New York Laws
Title 9 - New York State Thruway Authority
380 - Further Additional Powers of the Authority to Finance Certain Local Highway and Bridge Improvements and Payments to the Authority.

(b) Such obligations shall be issued or incurred with the approval of
the director of the budget and shall be special limited obligations of
the authority secured by and payable solely out of amounts appropriated
by the legislature as authorized pursuant to such section eleven of
chapter three hundred twenty-nine of laws of nineteen hundred
ninety-one, as amended, and any other funds appropriated by the
legislature to the authority therefor without recourse against any other
assets, revenues or funds of or other payments due to the authority.
(d) Such obligations shall contain on the face thereof a statement to
the effect that they shall not be deemed to be an obligation of the
state and that the state shall not be liable thereon.
(e) All of the provisions of this title relating to bonds and notes,
which are not inconsistent with the provisions of this section, shall
apply to obligations authorized by this section, including but not
limited to the power to issue renewal notes or refunding bonds thereof.
(f) Notwithstanding any inconsistent provision of law, any place where
reference to paragraph (c) of this subdivision is made in law it shall
be deemed to be a reference to paragraph (b) of this subdivision as
relettered by chapter six hundred thirty-seven of the laws of nineteen
hundred ninety-six which added this paragraph.
2. Not less than one hundred twenty days before the beginning of each
state fiscal year, the chairman of the authority shall certify to the
comptroller and to the director of the budget a schedule of anticipated
cash requirements for such fiscal year. The total amount so certified
for such fiscal year shall be equal to the total amount of the debt
service due or expected to be due during such fiscal year on obligations
of the authority incurred pursuant to subdivision one of this section,
including payments of interest and principal (including sinking fund
payments), together with:
(a) the amount, if any, due to any provider of any insurance policy,
letter of credit or other letter of enhancement or a related facility
with respect to such obligations, representing payments made by it as
provided in the applicable resolution or trust indenture as a result of
any previous failure of the state to make any payment provided for in
this section, including any related reasonable interest, fees or charges
so provided;
(b) the amount, if any, required to restore any applicable reserve
fund to the applicable reserve fund requirement to the extent any
deficiency therein has resulted directly or indirectly from failure by
the state to make any payment provided for in this section;
(c) the amount, if any, required to be rebated to the United States to
provide for continued exclusion from federal income taxation of interest
on obligations of the authority; and
(d) the expenses of the establishment and continued operating expenses
of the authority relating to local highway and bridge projects and
project costs for: construction, reconstruction, improvement,
reconditioning and preservation of rail freight facilities and intercity
rail passenger facilities and equipment; construction, reconstruction,
improvement, reconditioning and preservation of state, municipal and
privately owned ports; construction, reconstruction, improvement,
reconditioning and preservation of municipal airports; privately owned
airports and aviation capital facilities, excluding airports operated by
the state or operated by a bi-state municipal corporate instrumentality
for which federal funding is not available provided the project is
consistent with an approved airport layout plan; construction,
reconstruction, enhancement, improvement, replacement, reconditioning,
restoration, rehabilitation and preservation of state, county, town,
city and village roads, highways, parkways and bridges; and

construction, reconstruction, improvement, reconditioning and
preservation of fixed ferry facilities of municipal and privately owned
ferry lines for transportation purposes, funded pursuant to section
eleven of chapter three hundred twenty-nine of the laws of nineteen
hundred ninety-one, as amended, including, but not limited to, trustees'
fees, fees payable to providers of credit facilities, fees for issuing
and paying agents, remarketing agents and dealers, legal counsel,
financial or other advisors or consultants, independent auditors,
providers of interest rate exchange agreements, rating agencies,
transfer or information agents, the publication of advertisements and
notices, surety arrangements, and printer's fees or charges incurred by
the authority to comply with applicable federal and state securities and
tax laws; and any other costs of issuance in excess of the amount
provided therefor from the proceeds of the sale of such obligations, to
the extent that any of the foregoing amounts or expenses are not to be
paid from other resources available to the authority for such purpose.
3. The chairman of the authority may revise such certification at such
times as shall be determined by the chairman; provided, however, that
the chairman of the authority shall revise such certification not later
than thirty days after the issuance of any obligations authorized
pursuant to subdivision one of this section including refunding bonds,
and the adoption of any interest rate exchange or other financial
arrangement affecting the cash requirements of the authority with
respect to the obligations incurred pursuant to this section.
4. Such certification shall provide for payments on such dates as the
authority deems appropriate to ensure that sufficient funds will be
available from the sources identified in this section to enable it to
meet its current obligations with respect to those obligations incurred
pursuant to this section as they become due.
5. Upon receipt of such certification, or any revision thereof, the
comptroller shall pay such amount to the authority in accordance with
such certification, from the service contracts authorized pursuant to
section eleven of chapter 329 of the laws of nineteen hundred
ninety-one, as amended, or from any other amount appropriated for such
purpose. Such payments shall be made on or before the date specified in
each certificate or within thirty days after such receipt, whichever is
later, provided that all such amounts shall have been first appropriated
by the state.
6. The state, acting through the director of the budget, and the
authority may enter into, amend, modify, or rescind one or more
agreements providing for the specific manner, timing, and amount of
payments to be made under this section, but only in conformity with this
section. The agreement of the state contained in this section shall be
deemed executory only to the extent of appropriations available for
payments under this section and no liability on account of any such
payment shall be incurred by the state beyond such appropriations.
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