S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6565
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 6, 2025
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Corporations, Authorities and Commissions
 
 AN  ACT  to  amend  the public authorities law, in relation to statewide
   municipal reciprocal program agreements and the  issuance  of  program
   bonds

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 2431 of the public authorities law  is  amended  by
 adding a new closing paragraph to read as follows:
   IT  IS  FURTHER  DECLARED  TO  BE IN THE PUBLIC INTEREST AND IT IS THE
 POLICY OF THE STATE TO PROVIDE A MEANS BY WHICH  THE  NEW  YORK  SCHOOLS
 INSURANCE  RECIPROCAL  MAY  RECEIVE  MONEYS,  IN AN AMOUNT NOT TO EXCEED
 SEVENTY-FIVE MILLION DOLLARS FOR THE  SPECIFIC  OBJECT  AND  PURPOSE  OF
 RESTORING  THE INDUSTRY REQUIRED SURPLUS. THE NEW YORK SCHOOLS INSURANCE
 RECIPROCAL IS A STATEWIDE MUNICIPAL RECIPROCAL INSURER. IT IS THE  VEHI-
 CLE  THROUGH  WHICH  NEW YORK'S PUBLIC SCHOOL DISTRICTS AND BOCES INSURE
 ONE ANOTHER AGAINST PROPERTY AND CASUALTY LOSSES.  THE  STATE  EDUCATION
 LAW  AND GOOD GOVERNMENT PRINCIPLES REQUIRE THAT PUBLIC SCHOOL DISTRICTS
 AND BOCES MAINTAIN PROPERTY AND CASUALTY INSURANCE. THE NEW YORK SCHOOLS
 INSURANCE RECIPROCAL WAS CREATED AT A TIME WHEN  PROPERTY  AND  CASUALTY
 INSURANCE  WAS  EITHER UNAVAILABLE OR UNAFFORDABLE FOR NEW YORK'S PUBLIC
 SCHOOL DISTRICTS AND BOCES. THE NEED  FOR  NEW  YORK  SCHOOLS  INSURANCE
 RECIPROCAL  CONTINUES,  AS  THE PROBLEMS OF UNAFFORDABILITY AND UNAVAIL-
 ABILITY CONTINUE. THE NEW YORK SCHOOLS INSURANCE RECIPROCAL IS  CRITICAL
 TO THE SUPPORT OF PUBLIC SCHOOLS AND BOCES ACROSS NEW YORK STATE. ACCESS
 TO AFFORDABLE CAPITAL WILL ENHANCE THE NEW YORK SCHOOLS INSURANCE RECIP-
 ROCAL'S ABILITY TO FULFILL ITS ESSENTIAL GOVERNMENTAL PURPOSE.
   §  2.  Subdivisions 2, 3 and 10 of section 2432 of the public authori-
 ties law, as amended by section 2 of part N of chapter 56 of the laws of
 2010, are amended and four new subdivisions 5-d,  5-e,  29  and  30  are
 added to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10083-01-5
              

 A. 6565                             2
 
   (2)  "Bonds"  and  "Notes". The bonds and notes, including any special
 program bonds, special school purpose bonds, recovery act  bonds,  [and]
 public  safety  communications bonds, AND STATEWIDE MUNICIPAL RECIPROCAL
 PROGRAM BONDS respectively issued by the agency pursuant to this  title.
 Bonds and notes shall not include any tax lien collateralized securities
 issued pursuant to this title.
   (3)  "Municipal Bond". A bond or note or evidence of debt payable from
 any local revenues, including taxes,  assessments  and  rents,  which  a
 municipality may lawfully issue to finance local improvements and public
 purposes,  including  local  ARRA bonds and local public safety communi-
 cations bonds, but does not include (a) any bond or note or evidence  of
 debt  issued  by  any other state or any public body or municipal corpo-
 ration thereof, (b) any special program agreement, [or] (c) any  special
 school   purpose   agreement  or  any  special  school  deficit  program
 agreement, OR (D) ANY STATEWIDE MUNICIPAL RECIPROCAL PROGRAM AGREEMENT.
   (5-D) "STATEWIDE MUNICIPAL RECIPROCAL PROGRAM PREMIUMS".  ANY  PAYMENT
 OF PUBLIC MONEY MADE BY THE PUBLIC SCHOOL DISTRICT AND BOCES SUBSCRIBERS
 OF  THE  NEW  YORK  SCHOOLS INSURANCE RECIPROCAL TO OR FOR THE STATEWIDE
 MUNICIPAL RECIPROCAL PROGRAM AGREEMENT.
   (5-E) "STATEWIDE MUNICIPAL RECIPROCAL PROGRAM AGREEMENT". AN AGREEMENT
 BETWEEN THE AGENCY AND A STATEWIDE MUNICIPAL RECIPROCAL PROGRAM  ENTERED
 INTO  PURSUANT  TO  SECTION  TWENTY-FOUR  HUNDRED  THIRTY-FIVE-F OF THIS
 TITLE.
   (10) "Debt Service Reserve Fund Requirement". With respect to any debt
 service reserve fund created by section twenty-four hundred  thirty-nine
 of  this  title relating to bonds other than special program bonds [or],
 special school purpose bonds [or], special school deficit program  bonds
 [or],  recovery  act  bonds  [or], public safety communications bonds OR
 STATEWIDE MUNICIPAL RECIPROCAL PROGRAM BONDS, as of any particular  date
 of  computation, an amount of money equal to the greatest of the respec-
 tive amounts, for the then current or any succeeding calendar  year,  of
 annual  debt  service  payments required to be made to the agency on all
 municipal bonds purchased with the proceeds of  bonds  which  bonds  are
 secured  by  such  debt  service  reserve fund, such annual debt service
 payments for any calendar year being an amount of  money  equal  to  the
 aggregate  of  (a) all interest payable during such calendar year on all
 municipal bonds purchased by the agency and  then  outstanding  on  said
 date of computation which are secured by such debt service reserve fund,
 plus  (b)  the  principal amount of all municipal bonds purchased by the
 agency and then outstanding on said date  of  computation  which  mature
 during  such  calendar year and are secured by such debt service reserve
 fund; and with respect to any  debt  service  reserve  fund  created  by
 section  twenty-four  hundred  thirty-nine  of this title relating to an
 issue or issues of special program bonds [or],  special  school  purpose
 bonds  [or],  special  school  deficit  program bonds [or], recovery act
 bonds [or], public safety communications bonds  OR  STATEWIDE  MUNICIPAL
 RECIPROCAL  PROGRAM  BONDS,  such  amount  as shall be determined by the
 agency.
   (29) "STATEWIDE MUNICIPAL RECIPROCAL PROGRAM". FOR  PURPOSES  OF  THIS
 TITLE,  A  STATEWIDE  MUNICIPAL RECIPROCAL PROGRAM SHALL BE THE NEW YORK
 SCHOOLS INSURANCE RECIPROCAL (NYSIR).
   (30) "STATEWIDE MUNICIPAL RECIPROCAL PROGRAM BONDS". AN ISSUE OF BONDS
 OF THE AGENCY, ALL OR A PORTION OF THE PROCEEDS OF WHICH ARE MADE AVAIL-
 ABLE TO A STATEWIDE MUNICIPAL RECIPROCAL PROGRAM IN CONNECTION WITH  THE
 EXECUTION  BY THE AGENCY AND SUCH STATEWIDE MUNICIPAL RECIPROCAL PROGRAM
 AGREEMENT. THE PROCEEDS OF SUCH STATEWIDE MUNICIPAL  RECIPROCAL  PROGRAM
 A. 6565                             3

 BONDS  SHALL  ONLY BE MADE AVAILABLE TO A STATEWIDE MUNICIPAL RECIPROCAL
 PROGRAM.
   §  3.  Subdivisions  3,  11,  18  and 21 of section 2434 of the public
 authorities law, as amended by section 68 of part H of chapter 83 of the
 laws of 2002, are amended and a new subdivision 21-d is added to read as
 follows:
   (3) To make and execute contracts and all other instruments  necessary
 or  convenient  for  the exercise of its powers and functions under this
 title, including, without  limitation,  any  special  program  agreement
 entered  into  pursuant to the provisions of section twenty-four hundred
 thirty-five-a of this title, any purchase  and  sale  agreement  entered
 into  pursuant  to the provisions of section twenty-four hundred thirty-
 five-b of this title [and], any special school deficit program agreement
 entered into pursuant to section twenty-four  hundred  thirty-five-e  of
 this  title  AND ANY STATEWIDE MUNICIPAL RECIPROCAL PROGRAM ENTERED INTO
 PURSUANT TO SECTION TWENTY-FOUR HUNDRED THIRTY-FIVE-F OF THIS TITLE;
   (11) To make and execute contracts  for  the  servicing  of  municipal
 bonds acquired by the agency pursuant to this title, and for the servic-
 ing  of  special  program  agreements, special school purpose agreements
 [and], special school deficit program agreements AND STATEWIDE MUNICIPAL
 RECIPROCAL PROGRAM AGREEMENTS,  and  to  pay  the  reasonable  value  of
 services rendered to the agency pursuant to those contracts;
   (18) To establish any terms and provisions with respect to any special
 program agreement, special school purpose agreement [or], special school
 deficit  program  agreement  OR  STATEWIDE  MUNICIPAL RECIPROCAL PROGRAM
 AGREEMENT, including any terms for payment, and any other matters  which
 are necessary, desirable or advisable in the judgment of the agency;
   (21)  To  pledge or assign, as security for any of its bonds or notes,
 any moneys, funds, municipal bonds, special program agreements,  special
 school  purpose  agreements,  [or] special school deficit program agree-
 ments, OR STATEWIDE MUNICIPAL RECIPROCAL PROGRAM AGREEMENTS,  assets  or
 revenues  of  the  agency,  including, without limitation, any state aid
 [or], school aid OR  STATEWIDE  MUNICIPAL  RECIPROCAL  PROGRAM  PREMIUMS
 received  or  receivable pursuant to section twenty-four hundred thirty-
 six of this title;
   (21-D) TO CERTIFY TO THE COMPTROLLER, WITH A COPY TO  THE  SUPERINTEN-
 DENT  OF THE DEPARTMENT OF FINANCIAL SERVICES, THE AMOUNTS REQUIRED WITH
 RESPECT TO STATEWIDE MUNICIPAL RECIPROCAL PROGRAM BONDS AS DESCRIBED  IN
 SECTION TWENTY-FOUR HUNDRED THIRTY-FIVE-F OF THIS TITLE.
   §  4.  The  public  authorities law is amended by adding a new section
 2435-f to read as follows:
   § 2435-F. STATEWIDE MUNICIPAL RECIPROCAL PROGRAM AGREEMENTS. IN  ORDER
 TO  FULFILL  THE  PURPOSES OF THIS TITLE AND TO PROVIDE A MEANS BY WHICH
 THE STATEWIDE MUNICIPAL RECIPROCAL PROGRAM  MAY  RECEIVE  ASSISTANCE  TO
 MEET  ITS OBLIGATIONS AND, NOTWITHSTANDING ANY GENERAL OR SPECIAL LAW TO
 THE CONTRARY, THE AGENCY AND THE STATEWIDE MUNICIPAL RECIPROCAL  PROGRAM
 ARE  HEREBY  AUTHORIZED  TO  ENTER  INTO ONE OR MORE STATEWIDE MUNICIPAL
 RECIPROCAL PROGRAM AGREEMENTS IN ACCORDANCE WITH THE PROVISIONS OF  THIS
 TITLE  AS TO FINANCING OF COSTS BY THE AGENCY, THE APPLICATION OF STATE-
 WIDE MUNICIPAL RECIPROCAL PROGRAM PREMIUMS REVENUES  TO  THE  AGENCY  TO
 SECURE  ITS  BONDS  AND  FURTHER  ASSURANCES  IN RESPECT OF THE AGENCY'S
 RECEIPT OF  SUCH  REVENUES.  ANY  SUCH  STATEWIDE  MUNICIPAL  RECIPROCAL
 PROGRAM  AGREEMENTS  SHALL  NOT CONSTITUTE INDEBTEDNESS OF THE STATEWIDE
 MUNICIPAL RECIPROCAL PROGRAM FOR PURPOSES OF SECTION 20.00 OF THE  LOCAL
 FINANCE  LAW OR ANY CONSTITUTIONAL OR STATUTORY LIMITATION. IN ADDITION,
 ANY STATEWIDE MUNICIPAL RECIPROCAL PROGRAM BONDS  ISSUED  IN  CONNECTION
 A. 6565                             4
 
 WITH  SUCH  STATEWIDE  MUNICIPAL  RECIPROCAL PROGRAM AGREEMENT SHALL NOT
 CONSTITUTE A DEBT OF THE STATE OR OF THE APPLICABLE STATEWIDE  MUNICIPAL
 RECIPROCAL  PROGRAM UNDER ANY CONSTITUTIONAL OR STATUTORY PROVISION. ANY
 SUCH  STATEWIDE  MUNICIPAL  RECIPROCAL  PROGRAM  PREMIUMS REVENUES SHALL
 BELONG TO THE AGENCY, AND SHALL NOT BE, OR BE TREATED  AS,  REVENUES  OF
 THE STATEWIDE MUNICIPAL RECIPROCAL PROGRAM FOR APPROPRIATION, ACCOUNTING
 OR ANY OTHER PURPOSE, PROVIDED, HOWEVER, THAT STATEWIDE MUNICIPAL RECIP-
 ROCAL  PROGRAM  PREMIUMS  REVENUES SHALL BE DEEMED TO BE REVENUES OF THE
 STATEWIDE MUNICIPAL RECIPROCAL PROGRAM FOR THE PURPOSE OF  ANY  COMPUTA-
 TION  OF FEDERAL OR STATE AID, AND SHALL NOT BE CONSOLIDATED, COMMINGLED
 OR OTHERWISE COMBINED WITH ANY OTHER MONEYS OF THE AGENCY AND  ANY  SUCH
 STATEWIDE  MUNICIPAL RECIPROCAL PROGRAM AGREEMENT SHALL INCLUDE A STATE-
 MENT TO SUCH EFFECT. ANY SUCH  STATEWIDE  MUNICIPAL  RECIPROCAL  PROGRAM
 PREMIUMS  REVENUES  AND  ANY SUCH STATEWIDE MUNICIPAL RECIPROCAL PROGRAM
 AGREEMENTS MAY BE PLEDGED BY THE AGENCY IN ACCORDANCE WITH AND WITH  THE
 EFFECT OF SUBDIVISION TEN OF SECTION TWENTY-FOUR HUNDRED THIRTY-SEVEN OF
 THIS TITLE TO SECURE ITS BONDS AND MAY NOT BE MODIFIED THEREAFTER EXCEPT
 AS  PROVIDED BY THE TERMS OF THE PLEDGE. EACH STATEWIDE MUNICIPAL RECIP-
 ROCAL PROGRAM AGREEMENT SHALL SPECIFY THE AMOUNT TO BE MADE AVAILABLE TO
 THE STATEWIDE MUNICIPAL RECIPROCAL PROGRAM THROUGH THE  PROCEEDS  OF  AN
 ISSUE  OF  STATEWIDE  MUNICIPAL  RECIPROCAL PROGRAM BONDS AND SUCH OTHER
 MATTERS AS THE AGENCY SHALL DETERMINE NECESSARY OR DESIRABLE AS  TO  THE
 APPLICATION  OF BOND PROCEEDS OR THE SECURITY OF THE BONDS.  SUCH STATE-
 WIDE MUNICIPAL RECIPROCAL PROGRAM AGREEMENT SHALL ALSO PROVIDE THAT  THE
 AGENCY SHALL NOT BE ENTITLED TO RECEIVE ANY STATEWIDE MUNICIPAL RECIPRO-
 CAL PROGRAM PREMIUMS REVENUES.
   § 5. Section 2436 of the public authorities law is amended by adding a
 new subdivision 6 to read as follows:
   6.  IN  THE  EVENT THAT A STATEWIDE MUNICIPAL RECIPROCAL PROGRAM SHALL
 FAIL TO MAKE A PAYMENT IN SUCH AMOUNT (AS CALCULATED IN ACCORDANCE  WITH
 THE  STATEWIDE  MUNICIPAL  RECIPROCAL  PROGRAM  AGREEMENT  TO WHICH SUCH
 STATEWIDE MUNICIPAL RECIPROCAL PROGRAM SHALL BE A  PARTY)  AND  BY  SUCH
 DATE  AS  IS  PROVIDED TO BE MADE BY SUCH STATEWIDE MUNICIPAL RECIPROCAL
 PROGRAM IN ITS STATEWIDE MUNICIPAL  RECIPROCAL  PROGRAM  AGREEMENT,  THE
 CHAIR  OF THE AGENCY SHALL SO CERTIFY TO THE COMPTROLLER, WITH A COPY TO
 THE SUPERINTENDENT OF THE DEPARTMENT OF FINANCIAL SERVICES. SUCH CERTIF-
 ICATE SHALL BE IN SUCH FORM AS THE AGENCY  DEEMS  DESIRABLE,  BUT  SHALL
 SPECIFY  THE AMOUNT BY WHICH SUCH PAYMENT SHALL HAVE BEEN DEFICIENT. THE
 COMPTROLLER, UPON RECEIPT OF SUCH CERTIFICATE  FROM  THE  AGENCY,  SHALL
 WITHHOLD  FROM SUCH STATEWIDE MUNICIPAL RECIPROCAL PROGRAM ANY STATEWIDE
 MUNICIPAL RECIPROCAL PROGRAM PREMIUMS PAYABLE TO SUCH SPECIAL  STATEWIDE
 MUNICIPAL  RECIPROCAL  PROGRAM  TO THE EXTENT OF THE AMOUNT SO STATED IN
 SUCH CERTIFICATE AS NOT HAVING BEEN MADE, AND SHALL IMMEDIATELY PAY OVER
 TO THE AGENCY THE AMOUNT SO WITHHELD. ANY AMOUNT SO PAID TO  THE  AGENCY
 FROM  SUCH  STATEWIDE  MUNICIPAL  RECIPROCAL  PROGRAM PREMIUMS SHALL NOT
 OBLIGATE THE STATE TO MAKE, NOR ENTITLE THE STATEWIDE MUNICIPAL RECIPRO-
 CAL PROGRAM TO RECEIVE, ANY ADDITIONAL AMOUNTS  OF  STATEWIDE  MUNICIPAL
 RECIPROCAL PROGRAM PREMIUMS.
   §  6.  The  public  authorities law is amended by adding a new section
 2436-d to read as follows:
   § 2436-D. STATEWIDE MUNICIPAL RECIPROCAL PROGRAM. 1. WITH  RESPECT  TO
 EACH  ISSUE OF OUTSTANDING STATEWIDE MUNICIPAL RECIPROCAL PROGRAM BONDS,
 THE CHAIR OF THE AGENCY SHALL ANNUALLY CERTIFY, OR IN THE  CASE  OF  THE
 FIRST  SUCH CERTIFICATE WITHIN THIRTY DAYS AFTER THE SALE OF AN ISSUE OF
 STATEWIDE MUNICIPAL RECIPROCAL PROGRAM BONDS, TO THE COMPTROLLER AND THE
 DIRECTOR OF THE BUDGET, WITH A COPY TO THE SUPERINTENDENT OF THE DEPART-
 A. 6565                             5
 
 MENT OF FINANCIAL SERVICES, A  SCHEDULE  SETTING  FORTH  THE  AMOUNT  OF
 STATEWIDE  MUNICIPAL  RECIPROCAL  PROGRAM PREMIUMS REVENUE NECESSARY FOR
 PAYMENT OF THE FOLLOWING OBLIGATIONS:
   (A) ALL INTEREST AND ALL PAYMENTS OF PRINCIPAL AND REDEMPTION PREMIUM,
 IF ANY, ON SUCH STATEWIDE MUNICIPAL RECIPROCAL PROGRAM BONDS MATURING OR
 OTHERWISE COMING DUE DURING THE SUBSEQUENT STATE FISCAL YEAR;
   (B)  THE  AMOUNTS REQUIRED TO BE DEPOSITED IN ANY DEBT SERVICE RESERVE
 FUND WITH RESPECT TO STATEWIDE MUNICIPAL RECIPROCAL PROGRAM BONDS;
   (C) THE AMOUNT, IF ANY, DUE TO ANY PROVIDER  OF  ANY  BOND  CREDIT  OR
 LIQUIDITY  FACILITY, REPRESENTING PAYMENTS MADE BY IT AS PROVIDED IN THE
 APPLICABLE RESOLUTION OR TRUST INDENTURE, INCLUDING ANY RELATED  REASON-
 ABLE INTEREST, FEES OR CHARGES SO PROVIDED;
   (D) THE AMOUNT, IF ANY, REQUIRED TO BE REBATED TO THE UNITED STATES TO
 PROVIDE  FOR CONTINUED FEDERAL TAX EXEMPTION OF SUCH STATEWIDE MUNICIPAL
 RECIPROCAL PROGRAM BONDS; AND
   (E) ANY ADMINISTRATIVE OR OTHER FEES, COSTS  OR  CHARGES  DUE  TO  THE
 AGENCY  OR  ANY  OTHER PARTY IN CONNECTION WITH SUCH STATEWIDE MUNICIPAL
 RECIPROCAL PROGRAM BONDS.
   2. THE CERTIFICATION MAY BE AMENDED AND, IN THE EVENT OF A BOND  SALE,
 SHALL BE AMENDED NO LATER THAN THIRTY DAYS AFTER SUCH SALE. THE SCHEDULE
 ACCOMPANYING  SUCH CERTIFICATION SHALL PROVIDE FOR SUCH PAYMENT DATES AS
 THE AGENCY DEEMS APPROPRIATE TO ENSURE THAT  SUFFICIENT  FUNDS  WILL  BE
 AVAILABLE  TO  MEET ITS OBLIGATIONS RELATING TO SUCH STATEWIDE MUNICIPAL
 RECIPROCAL PROGRAM BONDS AS THEY COME DUE.
   § 7. Subdivisions 1, 4 and 5 of section 2437 of the public authorities
 law, subdivision 1 as amended by section 73 of part H of chapter  83  of
 the  laws  of  2002,  subdivision 4 as amended by section 1 of part O of
 chapter 63 of the laws of 2003, and subdivision 5 as amended by  section
 6  of  part  N of chapter 56 of the laws of 2010, are amended to read as
 follows:
   (1) Subject to the provisions of section  two  thousand  four  hundred
 thirty-eight of this title, the agency shall have the power and is here-
 by  authorized from time to time to issue its negotiable bonds and notes
 in conformity with applicable provisions of the uniform commercial  code
 in  such  principal  amounts  as, in the opinion of the agency, shall be
 necessary to  provide  sufficient  funds  for  achieving  the  corporate
 purposes thereof, including the purchase of municipal bonds, the provid-
 ing  of  certain  amounts  to  special  program  municipalities from the
 proceeds of special program bonds, the providing of certain  amounts  to
 special  school  purpose  municipalities  from  the  proceeds of special
 school purpose bonds, the providing of  certain  amounts  to  a  special
 school  deficit  program  district  from  the proceeds of special school
 deficit program bonds, THE PROVIDING OF CERTAIN AMOUNTS TO  A  STATEWIDE
 MUNICIPAL  RECIPROCAL  PROGRAM  FROM THE PROCEEDS OF STATEWIDE MUNICIPAL
 RECIPROCAL PROGRAM BONDS, the payment of interest on bonds and notes  of
 the  agency,  establishment  of reserves to secure such bonds and notes,
 payment of letter of credit, bond insurance and other credit and liquid-
 ity support facility fees, premiums, reimbursements and  expenses,  fees
 and  expenses  of  trustees  and paying agents and other financing costs
 including any accrued costs  payable  to  the  New  York  state  housing
 finance  agency  pursuant to any contract entered into under subdivision
 twelve of section two thousand four hundred thirty-four  of  this  title
 and  all  other  expenditures of the agency incident to and necessary or
 convenient to carry out its corporate purposes and  powers,  except  the
 operating expenses of the agency.
 A. 6565                             6
 
   (4) Such bonds or notes shall bear such date or dates, shall mature at
 such  time or times, shall bear interest at such rate or rates, shall be
 of such denominations, shall be in such form,  carry  such  registration
 privileges,  be  executed  in such manner, be payable in lawful money of
 the  United  States of America at such place or places within or without
 the state, be subject to such terms of redemption prior to maturity  and
 have  such  other  terms as may be provided by such resolution or resol-
 utions or such certificate with respect to such bonds or notes,  as  the
 case may be; provided, however, that the maximum maturity of bonds other
 than  special  program bonds, special school purpose bonds [or], special
 school deficit program bonds OR STATEWIDE MUNICIPAL  RECIPROCAL  PROGRAM
 BONDS  shall  not  exceed forty years from the date thereof, the maximum
 maturity of special program bonds shall not  exceed  thirty  years,  THE
 MAXIMUM  MATURITY  OF STATEWIDE MUNICIPAL RECIPROCAL PROGRAM BONDS SHALL
 NOT EXCEED THIRTY YEARS, the maximum maturity of special school  purpose
 bonds  shall  not  exceed  twenty years, the maximum maturity of special
 school deficit program bonds shall not exceed ten years and the  maximum
 maturity  of  notes  or any renewals thereof shall not exceed five years
 from the date of the original issue of such notes.
   (5) Any bonds or notes of the agency other than special program bonds,
 special school purpose bonds,  special  school  deficit  program  bonds,
 STATEWIDE  MUNICIPAL  RECIPROCAL  PROGRAM  BONDS,  recovery act bonds or
 public safety communications bonds shall be sold at public sale and from
 time to time upon such terms and at such prices as may be determined  by
 the  agency,  and  the agency may pay all expenses, premiums and commis-
 sions which it may deem necessary or advantageous in connection with the
 issuance and sale thereof. Any special  program  bonds,  special  school
 purpose bonds, special school deficit program bonds, STATEWIDE MUNICIPAL
 RECIPROCAL  PROGRAM  BONDS, recovery act bonds or public safety communi-
 cations bonds shall be sold at public or private sale and from  time  to
 time  upon  such  terms  and  at such prices as may be determined by the
 agency, and the agency may pay all expenses,  premiums  and  commissions
 which it may deem necessary or advantageous in connection with the issu-
 ance  and  sale  thereof  provided,  however, that special program bonds
 relating  to  a  special  program  agreement  entered  for  the  purpose
 described  in  paragraph  (b)  of subdivision one of section twenty-four
 hundred thirty-five-a of this title shall be  sold  on  or  before  June
 thirtieth,  two  thousand one.  No special program bonds, special school
 purpose bonds, special school  deficit  program  bonds,  [or]  STATEWIDE
 MUNICIPAL RECIPROCAL PROGRAM BONDS, recovery act bonds, or public safety
 communications  bonds of the agency may be sold by the agency at private
 sale, however, unless such sale and the terms thereof have been approved
 in writing by (a) the comptroller, where such sale is not to  the  comp-
 troller,  or  (b)  the director of the budget, where such sale is to the
 comptroller.
   § 8. Subdivision 1 of section 2438 of the public authorities  law,  as
 amended  by  chapter  355  of  the  laws  of 2016, is amended to read as
 follows:
   (1) The agency shall not issue bonds and notes in an aggregate princi-
 pal amount at any one time outstanding exceeding  one  billion  dollars,
 excluding  tax  lien  collateralized  securities, special school purpose
 bonds, special school deficit program bonds, STATEWIDE MUNICIPAL  RECIP-
 ROCAL  PROGRAM BONDS, special program bonds issued to finance the recon-
 struction, rehabilitation  or  renovation  of  an  educational  facility
 pursuant  to  the  provisions  of  subdivision (b) of section sixteen of
 chapter six hundred five of the laws of two  thousand,  special  program
 A. 6565                             7
 
 bonds issued to finance the cost of a project for design, reconstruction
 or  rehabilitation  of  a  school building pursuant to the provisions of
 section fourteen of the city of Syracuse and the board of  education  of
 the  city  school  district  of  the city of Syracuse cooperative school
 reconstruction act, special program bonds issued to finance the cost  of
 a  project for design, construction, reconstruction or rehabilitation of
 a school building pursuant to the provisions of section thirteen of  the
 Yonkers  city  school district joint schools construction and moderniza-
 tion act, recovery act bonds, public  safety  communications  bonds  and
 bonds and notes issued to refund outstanding bonds and notes.
   § 9. This act shall take effect immediately.