N.Y. Public Authorities Law Section 366
Guaranty by the state

1.

To the extent authorized by the constitution at the time of the issuance of notes or bonds, the punctual payment of the notes and bonds shall be, and the same hereby is, fully and unconditionally guaranteed by the state, both as to principal and interest, according to their terms; and such guaranty shall be expressed upon the face thereof by the signature or facsimile signature of the comptroller or a deputy comptroller. In the event that the authority shall fail to pay when due, the principal of, or interest on, the notes or bonds, the comptroller shall pay the holder thereof, and thereupon the state shall be subrogated to the rights of the noteholders or bondholders so paid.

2.

The authority shall have power to issue notes and bonds without the guaranty of the state and may issue such notes or bonds before and after the issuance of notes or bonds so guaranteed.

3.

When guaranteed notes or guaranteed bonds are outstanding, notes or bonds secured by a pledge of receipts or revenues having priority over such outstanding guaranteed notes or guaranteed bonds shall not be issued, except with the consent of the comptroller, and unless the authority shall by resolution first find and determine that, notwithstanding such pledge, the authority will have adequate means to meet its obligations to the holders of such outstanding guaranteed notes or bonds.

4.

When notes or bonds are outstanding secured by a pledge of receipts or revenues, guaranteed notes or bonds either unsecured, or secured by a pledge of receipts or revenues subordinate to the pledge securing such outstanding notes or bonds, shall not be issued unless the authority shall first find and determine by resolution that notwithstanding the pledge securing such outstanding notes or bonds, the authority will have adequate means to meet its obligations on the guaranteed notes or bonds about to be issued.

Source: Section 366 — Guaranty by the state, https://www.­nysenate.­gov/legislation/laws/PBA/366 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

350
Short title 351
Definitions 352
New York State thruway authority 353
Purposes of the authority and benefits therefrom 354
Powers of the authority 355
Officers and employees 356
Thruway sections and connections 356‑A
Names and designations of thruway sections and connections 356‑B
Thruway to be designated as a section of a national network of Blue Star memorial highways 357
Right of authority to use state property 357‑A
State police and state payment for services 357‑B
Sharing employees, services and resources 357‑C
Indemnification and defense under shared services agreement 358
Acquisition of real property by the commissioner 358‑A
Acquisition of real property by the authority 359
Construction, reconstruction and improvement 359‑A
Procurement contracts 360
Operation and maintenance 361
Traffic control 361‑A
Restriction and regulation of advertising devices 361‑B
Jurisdiction in certain suits against the authority 361‑C
Tourist information facilities 361‑D
Agreement with the office of parks, recreation and historic preservation 362
Assistance by state officers, departments, boards, divisions and commissions 363
Annual report 364
Deposit and investment of moneys of the authority 365
Notes or bonds of the authority 366
Guaranty by the state 367
State’s right to require redemption of bonds 368
Remedies of noteholders and bondholders 369
Liability of state 370
Notes and bonds legal investments for public officers and fiduciaries 371
Tax exemption 372
Tax covenant 373
Agreement of the state 374
Title not affected if in part unconstitutional 375
Inconsistent provisions in other acts superseded 376
Further additional powers of the authority 377
Provision for servicing state vehicles with petroleum, etc 378
Specially priced commuter tickets 378‑A
Emergency service permits 379
Further additional powers of the authority to finance certain repayment obligations of the state in connection with the purchase of real ... 380
Further additional powers of the authority to finance certain local highway and bridge improvements and payments to the authority 381
Further additional powers of the authority 384
Additional powers of the authority to undertake and finance certain transportation projects 385
Additional powers of the authority to issue special dedicated highway and bridge trust fund bonds 386
Additional powers of the authority to issue special rail and aviation transportation bonds 386‑A
Financing of metropolitan transportation authority (MTA) transportation facilities 386‑B
Financing of peace bridge and transportation capital projects 387
Fees for searches and copies of accident and accident reconstruction reports 388
Limitation on powers of the authority 389
Information concerning services for human trafficking victims in facilities at service areas
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 366’s source at nysenate​.gov

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