N.Y.
Public Authorities Law Section 1285-P
State environmental infrastructure projects
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 the design, acquisition, construction, improvement, installation, and related work for all or any portion of any of the following environmental infrastructure projects and for the provision of funds to the state for any amounts disbursed therefor:(a)
projects authorized under the environmental protection fund, or for which appropriations are made to the environmental protection fund including, but not limited to municipal parks and historic preservation, stewardship, farmland protection, non-point source, pollution control, Hudson River Park, land acquisition, and waterfront revitalization;(b)
department of environmental conservation capital appropriations for Onondaga Lake for certain water quality improvement projects in the same manner as set forth in paragraph (d) of subdivision one of Environmental Conservation Law § 56-0303 (Management programs, plans and projects)section 56-0303 of the environmental conservation law;(c)
for the purpose of the administration, management, maintenance, and use of the real property at the western New York nuclear service center;(d)
department of environmental conservation capital appropriations for the administration, design, acquisition, construction, improvement, installation, and related work on department of environmental conservation environmental infrastructure projects;(e)
office of parks, recreation and historic preservation appropriations or reappropriations from the state parks infrastructure fund;(f)
capital grants for the cleaner, greener communities program;(g)
capital costs of water quality infrastructure projects and (h) capital costs of clean water infrastructure projects 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 § 1290 (Notes and bonds of the corporation)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 § 1290 (Notes and bonds of the corporation)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 state environmental infrastructure 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 environmental infrastructure projects authorized by this section shall be ten billion eight hundred sixty-six million five hundred sixty thousand dollars $10,866,560,000, 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 the 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.
Source:
Section 1285-P — State environmental infrastructure projects, https://www.nysenate.gov/legislation/laws/PBA/1285-P (updated May 3, 2024; accessed Oct. 26, 2024).
