N.Y. Public Authorities Law Section 386-B
Financing of peace bridge and transportation capital projects


1.

Notwithstanding any other provision of law to the contrary, the authority, the dormitory authority and the urban development corporation are hereby authorized to issue bonds or notes in one or more series for the purpose of financing peace bridge projects and capital costs of state and local highways, parkways, bridges, the New York state thruway, Indian reservation roads, and facilities, and transportation infrastructure projects including aviation projects, non-MTA mass transit projects, and rail service preservation projects, including work appurtenant and ancillary thereto. The aggregate principal amount of bonds authorized to be issued pursuant to this section shall not exceed twelve billion three hundred eight million three hundred eleven thousand dollars $12,308,311,000, excluding bonds issued to fund one or more debt service reserve funds, to pay costs of issuance of such bonds, and to refund or otherwise repay such bonds or notes previously issued. Such bonds and notes of the authority, the dormitory authority and the urban development 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 authority, the dormitory authority and the urban development corporation for principal, interest, and related expenses pursuant to a service contract and such bonds and notes shall contain on the face thereof a statement to such effect. Except for purposes of complying with the internal revenue code, any interest income earned on bond proceeds shall only be used to pay debt service on such bonds.

2.

Notwithstanding any other provision of law to the contrary, in order to assist the authority, the dormitory authority and the urban development corporation in undertaking the financing of such transportation facilities projects, the director of the budget is hereby authorized to enter into one or more service contracts with the authority, the dormitory authority and the urban development corporation, none of which shall exceed thirty years in duration, upon such terms and conditions as the director of the budget and the authority, the dormitory authority and the urban development corporation agree, so as to annually provide to the authority, the dormitory authority and the urban development corporation, in the aggregate, a sum not to exceed the principal, interest, and related expenses required for such bonds and notes. Any service contract entered into pursuant to this section shall provide that the obligation of the state to pay the amount therein provided 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 monies available and that no liability shall be incurred by the state beyond the monies available for such purpose, 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 authority, the dormitory authority and the urban development corporation as security for such bonds and notes, as authorized by this section.

Source: Section 386-B — Financing of peace bridge and transportation capital projects, https://www.­nysenate.­gov/legislation/laws/PBA/386-B (updated May 12, 2023; accessed Nov. 25, 2023).

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:
Nov. 25, 2023

Last modified:
May 12, 2023

§ 386-B’s source at nysenate​.gov

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