N.Y. Public Authorities Law Section 381
Further additional powers of the authority


1.

The authority is hereby authorized, as additional corporate purposes thereof:

(a)

to issue bonds and notes and to incur obligations secured by the moneys as provided in the service contracts authorized pursuant to section fourteen of the chapter of the laws of nineteen hundred ninety-one which enacted this section; and

(b)

to make available the proceeds from the sale of such bonds and notes, net of all costs to the authority in connection therewith, to provide moneys to the authority to achieve the same corporate purposes as set forth in § 365 (Notes or bonds of the authority)section three hundred sixty-five of this chapter. The authority is further authorized to issue such obligations in an aggregate principal amount not to exceed eighty million dollars, exclusive of the principal amount of bonds, notes or other obligations issued and applied (1) to fund any related debt service fund, or other reserve funds as may be needed, (2) to provide capitalized interest, and

(3)

to provide fees and other charges and expenses, including underwriters’ discount and the purchase of any credit or liquidity enhancement facilities, related to the issuance of bonds, notes or other obligations and the maintenance of such reserves, all as determined by the authority and excluding bonds, notes or other obligations issued to refund or otherwise repay bonds, notes or other obligations theretofore issued pursuant to this section. In computing the total principal amount of bonds, notes or other obligations that may at any time be issued for any purpose under this section, the amount of the outstanding bonds, notes or other obligations that constitutes interest under the United States Internal Revenue Code of 1986, as amended to the effective date of this section, shall be excluded. Provided, however, that upon any refunding or repayment, except in connection with the termination of the existence of the authority or if otherwise authorized by the legislature, the total aggregate principal amount of outstanding bonds, notes or other obligations may be greater than the amount authorized by this section only if the present value of the aggregate debt service of the refunding or repayment bonds, notes or other obligations to be issued shall not exceed the present value of the aggregate debt service of the bonds, notes or other obligations so to be refunded or repaid. For purposes of this section, the present values of the aggregate debt service of the refunding or repayment bonds, notes or other obligations and of the aggregate debt service of the bonds, notes or other obligations so refunded or repaid, shall be calculated by utilizing the effective interest rate of the refunding or repayment bonds, notes or other obligations, which shall be that rate arrived at by doubling the semi-annual interest rate (compounded semi-annually) necessary to discount the debt service payments on the refunding or repayment bonds, notes or other obligations from the payment dates thereof to the date of issue of the refunding or repayment bonds, notes or other obligations and to the price bid including estimated accrued interest or proceeds received by the authority including estimated accrued interest from the sale thereof.

2.

Such obligations shall be special limited obligations of the authority, secured by and payable solely out of payments received pursuant to service contract or contracts authorized by section fourteen of the chapter of the laws of nineteen hundred ninety-one which enacted this section, funded by amounts appropriated by the legislature 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.

3.

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.

4.

Such obligations shall be scheduled to mature over a term not to exceed thirty years.

5.

All 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.

Source: Section 381 — Further additional powers of the authority, https://www.­nysenate.­gov/legislation/laws/PBA/381 (updated Sep. 22, 2014; accessed Mar. 23, 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

Accessed:
Mar. 23, 2024

Last modified:
Sep. 22, 2014

§ 381’s source at nysenate​.gov

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