming due in any succeeding calendar year on such bonds of the
authority then outstanding and secured by such debt service reserve

fund. In order to further assure the maintenance of such debt service
reserve fund, with respect to bonds of the authority issued pursuant to
subdivisions two-a, two-b and two-c of this section after April first,
nineteen hundred ninety, the authority shall create a special subaccount
in each revenue fund established pursuant to any resolution or
resolutions authorizing such bonds. Such subaccounts shall consist of
the moneys available after April first, nineteen hundred ninety,
pursuant to sections two hundred eighty-two-b, two hundred eighty-two-c,
two hundred eighty-four-a and two hundred eighty-four-c of the tax law,
respectively, in the emergency highway reconditioning and preservation
fund reserve account established pursuant to paragraph (b) of
subdivision two of section eighty-nine of the state finance law and in
the emergency highway construction and reconstruction fund reserve
account established pursuant to paragraph (b) of subdivision two of
section eighty-nine-a of the state finance law, apportioned and paid to
the authority for deposit in such subaccount of the revenue fund.
Amounts in each such subaccount shall be kept separate and shall not be
commingled with any other moneys in the custody of the authority.
Amounts in each such subaccount shall be applied solely to pay such sum,
if any, as shall semi-annually, (on such dates as are established under
the terms of any cooperative highway contractual agreement of the
department of transportation with the New York state thruway authority
entered into on or after April first, nineteen hundred ninety which is
then in effect), be certified by the chairman of the authority to the
governor and state director of the budget as necessary to provide funds
in an amount sufficient together with other moneys available to the
authority for such purpose, to pay one-half of the total annual
principal and interest maturing and becoming due during the next
succeeding twelve calendar months on all bonds of the authority issued
pursuant to subdivisions two-a, two-b and two-c of this section after
April first, nineteen hundred ninety and maintaining or funding debt
service reserve funds therefor. Any surplus of funds in excess of such
certified amounts remaining in each such subaccount after such payments,
if any, have been made shall on the dates established under the terms of
such cooperative highway agreements, be paid over for deposit,
respectively, in the emergency highway reconditioning and preservation
fund reserve account established pursuant to paragraph (b) of
subdivision two of section eighty-nine of the state finance law and in
the emergency highway construction and reconstruction fund reserve
account established pursuant to paragraph (b) of subdivision two of
section eighty-nine-a of the state finance law.
6. In computing the debt service reserve fund for the purposes of this
section, securities in which all or a portion of such reserve fund shall
be invested shall be valued at par, or if purchased at less than par, at
their cost to the authority.
7. The authorization, sale and issuance of bonds, notes or other
obligations pursuant to this section shall not be deemed an action as
such term is defined in article eight of the environmental conservation
law for the purposes of such article. Such exemption shall be strictly
limited in its application to such financing activities of the authority
and does not exempt the department of transportation or any other entity
from compliance with such article.

Structure New York Laws