Senate Bill S941

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    941
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 AN  ACT to amend the public authorities law, in relation to establishing
   the reimaging excess New York state property act

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Article  8  of  the  public authorities law is amended by
 adding a new title 30 to read as follows:
                                 TITLE 30
            REIMAGING EXCESS NEW YORK STATE PROPERTY AUTHORITY
 SECTION 2730. SHORT TITLE.
         2731. DEFINITIONS.
         2732. REIMAGING EXCESS NEW YORK STATE PROPERTY AUTHORITY.
         2733. POWERS OF THE AUTHORITY.
         2734. ENVIRONMENTAL  APPLICATIONS,  PROCEEDINGS,  APPROVALS  AND
                 PERMITS.
         2735. BONDS OF THE AUTHORITY.
         2736. BONDS AS LEGAL INVESTMENTS.
         2737. EXEMPTION FROM TAXATION OF BONDS.
         2738. MONEYS OF THE AUTHORITY.
         2739. AGREEMENT OF THE STATE.
         2740. REMEDIES OF HOLDERS OF BONDS.
         2741. ACTIONS  AGAINST THE AUTHORITY; COURT PROCEEDINGS; PREFER-
                 ENCES; VENUE.
         2742. LIMITATION OF LIABILITY; INDEMNIFICATION.
         2743. EXEMPTION FROM TAXATION OF PROPERTY AND INCOME.
         2744. ASSISTANCE BY  STATE  OFFICERS,  DEPARTMENTS,  BOARDS  AND
                 COMMISSIONS.
         2745. STATE, COUNTIES AND MUNICIPALITIES NOT LIABLE ON BONDS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD02889-01-5
 S. 941                              2
 
         2746. ANNUAL REPORTS.
         2747. SEPARABILITY.
   § 2730. SHORT TITLE. THIS TITLE SHALL BE KNOWN AND MAY BE CITED AS THE
 "REIMAGING EXCESS NEW YORK STATE PROPERTY (RENEW) ACT".
   §  2731.  DEFINITIONS.  AS USED IN THIS TITLE, THE FOLLOWING WORDS AND
 TERMS SHALL HAVE THE FOLLOWING MEANINGS  UNLESS  THE  CONTEXT  INDICATES
 ANOTHER OR DIFFERENT MEANING OR INTENT:
   1.  "AUTHORITY"  SHALL  MEAN THE PUBLIC BENEFIT CORPORATION CREATED BY
 SECTION TWENTY-SEVEN HUNDRED THIRTY-TWO OF  THIS  TITLE,  KNOWN  AS  THE
 REIMAGING EXCESS NEW YORK STATE PROPERTY AUTHORITY.
   2.  "BONDS"  SHALL MEAN THE BONDS, NOTES OR OTHER EVIDENCES OF INDEBT-
 EDNESS ISSUED BY THE AUTHORITY PURSUANT TO THIS TITLE AND THE PROVISIONS
 OF THIS TITLE RELATING TO BONDS AND BONDHOLDERS SHALL APPLY  WITH  EQUAL
 FORCE  AND  EFFECT  TO  NOTES  AND NOTEHOLDERS, RESPECTIVELY, UNLESS THE
 CONTEXT OTHERWISE CLEARLY REQUIRES.
   3. "CONSTRUCTION" SHALL  MEAN  THE  ACQUISITION,  ERECTION,  BUILDING,
 ALTERATION,   IMPROVEMENT,   INCREASE,  ENLARGEMENT,  EXTENSION,  RECON-
 STRUCTION, RENOVATION OR REHABILITATION OF ANY  PROJECT  FINANCED  UNDER
 THE  PROVISIONS  OF  THIS TITLE; THE INSPECTION AND SUPERVISION THEREOF;
 AND THE ENGINEERING, ARCHITECTURAL, LEGAL, FISCAL AND ECONOMIC  INVESTI-
 GATIONS AND STUDIES, SURVEYS, DESIGNS, PLANS, WORKING DRAWINGS, SPECIFI-
 CATIONS, PROCEDURES AND OTHER ACTIONS PRELIMINARY OR INCIDENTAL THERETO.
   4.  "COST" AS APPLIED TO THE REPURPOSING OF ANY REAL PROPERTY FINANCED
 UNDER THE PROVISIONS OF THIS TITLE EMBRACES ALL OR ANY PART OF THE  COST
 OF  CONSTRUCTION  AND  ACQUISITION  OF  ALL  LANDS,  STRUCTURES, REAL OR
 PERSONAL PROPERTY,  RIGHTS,  RIGHTS-OF-WAY,  FRANCHISES,  EASEMENTS  AND
 INTERESTS  ACQUIRED  OR  USED  FOR THE REPURPOSING OF REAL PROPERTY, THE
 COST OF DEMOLISHING OR REMOVING ANY BUILDINGS OR STRUCTURES ON  LAND  SO
 ACQUIRED,  INCLUDING  THE COSTS OF RELOCATING TENANTS OR OTHER OCCUPANTS
 OF THE BUILDINGS OR STRUCTURES ON SUCH LAND AND THE  COST  OF  ACQUIRING
 ANY  LANDS  TO WHICH SUCH BUILDINGS OR STRUCTURES MAY BE MOVED, THE COST
 OF ALL MACHINERY AND EQUIPMENT, FINANCING  CHARGES,  INTEREST,  RESERVES
 FOR  PRINCIPAL AND INTEREST AND FOR EXTENSIONS, ENLARGEMENTS, ADDITIONS,
 REPLACEMENTS, RENOVATIONS AND IMPROVEMENTS, COST OF ENGINEERING,  FINAN-
 CIAL  AND LEGAL SERVICES, PLANS, SPECIFICATIONS, STUDIES, SURVEYS, ESTI-
 MATES OF COST AND OF REVENUES, ADMINISTRATIVE EXPENSES, EXPENSES  NECES-
 SARY  OR  INCIDENT  TO  DETERMINING THE FEASIBILITY OR PRACTICABILITY OF
 REPURPOSING AND SUCH OTHER EXPENSES AS MAY BE NECESSARY OR  INCIDENT  TO
 THE CONSTRUCTION AND ACQUISITION OF REAL PROPERTY, THE FINANCING OF SUCH
 CONSTRUCTION  AND ACQUISITION, INCLUDING ALL COSTS RELATING TO THE REFI-
 NANCING OR SATISFACTION OF EXISTING INDEBTEDNESS; AND ANY REIMBURSEMENTS
 TO ANY MUNICIPALITY, STATE AGENCY, THE STATE, THE UNITED STATES  OR  ANY
 OTHER  PERSON OR PUBLIC CORPORATION FOR EXPENDITURES THAT WOULD BE COSTS
 OF ANY REPURPOSING HEREUNDER HAD THEY BEEN MADE DIRECTLY BY THE AUTHORI-
 TY.
   5. "MUNICIPALITY" SHALL MEAN ANY COUNTY, CITY, TOWN,  VILLAGE,  REFUSE
 DISTRICT  UNDER THE COUNTY LAW, IMPROVEMENT DISTRICT UNDER THE TOWN LAW,
 ANY OTHER SUCH  INSTRUMENTALITY,  INCLUDING  ANY  AGENCY,  AUTHORITY  OR
 PUBLIC  CORPORATION OF THE STATE, OR ANY OF THE FOREGOING, OR ANY COMBI-
 NATION THEREOF.
   6. "PERSON" SHALL MEAN ANY NATURAL PERSON,  PARTNERSHIP,  ASSOCIATION,
 JOINT VENTURE OR CORPORATION, EXCLUSIVE OF A PUBLIC CORPORATION.
   7.  "REAL  PROPERTY"  SHALL MEAN LANDS, STRUCTURES, IMPROVEMENTS FRAN-
 CHISES AND INTERESTS IN LAND, INCLUDING LANDS  UNDER  WATER,  WATERFRONT
 PROPERTY,  MARGINAL  STREETS  AND  RIPARIAN RIGHTS, SPACE RIGHTS AND AIR
 RIGHTS AND ANY AND ALL OTHER THINGS AND RIGHTS USUALLY  INCLUDED  WITHIN
 S. 941                              3
 
 SAID  TERM AND ANY FIXTURES, EQUIPMENT AND ARTICLES OF PERSONAL PROPERTY
 AFFIXED TO OR USED IN CONNECTION THEREWITH.  REAL  PROPERTY  SHALL  ALSO
 MEAN  AND  INCLUDE ANY AND ALL INTERESTS IN SUCH PROPERTY LESS THAN FULL
 TITLE,  SUCH  AS  EASEMENTS, INCORPOREAL HEREDITAMENTS AND EVERY ESTATE,
 INTEREST OR RIGHT, LEGAL OR EQUITABLE, INCLUDING  TERMS  FOR  YEARS  AND
 LIENS  THEREON BY WAY OF JUDGMENTS, MORTGAGES OR OTHERWISE, AND ALSO ALL
 CLAIMS FOR DAMAGES FOR SUCH REAL ESTATE.
   8. "RESOURCE RECOVERY" SHALL MEAN THE SEPARATION, EXTRACTION OR RECOV-
 ERY OF USABLE MATERIALS, ENERGY OR HEAT FROM SOLID WASTE THROUGH  SOURCE
 SEPARATION,  INCINERATION, RECYCLING CENTERS OR OTHER PROGRAMS, PROJECTS
 OR FACILITIES.
   9. "REVENUES" SHALL MEAN ALL RATES, FEES,  RENTS,  CHARGES  AND  OTHER
 INCOME DERIVED BY THE AUTHORITY FROM ITS OPERATIONS.
   10. "STATE" SHALL MEAN THE STATE OF NEW YORK.
   11.  "UNITED  STATES"  SHALL  MEAN THE UNITED STATES OF AMERICA OR ANY
 DEPARTMENT, AGENCY OR INSTRUMENTALITY THEREOF ACTING ON  BEHALF  OF  THE
 UNITED STATES OF AMERICA.
   §  2732.  REIMAGING  EXCESS  NEW  YORK STATE PROPERTY AUTHORITY. 1.  A
 CORPORATION KNOWN AS  THE  REIMAGING  EXCESS  NEW  YORK  STATE  PROPERTY
 AUTHORITY IS HEREBY CREATED FOR THE PUBLIC PURPOSES AND CHARGED WITH THE
 DUTIES  AND  HAVING  THE  POWERS PROVIDED IN THIS TITLE.   THE AUTHORITY
 SHALL BE A BODY CORPORATE AND  POLITIC  CONSTITUTING  A  PUBLIC  BENEFIT
 CORPORATION. ITS MEMBERSHIP SHALL CONSIST OF A BOARD OF THIRTEEN MEMBERS
 CHOSEN  AS  FOLLOWS:  THREE  MEMBERS  APPOINTED  BY  THE GOVERNOR; THREE
 MEMBERS APPOINTED BY THE TEMPORARY PRESIDENT OF THE SENATE; TWO  MEMBERS
 APPOINTED  BY THE MINORITY LEADER OF THE SENATE; THREE MEMBERS APPOINTED
 BY THE SPEAKER OF THE ASSEMBLY; AND TWO MEMBERS APPOINTED BY THE MINORI-
 TY LEADER OF THE ASSEMBLY. THE MEMBERS OF  THE  AUTHORITY  SHALL  CHOOSE
 FROM  THEIR  NUMBER  A  CHAIR  BY  MAJORITY VOTE OF SUCH MEMBERS THEN IN
 OFFICE. EACH MEMBER SHALL CONTINUE IN OFFICE UNTIL SUCH MEMBER'S SUCCES-
 SOR HAS BEEN APPOINTED AND QUALIFIES.  EACH  APPOINTMENT  FOLLOWING  THE
 EXPIRATION  OF  THE ORIGINAL TERMS OF APPOINTMENT SHALL BE FOR A TERM OF
 FOUR YEARS. IN THE EVENT OF A VACANCY OCCURRING IN  THE  OFFICE  OF  ANY
 MEMBER,  OTHER  THAN  BY THE EXPIRATION OF A MEMBER'S TERM, SUCH VACANCY
 SHALL BE FILLED FOR THE BALANCE OF THE UNEXPIRED TERM, IF APPLICABLE, IN
 THE SAME MANNER AS THE ORIGINAL APPOINTMENT.
   2. THE POWERS OF THE AUTHORITY SHALL BE VESTED IN THE MEMBERS  THEREOF
 IN  OFFICE  FROM  TIME  TO  TIME  AND A MAJORITY OF VOTING MEMBERS SHALL
 CONSTITUTE A QUORUM AT ANY MEETING OF THE AUTHORITY. IN CASES OF  A  TIE
 VOTE, THE CHAIR SHALL CAST AN ADDITIONAL VOTE. NO VACANCY IN THE MEMBER-
 SHIP OF THE AUTHORITY SHALL IMPAIR THE RIGHT OF SUCH MEMBERS TO EXERCISE
 ALL  THE  RIGHTS AND PERFORM ALL THE DUTIES OF THE AUTHORITY. ANY ACTION
 TAKEN BY THE AUTHORITY UNDER THE PROVISIONS OF THIS TITLE MAY BE AUTHOR-
 IZED AT A MEETING OF THE AUTHORITY BY RESOLUTION APPROVED BY A  MAJORITY
 OF  THE MEMBERS THEN IN OFFICE, WHICH RESOLUTION SHALL TAKE EFFECT IMME-
 DIATELY, OR, UNLESS INCONSISTENT WITH THE PROVISIONS OF ARTICLE SEVEN OF
 THE PUBLIC OFFICERS LAW, ANY ACTION MAY BE TAKEN BY A RESOLUTION  CIRCU-
 LATED  OR  SENT TO EACH MEMBER OF THE AUTHORITY, WHICH SHALL TAKE EFFECT
 AT SUCH TIME AS ALL OF THE MEMBERS THEN IN OFFICE SHALL HAVE  SIGNED  AN
 ASSENT TO SUCH RESOLUTION AND SUCH ASSENTS ARE FILED WITH THE MINUTES OF
 THE  PROCEEDINGS.  NO REPRESENTATIVE SHALL BE AUTHORIZED TO DELEGATE ANY
 OF THEIR DUTIES OR FUNCTIONS TO ANY  OTHER  PERSON.  THE  AUTHORITY  MAY
 DELEGATE  BY  RESOLUTION TO ONE OR MORE OF ITS MEMBERS, OFFICERS, AGENTS
 AND EMPLOYEES SUCH POWERS AND DUTIES AS THE MEMBERS MAY DEEM PROPER.
   3. THE MEMBERS OF THE AUTHORITY SHALL SERVE WITHOUT  SALARY  OR  OTHER
 COMPENSATION,  BUT  EACH  MEMBER  SHALL BE ENTITLED TO REIMBURSEMENT FOR
 S. 941                              4
 
 ACTUAL AND NECESSARY EXPENSES INCURRED BY SUCH MEMBER IN THE PERFORMANCE
 OF THE OFFICIAL DUTIES AS A MEMBER.
   4.  SUBJECT  TO  THE  PROVISIONS  OF  THIS SUBDIVISION, MEMBERS OF THE
 AUTHORITY MAY ENGAGE IN PRIVATE EMPLOYMENT, OR IN A PROFESSION OR  BUSI-
 NESS.  THE  MEMBERS,  OFFICERS  AND  EMPLOYEES OF THE AUTHORITY SHALL BE
 DEEMED TO BE STATE OFFICERS OR EMPLOYEES  AND  THE  AUTHORITY  SHALL  BE
 DEEMED  TO  BE A STATE AGENCY SOLELY FOR THE PURPOSES OF SECTIONS SEVEN-
 TY-THREE AND SEVENTY-FOUR OF THE PUBLIC OFFICERS LAW, WHICH SECTIONS ARE
 HEREBY MADE APPLICABLE TO THE AUTHORITY AND ITS  MEMBERS,  OFFICERS  AND
 EMPLOYEES.
   5.  NOTWITHSTANDING  ANY  INCONSISTENT PROVISIONS OF THIS OR ANY OTHER
 LAW, GENERAL, SPECIAL OR LOCAL, NO OFFICER OR EMPLOYEE OF THE STATE,  OR
 OF  ANY POLITICAL SUBDIVISION THEREOF, SHALL BE DEEMED TO HAVE FORFEITED
 OR SHALL FORFEIT ANY PUBLIC OFFICE  OR  EMPLOYMENT  BY  REASON  OF  SUCH
 PERSON'S ACCEPTANCE OF A MEMBERSHIP ON THE AUTHORITY; PROVIDED, HOWEVER,
 A  MEMBER WHO HOLDS SUCH OTHER PUBLIC OFFICE OR EMPLOYMENT SHALL RECEIVE
 NO ADDITIONAL COMPENSATION OR ALLOWANCE FOR SERVICES  RENDERED  PURSUANT
 TO THIS TITLE, BUT SHALL BE ENTITLED TO REIMBURSEMENT FOR THE ACTUAL AND
 NECESSARY EXPENSES INCURRED IN THE PERFORMANCE OF SUCH SERVICES.
   6.  A MEMBER MAY BE REMOVED FROM OFFICE BY THE BOARD FOR INEFFICIENCY,
 NEGLECT OF DUTY, CONFLICT OF INTEREST OR MISCONDUCT IN OFFICE AFTER  THE
 AUTHORITY  HAS  GIVEN SUCH MEMBER A COPY OF THE CHARGES AGAINST THEM AND
 AN OPPORTUNITY TO BE HEARD IN PERSON, OR BY COUNSEL  IN  THEIR  DEFENSE,
 UPON  NOT  LESS THAN TEN DAYS NOTICE. IF ANY MEMBER SHALL BE SO REMOVED,
 THERE SHALL BE FILED WITH THE CHAIR OF THE AUTHORITY A  COMPLETE  STATE-
 MENT  OF  THE  CHARGES  MADE AGAINST SUCH MEMBER AND THE FINDING OF SUCH
 BOARD THEREON, TOGETHER WITH A COMPLETE RECORD OF THE PROCEEDING.
   7. THE AUTHORITY AND ITS  CORPORATE  EXISTENCE  SHALL  CONTINUE  UNTIL
 TERMINATED BY LAW, PROVIDED, HOWEVER, THAT NO SUCH LAW SHALL TAKE EFFECT
 SO  LONG  AS  THE AUTHORITY SHALL HAVE BONDS, NOTES OR OTHER OBLIGATIONS
 OUTSTANDING, UNLESS ADEQUATE PROVISION HAS BEEN  MADE  FOR  THE  PAYMENT
 THEREOF.  UPON TERMINATION OF THE EXISTENCE OF THE AUTHORITY, ALL OF THE
 RIGHTS AND PROPERTIES OF THE AUTHORITY THEN REMAINING SHALL PASS TO  AND
 BE VESTED IN THE COUNTIES IN ACCORDANCE WITH SUCH LAW.
   §  2733.  POWERS OF THE AUTHORITY. EXCEPT AS OTHERWISE LIMITED BY THIS
 TITLE, THE AUTHORITY SHALL HAVE POWER:
   1. TO MAKE AND ALTER BY-LAWS FOR THE REGULATION OF ITS AFFAIRS AND THE
 CONDUCT OF ITS BUSINESS;
   2. TO ADOPT AN OFFICIAL SEAL AND ALTER THE SAME AT PLEASURE;
   3. TO MAINTAIN A PRINCIPAL OFFICE AND REGIONAL OFFICES AT  SUCH  PLACE
 OR PLACES AS IT MAY DESIGNATE;
   4. TO SUE AND BE SUED;
   5.  TO  MAKE AND EXECUTE CONTRACTS AND ALL OTHER INSTRUMENTS NECESSARY
 OR CONVENIENT FOR THE EXERCISE OF ITS POWERS AND  FUNCTIONS  UNDER  THIS
 TITLE;
   6.  TO PURCHASE ANY ABANDONED, SURPLUS OR OTHERWISE UNUSED STATE-OWNED
 REAL PROPERTY AND TO RECONSTRUCT, RENOVATE, REPLACE,  MAINTAIN,  REPAIR,
 ENLARGE,  EXTEND,  OPERATE,  LEASE, AS LESSEE OR LESSOR, AND/OR REGULATE
 THE REPURPOSING OF SUCH PROPERTIES, AND TO ENTER INTO CONTRACTS FOR  ANY
 OR  ALL  OF  SUCH  PURPOSES,  INCLUDING CONTRACTS FOR THE MANAGEMENT AND
 OPERATION OF SUCH PROPERTIES AND TO SELL, LEASE, MORTGAGE  OR  OTHERWISE
 DISPOSE OF ANY PROPERTY OR PART THEREOF TO THE STATE, ANY PERSON, PUBLIC
 CORPORATION OR MUNICIPALITY;
   7.  TO BORROW MONEY AND TO ISSUE BONDS OF THE AUTHORITY FOR ANY OF ITS
 CORPORATE PURPOSES, TO SECURE THE SAME WITH ITS REVENUES OR OTHER  FUNDS
 AND  OTHERWISE  TO  PROVIDE  FOR  AND  SECURE THE PAYMENT THEREOF AND TO
 S. 941                              5
 
 PROVIDE FOR THE RIGHTS OF HOLDERS THEREOF AND  TO  FUND  OR  REFUND  THE
 SAME;
   8.  TO  MAKE  CONTRACTS  AND  TO  EXECUTE  ALL NECESSARY OR CONVENIENT
 INSTRUMENTS, INCLUDING EVIDENCES OF INDEBTEDNESS, NEGOTIABLE OR NONNEGO-
 TIABLE IN EACH CASE FOR SECURING ITS BONDS OR TO PROVIDE DIRECT  PAYMENT
 OF ANY COSTS WHICH THE AUTHORITY IS AUTHORIZED TO PAY;
   9.  SUBJECT TO ANY LIMITATION IMPOSED OR AUTHORIZED BY LAW, TO FIX AND
 REVISE FROM TIME TO TIME AND CHARGE AND COLLECT RATES, RENTS,  FEES  AND
 CHARGES FOR THE USE OF AND FOR THE SERVICES FURNISHED OR TO BE FURNISHED
 BY  A  PROJECT  OR  ANY PORTION THEREOF AND TO CONTRACT WITH ANY PERSON,
 PARTNERSHIP, ASSOCIATION OR AUTHORITY OR OTHER BODY  PUBLIC  OR  PRIVATE
 INCLUDING  A  PUBLIC  CORPORATION  IN RESPECT THEREOF PROVIDED, HOWEVER,
 THAT THE AUTHORITY SHALL NOT HAVE THE POWER, WITHIN ANY CITY, TO COLLECT
 RENTALS, CHARGES, RATES OR FEES FROM THE OWNERS OF REAL ESTATE,  OR  THE
 OCCUPANTS  OF REAL ESTATE (OTHER THAN THE OCCUPANTS OF PREMISES OWNED OR
 CONTROLLED BY SUCH AUTHORITY, OR BY THE  STATE  OR  ANY  CIVIL  DIVISION
 THEREOF), FOR SERVICES OR FACILITIES FURNISHED OR SUPPLIED IN CONNECTION
 WITH SUCH REAL ESTATE, IF SUCH SERVICES OR FACILITIES ARE OF A CHARACTER
 OR  NATURE  THAT  AS  OF  THE  ENACTMENT  OF  THIS  ACT OR FORMERLY WERE
 FURNISHED OR SUPPLIED BY THE CITY, UNLESS THE ELECTORS OF THE CITY SHALL
 APPROVE THE GRANTING TO SUCH AUTHORITY OF SUCH POWERS BY A MAJORITY VOTE
 AT A GENERAL OR SPECIAL ELECTION IN SUCH CITY;
   10. TO EMPLOY CONSULTING ENGINEERS,  ARCHITECTS,  ATTORNEYS,  ACCOUNT-
 ANTS, CONSTRUCTION AND FINANCIAL EXPERTS, SUPERINTENDENTS, MANAGERS, AND
 SUCH  OTHER AGENTS AS MAY BE NECESSARY IN ITS JUDGMENT, AND TO FIX THEIR
 COMPENSATION;
   11. TO RECEIVE AND ACCEPT LOANS, GRANTS, AID IN  ANY  FORM,  GIFTS  OR
 CONTRIBUTIONS  FROM ANY SOURCE OF EITHER MONEY, PROPERTY, LABOR OR OTHER
 THINGS OF VALUE AND, SUBJECT TO THE PROVISIONS OF THIS TITLE, TO  COMPLY
 WITH THE TERMS AND CONDITIONS THEREOF;
   12. TO ENTER INTO ANY LEASE OF OR TO MORTGAGE ANY PROPERTY;
   13.  SUBJECT TO ANY AGREEMENT WITH THE HOLDERS OF ITS BONDS, TO INVEST
 MONEYS OF THE AUTHORITY NOT REQUIRED FOR IMMEDIATE USE IN OBLIGATIONS OF
 THE STATE OR THE UNITED STATES OR OBLIGATIONS THE PRINCIPAL AND INTEREST
 OF WHICH ARE GUARANTEED BY THE STATE OR THE UNITED STATES OR IN  CERTIF-
 ICATES OF DEPOSIT OR TIME DEPOSITS SECURED IN SUCH MANNER AS THE AUTHOR-
 ITY SHALL DETERMINE, OR IN OBLIGATIONS OF ANY AGENCY OF THE STATE OR THE
 UNITED  STATES  WHICH  MAY  FROM  TIME  TO  TIME BE LEGALLY PURCHASED BY
 SAVINGS BANKS WITHIN THE STATE AS AN INVESTMENT OF  FUNDS  BELONGING  TO
 THEM OR IN THEIR CONTROL, OR IN ANY OTHER OBLIGATIONS IN WHICH THE COMP-
 TROLLER  OF  THE STATE IS AUTHORIZED TO INVEST PURSUANT TO SECTION NINE-
 TY-EIGHT OF THE STATE FINANCE LAW OR ANY SUCCESSOR PROVISION OF LAW;
   14. SUBJECT TO ANY  AGREEMENT  WITH  THE  HOLDERS  OF  ITS  BONDS,  TO
 PURCHASE  BONDS,  OF  THE  AUTHORITY  OUT  OF ANY FUNDS OR MONEYS OF THE
 AUTHORITY AVAILABLE THEREFORE, AND TO HOLD, CANCEL OR RESELL THE BONDS;
   15. TO CONTRACT TO RENDER AND TO RENDER SUCH SERVICES  TO  THE  UNITED
 STATES,  OR  ANY  PUBLIC AGENCY, PUBLIC AUTHORITY, MUNICIPALITY OR POLI-
 TICAL SUBDIVISION OF THE STATE, AS THE UNITED STATES, SUCH PUBLIC  AGEN-
 CY,  PUBLIC  AUTHORITY,  MUNICIPALITY  OR  POLITICAL  SUBDIVISION  SHALL
 REQUEST, WITH RESPECT TO  THE  CUSTODY,  ADMINISTRATION,  MANAGEMENT  OR
 SERVICING  OF OBLIGATIONS, PROJECTS AND PROPERTY OF SUCH ENTITY, INCLUD-
 ING BUT NOT LIMITED TO THE USE OF THE PREMISES, PERSONNEL  AND  PROPERTY
 OF THE AUTHORITY, AND MAY PROVIDE FOR REIMBURSEMENT TO THE AUTHORITY FOR
 ANY  EXPENSES  NECESSARILY  INCURRED  BY THE AUTHORITY IN RENDERING SUCH
 SERVICES;
 S. 941                              6
 
   16. TO APPOINT SUCH OFFICERS, EMPLOYEES AND AGENTS AS IT MAY  REQUIRE,
 PRESCRIBE THEIR DUTIES AND QUALIFICATIONS AND FIX THEIR COMPENSATION;
   17.  TO  ESTABLISH  SUCH  RESERVES AS THE AUTHORITY DEEMS NECESSARY OR
 APPROPRIATE;
   18. TO ACQUIRE BY LEASE, PURCHASE OR GIFT, HOLD AND  DISPOSE  OF  REAL
 AND  PERSONAL  PROPERTY  (WHETHER  TANGIBLE  OR  INTANGIBLE),  WHICH ARE
 LOCATED WITHIN THE STATE, OR ANY INTEREST  THEREIN,  FOR  ITS  CORPORATE
 PURPOSES,  AND,  SUBJECT TO ANY AGREEMENT WITH THE HOLDERS OF ITS BONDS,
 TO SELL ANY MORTGAGE OR LOAN OR OTHER PERSONAL PROPERTY ACQUIRED BY  THE
 AUTHORITY, AT A PUBLIC OR PRIVATE SALE AND AT SUCH PRICE OR PRICES AS IT
 SHALL DETERMINE;
   19. TO ENTER INTO AGREEMENTS, IN ITS DISCRETION, TO PAY ANNUAL SUMS IN
 LIEU  OF  TAXES  TO  ANY  MUNICIPALITY,  POLITICAL SUBDIVISION OR TAXING
 DISTRICT OF THE STATE IN RESPECT OF ANY REAL PROPERTY WHICH IS OWNED  BY
 THE AUTHORITY AND LOCATED IN SUCH MUNICIPALITY, POLITICAL SUBDIVISION OR
 TAXING DISTRICT;
   20. TO CONTRACT WITH PERSONS, MUNICIPALITIES AND THE UNITED STATES FOR
 THE  USE  OF  FACILITIES  AND  FOR  THE  FIXING AND COLLECTION OF RATES,
 RENTALS, FEES AND OTHER CHARGES FOR  THE  USE  OF  SUCH  FACILITIES,  OR
 SERVICES  RENDERED  BY, OR ANY COMMODITIES FURNISHED BY THE AUTHORITY SO
 AS TO PROVIDE REVENUES SUFFICIENT AT ALL TIMES TO PAY, AS THE SAME SHALL
 BECOME DUE, THE PRINCIPAL AND INTEREST ON  THE  BONDS,  NOTES  OR  OTHER
 OBLIGATIONS  OF  THE  AUTHORITY  TOGETHER WITH THE MAINTENANCE OF PROPER
 RESERVES THEREFOR, IN ADDITION TO PAYING, AS THE SAME SHALL BECOME  DUE,
 THE EXPENSES OF OPERATING AND MAINTAINING THE PROPERTIES OF THE AUTHORI-
 TY,  TOGETHER WITH PROPER RESERVES FOR DEBT SERVICE, DEPRECIATION, MAIN-
 TENANCE AND CONTINGENCIES AND ALL OTHER OBLIGATIONS AND INDEBTEDNESS  OF
 THE AUTHORITY;
   21.  TO COORDINATE THE ACTIVITIES OF STATE AGENCIES AND AUTHORITIES TO
 PROVIDE COMMUNITY FACILITIES;
   22. TO PARTICIPATE IN FEDERAL PROGRAMS  FOR  THE  INSURANCE  OF  LOANS
 INCLUDING PROGRAMS WHICH REQUIRE THE AUTHORITY TO SHARE ANY LOSS ARISING
 OUT OF ANY LOAN INSURED BY THE FEDERAL GOVERNMENT; AND
   23. TO DO ALL THINGS NECESSARY OR CONVENIENT TO CARRY OUT THE PURPOSES
 OF THE AUTHORITY.
   §   2734.   ENVIRONMENTAL  APPLICATIONS,  PROCEEDINGS,  APPROVALS  AND
 PERMITS. 1. ANY APPLICATION IN RELATION TO THE PURPOSES  OF  OR  CONTEM-
 PLATED  BY  THIS TITLE, OR ANY PROCEEDING COMMENCED BY ANY PARTICIPATING
 COUNTY OR ANY MUNICIPALITY, WITH THE DEPARTMENT OF ENVIRONMENTAL CONSER-
 VATION, THE DEPARTMENT OF TRANSPORTATION OR ANY OTHER  STATE  AGENCY  OR
 INSTRUMENTALITY OR WITH THE UNITED STATES ENVIRONMENTAL PROTECTION AGEN-
 CY OR ANY OTHER FEDERAL AGENCY OR INSTRUMENTALITY SHALL INURE TO AND FOR
 THE  BENEFIT  OF THE AUTHORITY TO THE SAME EXTENT AND IN THE SAME MANNER
 AS IF THE AUTHORITY HAD BEEN A PARTY TO SUCH APPLICATION OR  PROCEEDING,
 AND  THE  AUTHORITY  SHALL  BE DEEMED A PARTY THERETO, TO THE EXTENT NOT
 PROHIBITED BY ANY FEDERAL LAW. ANY LICENSE, APPROVAL, PERMIT OR DECISION
 ISSUED OR GRANTED PURSUANT TO OR AS A RESULT OF ANY SUCH APPLICATION  OR
 PROCEEDING SHALL INURE TO THE BENEFIT OF AND BE BINDING UPON THE AUTHOR-
 ITY  AND SHALL BE ASSIGNED AND TRANSFERRED BY THE TOWN TO THE AUTHORITY,
 UNLESS SUCH ASSIGNMENT AND TRANSFER IS PROHIBITED BY FEDERAL LAW.
   2. ALL SUCH APPLICATIONS, PROCEEDINGS,  LICENSES,  APPROVALS,  PERMITS
 AND DECISIONS SHALL FURTHER INURE TO AND FOR THE BENEFIT OF AND BE BIND-
 ING UPON ANY PERSON LEASING, ACQUIRING, CONSTRUCTING, MAINTAINING, USING
 OR OCCUPYING ANY PROJECT FINANCED IN WHOLE OR IN PART BY THE AUTHORITY.
   §  2735. BONDS OF THE AUTHORITY. 1. (A) THE AUTHORITY SHALL HAVE POWER
 AND IS HEREBY AUTHORIZED FROM TIME TO TIME TO ISSUE ITS  BONDS  IN  SUCH
 S. 941                              7
 
 PRINCIPAL AMOUNT AS, IN THE OPINION OF THE AUTHORITY, SHALL BE NECESSARY
 TO  PROVIDE  SUFFICIENT  FUNDS  FOR  ACHIEVING  ITS  CORPORATE PURPOSES,
 INCLUDING THE CONSTRUCTION, ACQUISITION, RECONSTRUCTION, REHABILITATION,
 IMPROVEMENT  OR  REFINANCING OF STATE-OWNED REAL PROPERTY AND SUBJECT TO
 THE PROVISIONS OF THIS TITLE, THE PAYMENT OF INTEREST ON  BONDS  OF  THE
 AUTHORITY, ESTABLISHMENT OF RESERVES TO SECURE SUCH BONDS, AND ALL OTHER
 EXPENDITURES OF THE AUTHORITY INCIDENT TO AND NECESSARY OR CONVENIENT TO
 CARRY  OUT ITS CORPORATE PURPOSES AND POWERS. IN ADDITION, THE AUTHORITY
 MAY, IN ANTICIPATION OF THE ISSUANCE OF BONDS OR THE RECEIPT  OF  APPRO-
 PRIATIONS,  GRANTS, REIMBURSEMENTS, REVENUES OR OTHER FUNDS, ISSUE NOTES
 THE PRINCIPAL OF OR INTEREST ON WHICH OR BOTH SHALL BE  PAYABLE  OUT  OF
 THE  PROCEEDS  OF  BONDS  OF  THE  AUTHORITY  OR APPROPRIATIONS, GRANTS,
 REIMBURSEMENTS, REVENUES OR OTHER FUNDS OF THE AUTHORITY. THE  AUTHORITY
 MAY  ALSO  ENTER  INTO  BANK  LOAN AGREEMENTS, LINES OF CREDIT AND OTHER
 SECURITY AGREEMENTS AND OBTAIN FOR OR ON ITS BEHALF LETTERS OF CREDIT IN
 EACH CASE FOR SECURING ITS BONDS OR TO PROVIDE  DIRECT  PAYMENT  OF  ANY
 COSTS WHICH THE AUTHORITY IS AUTHORIZED TO PAY.
   (B)  THE  AUTHORITY  SHALL  HAVE  POWER,  FROM  TIME TO TIME, TO ISSUE
 RENEWAL NOTES, TO ISSUE BONDS OR OTHER  OBLIGATIONS  TO  PAY  NOTES  AND
 WHENEVER  IT DEEMS REFUNDING EXPEDIENT, TO REFUND ANY BONDS BY THE ISSU-
 ANCE OF NEW BONDS, WHETHER THE BONDS TO BE REFUNDED  HAVE  OR  HAVE  NOT
 MATURED,  AND TO ISSUE BONDS PARTLY TO REFUND BONDS THEN OUTSTANDING AND
 PARTLY FOR ANY OTHER PURPOSE. THE REFUNDING BONDS SHALL BE SOLD AND  THE
 PROCEEDS  APPLIED  TO  THE PURCHASE, REDEMPTION OR PAYMENT OF THE BONDS,
 INCLUDING ANY INTEREST THEREON, TO BE REFUNDED.
   2. EXCEPT AS MAY OTHERWISE BE EXPRESSLY  PROVIDED  BY  THE  AUTHORITY,
 EVERY  ISSUE  OF ITS BONDS SHALL BE GENERAL OBLIGATIONS OF THE AUTHORITY
 PAYABLE OUT OF ANY MONEYS, ASSETS OR REVENUES OF THE AUTHORITY,  SUBJECT
 AS  TO  PRIORITY  ONLY  TO ANY AGREEMENTS WITH THE HOLDERS OF PARTICULAR
 BONDS THERETOFORE OR THEREAFTER MADE PLEDGING, ASSIGNING OR  CREATING  A
 LIEN  UPON ANY PARTICULAR MONEYS, ASSETS OR REVENUES.  THE AUTHORITY MAY
 PROVIDE BY AGREEMENT WITH THE HOLDERS OF ITS BONDS THAT SUCH BONDS SHALL
 BE PAYABLE SOLELY FROM AND SECURED BY PARTICULAR REVENUES  AND  PROPERTY
 OF THE AUTHORITY.
   3. THE BONDS SHALL BE AUTHORIZED BY A RESOLUTION OR RESOLUTIONS OF THE
 AUTHORITY ADOPTED AS PROVIDED BY THIS TITLE; PROVIDED, HOWEVER, THAT ANY
 SUCH RESOLUTION AUTHORIZING THE ISSUANCE OF BONDS MAY DELEGATE TO ONE OR
 MORE  MEMBERS  OR TO AN OFFICER OF THE AUTHORITY THE POWER TO ISSUE SUCH
 BONDS FROM TIME TO TIME AND TO FIX THE DETAILS  OF  ANY  SUCH  ISSUE  OF
 BONDS BY AN APPROPRIATE CERTIFICATE OF SUCH MEMBER, MEMBERS OR OFFICER.
   4. THE BONDS OF THE AUTHORITY SHALL BEAR SUCH DATE OR DATES, MATURE AT
 SUCH  TIME  OR  TIMES,  BEAR  INTEREST  AT SUCH RATE OR RATES (SIMPLE OR
 COMPOUNDED), IF ANY, BE OF SUCH  DENOMINATIONS,  BE  IN  SUCH  FORM,  BE
 EXECUTED  IN  SUCH MANNER, BE PAYABLE IN SUCH MEDIUM OF PAYMENT, AT SUCH
 PLACE OR PLACES WITHIN OR WITHOUT THE STATE,  AND  BE  SUBJECT  TO  SUCH
 TERMS OF REDEMPTION PRIOR TO MATURITY, AS MAY BE PROVIDED BY SUCH RESOL-
 UTION  OR RESOLUTIONS OR SUCH CERTIFICATE WITH RESPECT TO SUCH BONDS, AS
 THE CASE MAY BE; PROVIDED, HOWEVER, THAT NO BOND  OR  OTHER  OBLIGATIONS
 SHALL  MATURE  MORE THAN FORTY YEARS AFTER THE DATE OF ISSUE THEREOF AND
 NO NOTES OR RENEWAL THEREOF SHALL MATURE MORE THAN FIVE YEARS AFTER  THE
 DATE OF ISSUE OF THE ORIGINAL NOTES.
   5.  THE  BONDS  OF  THE AUTHORITY MAY BE SOLD BY THE AUTHORITY AT SUCH
 PRICE OR PRICES, AT PUBLIC OR PRIVATE SALE, PROVIDED THAT  NO  ISSUE  OF
 BONDS  MAY  BE  SOLD AT PRIVATE SALE UNLESS THE TERMS OF SUCH SALE SHALL
 HAVE BEEN APPROVED IN WRITING BY (I) THE STATE COMPTROLLER,  WHERE  SUCH
 SALE IS NOT TO SUCH COMPTROLLER, OR (II) THE DIRECTOR OF THE STATE DIVI-
 S. 941                              8
 
 SION  OF  THE  BUDGET,  WHERE  SUCH SALE IS TO SUCH COMPTROLLER, IN SUCH
 MANNER AND FROM TIME TO TIME AS MAY BE DETERMINED BY THE AUTHORITY,  AND
 THE  AUTHORITY  MAY  PAY ALL EXPENSES, PREMIUMS AND COMMISSIONS WHICH IT
 MAY  DEEM  NECESSARY OR ADVANTAGEOUS IN CONNECTION WITH THE ISSUANCE AND
 SALE THEREOF.
   6. WHETHER OR NOT THE BONDS ARE OF SUCH FORM AND CHARACTER  AS  TO  BE
 NEGOTIABLE  INSTRUMENTS  UNDER THE TERMS OF THE UNIFORM COMMERCIAL CODE,
 THE BONDS ARE HEREBY MADE NEGOTIABLE INSTRUMENTS WITHIN THE  MEANING  OF
 AND FOR ALL THE PURPOSES OF THE UNIFORM COMMERCIAL CODE, SUBJECT ONLY TO
 THE PROVISIONS OF THE BONDS FOR REGISTRATION.
   7.  ANY  RESOLUTION  OR RESOLUTIONS AUTHORIZING ANY BONDS OR ANY ISSUE
 THEREOF OR ANY TRUST INDENTURE OR INDENTURES RELATING TO SUCH BONDS  MAY
 CONTAIN PROVISIONS, WHICH SHALL BE A PART OF THE CONTRACT WITH THE HOLD-
 ERS THEREOF, AS TO:
   (A)  PLEDGING,  ASSIGNING OR CREATING A LIEN ON ALL OR ANY PART OF THE
 RATES, RENTALS, FEES AND CHARGES MADE OR RECEIVED BY THE AUTHORITY,  AND
 ALL OR ANY PART OF THE MONEYS RECEIVED OR TO BE RECEIVED AS REPAYMENT OF
 LOANS,  TO  SECURE  THE  PAYMENT  OF  THE BONDS OR OF ANY ISSUE THEREOF,
 SUBJECT TO SUCH AGREEMENT WITH THE HOLDERS OF THE AUTHORITY'S  BONDS  AS
 MAY THEN EXIST;
   (B)  PLEDGING,  ASSIGNING OR CREATING A LIEN ON ALL OR ANY PART OF THE
 ASSETS OF THE AUTHORITY, INCLUDING MORTGAGES  AND  OBLIGATIONS  SECURING
 THE SAME, TO SECURE THE PAYMENT OF THE BONDS, SUBJECT TO SUCH AGREEMENTS
 WITH THE HOLDERS OF THE AUTHORITY'S BONDS AS MAY THEN EXIST;
   (C) THE ESTABLISHMENT AND MAINTENANCE OF RESERVES OR SINKING FUNDS AND
 THE REGULATION AND DISPOSITION THEREOF;
   (D)  LIMITATIONS  ON  THE PURPOSE TO WHICH THE PROCEEDS OF SALE OF ANY
 ISSUE OF BONDS THEN OR THEREAFTER TO BE ISSUED MAY BE APPLIED AND PLEDG-
 ING SUCH PROCEEDS TO SECURE THE PAYMENT OF THE BONDS  OR  OF  ANY  ISSUE
 THEREOF;
   (E)  LIMITATIONS  ON  THE ISSUANCE OF ADDITIONAL BONDS, THE TERMS UPON
 WHICH ADDITIONAL BONDS MAY BE ISSUED AND SECURED AND  THE  REFUNDING  OF
 OUTSTANDING BONDS;
   (F) THE PROCEDURE, IF ANY, BY WHICH THE TERMS OF ANY CONTRACT WITH THE
 HOLDERS  OF  BONDS  MAY BE AMENDED OR ABROGATED, THE AMOUNT OF BONDS THE
 HOLDERS OF WHICH MUST CONSENT THERETO, AND  THE  MANNER  IN  WHICH  SUCH
 CONSENT MAY BE GIVEN;
   (G) LIMITATIONS ON THE AMOUNT OF MONEYS TO BE EXPENDED BY THE AUTHORI-
 TY FOR OPERATING, ADMINISTRATIVE OR OTHER EXPENSES OF THE AUTHORITY;
   (H) THE CREATION OF SPECIAL FUNDS INTO WHICH ANY MONEYS OF THE AUTHOR-
 ITY MAY BE DEPOSITED;
   (I) VESTING IN A TRUSTEE OR TRUSTEES SUCH PROPERTY, RIGHTS, POWERS AND
 DUTIES IN TRUST AS THE AUTHORITY MAY DETERMINE, WHICH MAY INCLUDE ANY OR
 ALL  OF  THE  RIGHTS,  POWERS AND DUTIES OF THE TRUSTEE APPOINTED BY THE
 HOLDERS OF BONDS PURSUANT TO THIS TITLE, AND LIMITING OR ABROGATING  THE
 RIGHT  OF  THE  HOLDERS  OF  BONDS TO APPOINT A TRUSTEE PURSUANT TO THIS
 TITLE OR LIMITING THE RIGHTS, POWERS AND DUTIES OF SUCH TRUSTEE;
   (J) DEFINING THE ACTS OR OMISSIONS TO ACT  WHICH  SHALL  CONSTITUTE  A
 DEFAULT IN THE OBLIGATIONS AND DUTIES OF THE AUTHORITY AND PROVIDING FOR
 THE  RIGHTS  AND  REMEDIES  OF THE HOLDERS OF BONDS IN THE EVENT OF SUCH
 DEFAULT, PROVIDED, HOWEVER, THAT SUCH RIGHTS AND REMEDIES SHALL  NOT  BE
 INCONSISTENT WITH THE GENERAL LAWS OF THIS STATE AND OTHER PROVISIONS OF
 THIS TITLE; AND
   (K)  ANY  OTHER  MATTERS, OF LIKE OR DIFFERENT CHARACTER, WHICH IN ANY
 WAY AFFECT THE SECURITY OR PROTECTION OF THE BONDS AND THE RIGHTS OF THE
 HOLDERS THEREOF.
 S. 941                              9
 
   8. ANY PLEDGE OR ASSIGNMENT MADE OR  LIEN  CREATED  BY  THE  AUTHORITY
 SHALL  BE  VALID AND BINDING FROM THE TIME WHEN THE PLEDGE OR ASSIGNMENT
 IS MADE OR THE LIEN IS CREATED;  THE  MONEYS  OR  PROPERTY  SO  PLEDGED,
 ASSIGNED  OR ENCUMBERED BY THE AUTHORITY SHALL IMMEDIATELY BE SUBJECT TO
 SUCH PLEDGE, ASSIGNMENT OR LIEN WITHOUT ANY PHYSICAL DELIVERY THEREOF OR
 FURTHER  ACT;  AND  SUCH  PLEDGE,  ASSIGNMENT OR LIEN SHALL BE VALID AND
 BINDING AS AGAINST ALL PARTIES  HAVING  CLAIMS  OF  ANY  KIND  IN  TORT,
 CONTRACT  OR  OTHERWISE  AGAINST  THE AUTHORITY, IRRESPECTIVE OF WHETHER
 SUCH PARTIES HAVE NOTICE THEREOF. NEITHER THE RESOLUTION NOR  ANY  OTHER
 INSTRUMENT BY WHICH A PLEDGE, ASSIGNMENT OR LIEN IS MADE OR CREATED NEED
 BE RECORDED OR FILED.
   9.  NEITHER  THE MEMBERS OF THE AUTHORITY NOR ANY PERSON EXECUTING THE
 BONDS SHALL BE LIABLE PERSONALLY ON THE  BONDS  OR  BE  SUBJECT  TO  ANY
 PERSONAL LIABILITY OR ACCOUNTABILITY BY REASON OF THE ISSUANCE THEREOF.
   10.  THE AUTHORITY, SUBJECT TO SUCH AGREEMENTS WITH THE HOLDERS OF THE
 AUTHORITY'S BONDS AS MAY THEN EXIST, SHALL HAVE POWER OUT OF  ANY  FUNDS
 AVAILABLE THEREFOR TO PURCHASE BONDS OF THE AUTHORITY.
   11.  THE  STATE SHALL NOT BE LIABLE ON BONDS OF THE AUTHORITY AND SUCH
 BONDS SHALL NOT BE A DEBT OF THE STATE, AND SUCH BONDS SHALL CONTAIN  ON
 THE FACE THEREOF A STATEMENT TO SUCH EFFECT.
   §  2736.  BONDS  AS  LEGAL INVESTMENTS. THE BONDS OF THE AUTHORITY ARE
 HEREBY MADE SECURITIES IN WHICH ALL PUBLIC OFFICERS AND BODIES  OF  THIS
 STATE  AND  ALL MUNICIPALITIES AND MUNICIPAL SUBDIVISIONS, ALL INSURANCE
 COMPANIES AND ASSOCIATIONS, AND OTHER PERSONS CARRYING ON  AN  INSURANCE
 BUSINESS, ALL BANKS, BANKERS, TRUST COMPANIES, SAVINGS BANKS AND SAVINGS
 ASSOCIATIONS, INCLUDING SAVINGS AND LOAN ASSOCIATIONS, BUILDING AND LOAN
 ASSOCIATIONS, INVESTMENT COMPANIES AND OTHER PERSONS CARRYING ON A BANK-
 ING  BUSINESS,  ALL  ADMINISTRATORS,  GUARDIANS, EXECUTORS, TRUSTEES AND
 OTHER FIDUCIARIES, AND ALL OTHER PERSONS WHATSOEVER WHO ARE NOW  OR  MAY
 HEREAFTER  BE  AUTHORIZED TO INVEST IN BONDS OR OTHER OBLIGATIONS OF THE
 STATE, MAY PROPERLY AND LEGALLY  INVEST  FUNDS,  INCLUDING  CAPITAL,  IN
 THEIR CONTROL OR BELONGING TO THEM. THE BONDS ARE ALSO HEREBY MADE SECU-
 RITIES  WHICH  MAY  BE  DEPOSITED WITH AND MAY BE RECEIVED BY ALL PUBLIC
 OFFICERS AND BODIES OF THIS STATE AND ALL MUNICIPALITIES  AND  MUNICIPAL
 SUBDIVISIONS  FOR  ANY  PURPOSE  FOR  WHICH THE DEPOSIT OF BONDS OF THIS
 STATE IS NOW OR MAY HEREAFTER BE AUTHORIZED.
   § 2737. EXEMPTION FROM TAXATION OF BONDS. IT IS HEREBY DETERMINED THAT
 THE CREATION OF THE AUTHORITY IS IN ALL RESPECTS FOR THE BENEFIT OF  THE
 PEOPLE  OF  THE  STATE  AND FOR THE IMPROVEMENT OF THEIR HEALTH, SAFETY,
 WELFARE, COMFORT  AND  SECURITY,  AND  THAT  SAID  PURPOSES  ARE  PUBLIC
 PURPOSES  AND THAT THE AUTHORITY WILL BE PERFORMING AN ESSENTIAL GOVERN-
 MENTAL FUNCTION IN THE EXERCISE OF THE POWERS CONFERRED UPON IT BY  THIS
 TITLE.  THE STATE COVENANTS WITH THE PURCHASERS AND ALL SUBSEQUENT HOLD-
 ERS AND TRANSFEREES OF BONDS ISSUED BY THE AUTHORITY,  IN  CONSIDERATION
 OF  THE  ACCEPTANCE  OF AND PAYMENT FOR THE BONDS, THAT THE BONDS OF THE
 AUTHORITY, ISSUED PURSUANT TO THIS TITLE AND THE  INCOME  THEREFROM  AND
 ALL  ITS  FEES,  CHARGES,  GIFTS,  GRANTS, REVENUES, RECEIPTS, AND OTHER
 MONEYS RECEIVED OR TO BE RECEIVED, PLEDGED TO PAY OR SECURE THE  PAYMENT
 OF SUCH BONDS SHALL AT ALL TIMES BE FREE FROM TAXATION EXCEPT FOR ESTATE
 OR GIFT TAXES AND TAXES ON TRANSFERS.
   §  2738.  MONEYS OF THE AUTHORITY. 1. ALL MONEYS OF THE AUTHORITY FROM
 WHATEVER SOURCE DERIVED, EXCEPT AS OTHERWISE AUTHORIZED OR  PROVIDED  IN
 THIS TITLE, SHALL BE PAID TO THE AUTHORITY AND SHALL BE DEPOSITED FORTH-
 WITH  IN  A  BANK OR BANKS IN THE STATE DESIGNATED BY THE AUTHORITY. THE
 MONEYS IN SUCH ACCOUNTS SHALL BE WITHDRAWN ON THE ORDER OF  SUCH  PERSON
 OR  PERSONS  AS THE AUTHORITY MAY AUTHORIZE. ALL DEPOSITS OF SUCH MONEYS
 S. 941                             10
 
 SHALL, IF REQUIRED BY THE AUTHORITY, BE SECURED IN SUCH  MANNER  AS  THE
 AUTHORITY  MAY  DETERMINE.  THE STATE COMPTROLLER AND SUCH COMPTROLLER'S
 LEGALLY AUTHORIZED REPRESENTATIVES ARE  AUTHORIZED  AND  EMPOWERED  FROM
 TIME TO TIME TO EXAMINE THE ACCOUNTS AND BOOKS OF THE AUTHORITY, INCLUD-
 ING  ITS  RECEIPTS,  DISBURSEMENTS,  CONTRACTS,  LEASES,  SINKING FUNDS,
 INVESTMENTS AND ANY OTHER RECORDS AND PAPERS RELATING TO  ITS  FINANCIAL
 STANDING.  SUCH  AN EXAMINATION SHALL BE CONDUCTED BY THE COMPTROLLER AT
 LEAST ONCE IN EVERY FIVE YEARS; THE COMPTROLLER IS AUTHORIZED,  HOWEVER,
 TO  ACCEPT  FROM  THE  AUTHORITY,  IN  LIEU  OF  SUCH AN EXAMINATION, AN
 EXTERNAL EXAMINATION OF ITS BOOKS AND ACCOUNTS MADE AT  THE  REQUEST  OF
 THE AUTHORITY.
   2.  NOTWITHSTANDING  ANY OTHER PROVISIONS OF THIS TITLE RELATED TO THE
 INVESTMENT OF MONEYS OF THE AUTHORITY, THE AUTHORITY SHALL HAVE POWER TO
 CONTRACT  WITH  HOLDERS  OF  ANY  OF  ITS  BONDS,  AS  TO  THE  CUSTODY,
 COLLECTION,  SECURING,  INVESTMENT,  AND  PAYMENT  OF  ANY MONEYS OF THE
 AUTHORITY, OF ANY MONEYS HELD IN TRUST OR OTHERWISE FOR THE  PAYMENT  OF
 BONDS, AND TO CARRY OUT SUCH CONTRACT. MONEYS HELD IN TRUST OR OTHERWISE
 FOR  THE  PAYMENT OF BONDS OR IN ANY WAY TO SECURE BONDS AND DEPOSITS OF
 SUCH MONEYS MAY BE INVESTED, SECURED IN SUCH  MANNER  AS  SHALL  BE  SET
 FORTH  IN  SUCH CONTRACT OR AGREEMENT, AND ALL BANKS AND TRUST COMPANIES
 ARE AUTHORIZED TO GIVE SUCH SECURITY FOR SUCH  DEPOSITS.  THE  AUTHORITY
 SHALL  ESTABLISH  AND  MAY  AMEND  FROM TIME TO TIME, GUIDELINES FOR THE
 INVESTMENT OF ITS MONEYS, INCLUDING THOSE HELD IN TRUST FOR THE  BENEFIT
 OF  THE HOLDERS OF BONDS, AND SHALL FILE SUCH GUIDELINES IN THE AUTHORI-
 TY'S PUBLIC RECORDS WITHIN SIXTY DAYS AFTER THE ADOPTION OF SUCH  GUIDE-
 LINES OR AMENDMENTS THERETO.
   3.  SUBJECT  TO  THE  PROVISIONS  OF ANY AGREEMENT WITH THE HOLDERS OF
 BONDS AND TO THE  APPROVAL  OF  THE  COMPTROLLER,  THE  AUTHORITY  SHALL
 PRESCRIBE A SYSTEM OF ACCOUNTS.
   4.  THE  AUTHORITY SHALL SUBMIT TO THE COMPTROLLER, WITHIN THIRTY DAYS
 OF THE RECEIPT THEREOF BY THE AUTHORITY, A COPY OF THE REPORT  OF  EVERY
 EXTERNAL EXAMINATION OF THE BOOKS AND ACCOUNTS OF THE AUTHORITY.
   §  2739.  AGREEMENT  OF  THE STATE. THE PARTICIPATING COUNTIES AND ANY
 MUNICIPALITIES WITHIN THEIR BOUNDARIES ARE AUTHORIZED TO AND  THE  STATE
 DOES  HEREBY  PLEDGE TO AND AGREE WITH THE OWNERS OF ANY BONDS ISSUED BY
 THE AUTHORITY, THAT THEY WILL NOT LIMIT OR ALTER THE RIGHTS HEREBY VEST-
 ED IN THE AUTHORITY TO FULFILL THE TERMS OF ANY AGREEMENTS MADE WITH THE
 HOLDERS THEREOF, OR IN ANY WAY IMPAIR THE RIGHTS AND  REMEDIES  OF  SUCH
 HOLDERS  UNTIL  SUCH  BONDS,  TOGETHER  WITH  THE INTEREST THEREON, WITH
 INTEREST ON ANY UNPAID INSTALLMENTS  OF  INTEREST,  AND  ALL  COSTS  AND
 EXPENSES  IN CONNECTION WITH ANY ACTION OR PROCEEDING BY OR ON BEHALF OF
 SUCH HOLDERS, ARE FULLY MET AND DISCHARGED. THE AUTHORITY IS  AUTHORIZED
 TO  INCLUDE THIS PLEDGE AND AGREEMENT OF THE STATE IN ANY AGREEMENT WITH
 THE HOLDERS OF SUCH BONDS.
   § 2740. REMEDIES OF HOLDERS OF BONDS. 1. IN THE EVENT THAT THE AUTHOR-
 ITY SHALL DEFAULT IN THE PAYMENT OF PRINCIPAL  OF  OR  INTEREST  ON  ANY
 ISSUE  OF  BONDS AFTER THE SAME SHALL BECOME DUE, WHETHER AT MATURITY OR
 UPON CALL FOR REDEMPTION, AND SUCH DEFAULT SHALL CONTINUE FOR  A  PERIOD
 OF  THIRTY DAYS, OR IN THE EVENT THAT THE AUTHORITY SHALL FAIL OR REFUSE
 TO COMPLY WITH THE PROVISIONS OF THIS TITLE, OR  SHALL  DEFAULT  IN  ANY
 AGREEMENT  MADE  WITH  THE HOLDERS OF ANY ISSUE OF BONDS, THE HOLDERS OF
 TWENTY-FIVE PER CENTUM IN AGGREGATE PRINCIPAL AMOUNT  OF  THE  BONDS  OF
 SUCH  ISSUE  THEN OUTSTANDING, BY INSTRUMENT OR INSTRUMENTS FILED IN THE
 OFFICE OF THE CLERK OF THE COUNTY IN WHICH THE PRINCIPAL OFFICE  OF  THE
 AUTHORITY IS LOCATED, AND PROVED OR ACKNOWLEDGED IN THE SAME MANNER AS A
 S. 941                             11
 
 DEED  TO  BE RECORDED, MAY APPOINT A TRUSTEE TO REPRESENT THE HOLDERS OF
 SUCH BONDS FOR THE PURPOSES HEREIN PROVIDED.
   2.  SUCH TRUSTEE MAY, AND UPON WRITTEN REQUEST OF THE HOLDERS OF TWEN-
 TY-FIVE PER CENTUM IN PRINCIPAL AMOUNT OF SUCH  BONDS  THEN  OUTSTANDING
 SHALL, IN THEIR OR ITS OWN NAME:
   (A)  BY  SUIT, ACTION OR PROCEEDING IN ACCORDANCE WITH THE CIVIL PRAC-
 TICE LAW AND RULES, ENFORCE ALL RIGHTS OF THE HOLDERS OF THE AUTHORITY'S
 BONDS, INCLUDING THE RIGHT TO REQUIRE THE AUTHORITY TO COLLECT FEES  AND
 CHARGES  AND  INTEREST  ADEQUATE  TO  CARRY  OUT ANY AGREEMENT AS TO, OR
 PLEDGE OR ASSIGNMENT OF OR LIEN UPON, SUCH FEES AND CHARGES  AND  INTER-
 EST,  ON  PROPERTIES AND TO REQUIRE THE AUTHORITY TO CARRY OUT ANY OTHER
 AGREEMENTS WITH THE HOLDERS OF SUCH BONDS  AND  TO  PERFORM  ITS  DUTIES
 UNDER THIS TITLE;
   (B) BRING SUIT UPON SUCH BONDS;
   (C)  BY ACTION OR SUIT, REQUIRE THE AUTHORITY TO ACCOUNT AS IF IT WERE
 THE TRUSTEE OF AN EXPRESS TRUST FOR THE HOLDERS OF SUCH BONDS;
   (D) BY ACTION OR SUIT, ENJOIN ANY ACTS OR THINGS WHICH MAY BE UNLAWFUL
 OR IN VIOLATION OF THE RIGHTS OF THE HOLDERS OF SUCH BONDS;
   (E) DECLARE ALL SUCH BONDS DUE AND PAYABLE, AND IF ALL DEFAULTS  SHALL
 BE  MADE  GOOD, THEN, WITH THE CONSENT OF THE HOLDERS OF TWENTY-FIVE PER
 CENTUM OF THE PRINCIPAL AMOUNT OF SUCH BONDS THEN OUTSTANDING, TO  ANNUL
 SUCH DECLARATION AND ITS CONSEQUENCES.
   3.  SUCH  TRUSTEE  SHALL IN ADDITION TO THE FOREGOING HAVE AND POSSESS
 ALL OF THE POWERS NECESSARY OR APPROPRIATE FOR THE EXERCISE OF ANY FUNC-
 TIONS SPECIFICALLY SET FORTH HEREIN OR INCIDENT TO THE GENERAL REPRESEN-
 TATION OF THE HOLDERS OF THE AUTHORITY'S BONDS IN  THE  ENFORCEMENT  AND
 PROTECTION OF THEIR RIGHTS.
   4.  THE  SUPREME  COURT SHALL HAVE JURISDICTION OF ANY SUIT, ACTION OR
 PROCEEDING BY THE TRUSTEE ON BEHALF OF SUCH HOLDERS OF  THE  AUTHORITY'S
 BONDS. THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING SHALL BE LAID IN
 THE COUNTY IN WHICH THE PRINCIPAL OFFICE OF THE AUTHORITY IS LOCATED.
   § 2741. ACTIONS AGAINST THE AUTHORITY; COURT PROCEEDINGS; PREFERENCES;
 VENUE.  1.  IN  ANY  CASE  FOUNDED UPON DEATH, PERSONAL INJURY, PROPERTY
 DAMAGE OR TORT A NOTICE OF CLAIM SHALL BE REQUIRED AS A CONDITION PRECE-
 DENT TO THE COMMENCEMENT OF AN ACTION OR SPECIAL PROCEEDING AGAINST  THE
 AUTHORITY OR ANY MEMBER, OFFICER, APPOINTEE OR EMPLOYEE THEREOF, AND THE
 PROVISIONS  OF SECTION FIFTY-E OF THE GENERAL MUNICIPAL LAW SHALL GOVERN
 THE GIVING OF SUCH NOTICE. NO ACTION OR PROCEEDING OF ANY KIND SHALL  BE
 COMMENCED  (I)  PRIOR  TO THE EXPIRATION OF THIRTY DAYS FROM THE DATE ON
 WHICH THE DEMAND, CLAIM OR CLAIMS UPON WHICH THE ACTION IS FOUNDED  WERE
 PRESENTED  TO  A MEMBER OF THE AUTHORITY OR OTHER OFFICER THEREOF DESIG-
 NATED FOR SUCH PURPOSE NOR (II) MORE THAN ONE YEAR AND NINETY DAYS AFTER
 THE CAUSE OF ACTION THEREFOR SHALL HAVE ACCRUED, EXCEPT THAT  AN  ACTION
 AGAINST  THE  AUTHORITY FOR WRONGFUL DEATH SHALL BE COMMENCED IN ACCORD-
 ANCE WITH THE NOTICE OF CLAIM AND TIME LIMITATION  PROVISIONS  OF  TITLE
 ELEVEN OF ARTICLE NINE OF THIS CHAPTER.
   2.  ANY  ACTION  OR PROCEEDING TO WHICH THE AUTHORITY OR THE PEOPLE OF
 THE STATE MAY BE PARTIES, IN WHICH ANY QUESTION ARISES AS TO THE VALIDI-
 TY OF THIS TITLE, SHALL BE PREFERRED OVER  ALL  OTHER  CIVIL  CAUSES  OF
 ACTION  OR CASES EXCEPT ELECTION CAUSES OF ACTION OR CASES IN ALL COURTS
 OF THE STATE AND SHALL BE HEARD AND  DETERMINED  IN  PREFERENCE  TO  ALL
 OTHER  CIVIL  BUSINESS PENDING THEREIN EXCEPT ELECTION CAUSES, IRRESPEC-
 TIVE OF POSITION ON THE CALENDAR. THE SAME PREFERENCE SHALL  BE  GRANTED
 UPON  APPLICATION  OF  THE  AUTHORITY  OR  ITS  COUNSEL IN ANY ACTION OR
 PROCEEDING QUESTIONING THE VALIDITY OF THIS TITLE IN WHICH THE AUTHORITY
 MAY BE ALLOWED TO INTERVENE. THE VENUE OF ANY SUCH ACTION OR  PROCEEDING
 S. 941                             12
 
 SHALL  BE LAID IN THE SUPREME COURT OF THE COUNTY IN WHICH THE PRINCIPAL
 OFFICE OF THE AUTHORITY IS LOCATED.
   §  2742.  LIMITATION  OF  LIABILITY;  INDEMNIFICATION.  1. NEITHER THE
 MEMBERS OF THE AUTHORITY NOR ANY PERSON  ACTING  ON  ITS  BEHALF,  WHILE
 ACTING  WITHIN  THE  SCOPE  OF  THEIR AUTHORITY, SHALL BE SUBJECT TO ANY
 PERSONAL LIABILITY  RESULTING  FROM  CARRYING  OUT  ANY  OF  THE  POWERS
 EXPRESSLY GIVEN IN OR AUTHORIZED BY THIS TITLE.
   2. THE PROVISIONS OF SECTION EIGHTEEN OF THE PUBLIC OFFICERS LAW SHALL
 APPLY  TO  MEMBERS,  OFFICERS,  EMPLOYEES AND AGENTS OF THE AUTHORITY IN
 CONNECTION  WITH  ANY  AND  ALL  CLAIMS,  DEMANDS,  SUITS,  ACTIONS   OR
 PROCEEDINGS WHICH MAY BE MADE OR BROUGHT AGAINST ANY OF THEM ARISING OUT
 OF  ANY  DETERMINATIONS  MADE OR ACTIONS TAKEN OR OMITTED TO BE TAKEN IN
 COMPLIANCE WITH ANY OBLIGATIONS UNDER OR PURSUANT TO THE TERMS  OF  THIS
 TITLE.
   §  2743.  EXEMPTION FROM TAXATION OF PROPERTY AND INCOME. THE PROPERTY
 OF THE AUTHORITY, AND ITS INCOME AND OPERATIONS  SHALL  BE  EXEMPT  FROM
 TAXATION OR ASSESSMENTS OF EVERY KIND AND NATURE; NOR SHALL THE AUTHORI-
 TY BE REQUIRED TO PAY ANY FILING OR RECORDING FEE OR TRANSFER TAX OF ANY
 KIND ON ACCOUNT OF INSTRUMENTS FILED OR RECORDED BY IT OR ON ITS BEHALF.
 MORTGAGES  MADE  OR  FINANCED  (DIRECTLY OR INDIRECTLY) BY THE AUTHORITY
 SHALL BE EXEMPT FROM THE MORTGAGE RECORDING  TAXES  IMPOSED  BY  ARTICLE
 ELEVEN OF THE TAX LAW.
   §  2744. ASSISTANCE BY STATE OFFICERS, DEPARTMENTS, BOARDS AND COMMIS-
 SIONS. THE DEPARTMENT OF AUDIT AND CONTROL, DEPARTMENT OF LAW,  AND  ALL
 OTHER  STATE  OFFICERS,  AGENCIES,  DEPARTMENTS,  BOARDS,  DIVISIONS AND
 COMMISSIONS MAY RENDER SUCH  SERVICES  TO  THE  AUTHORITY  WITHIN  THEIR
 RESPECTIVE FUNCTIONS AS MAY BE REQUESTED BY THE AUTHORITY.
   §  2745.  STATE,  COUNTIES  AND  MUNICIPALITIES  NOT  LIABLE ON BONDS.
 NEITHER THE STATE, THE COUNTIES NOR ANY  OTHER  MUNICIPALITY  OR  PUBLIC
 CORPORATION SHALL BE LIABLE ON THE BONDS OF THE AUTHORITY AND SUCH BONDS
 SHALL  NOT  BE A DEBT OF THE STATE, THE COUNTIES, ANY OTHER MUNICIPALITY
 OR PUBLIC CORPORATION, AND SUCH BONDS SHALL CONTAIN ON THE FACE THEREOF,
 A STATEMENT TO SUCH EFFECT.
   § 2746. ANNUAL REPORTS. 1. THE AUTHORITY SHALL SUBMIT TO THE GOVERNOR,
 THE CHAIR OF THE SENATE FINANCE COMMITTEE, THE  CHAIR  OF  THE  ASSEMBLY
 WAYS AND MEANS COMMITTEE, THE MINORITY LEADER OF THE SENATE, THE MINORI-
 TY  LEADER OF THE ASSEMBLY, THE STATE COMPTROLLER AND THE STATE DIRECTOR
 OF THE DIVISION OF THE BUDGET WITHIN NINETY DAYS AFTER THE  END  OF  ITS
 FISCAL YEAR, A COMPLETE AND DETAILED REPORT SETTING FORTH: (I) ITS OPER-
 ATIONS  AND  ACCOMPLISHMENTS;  (II) ITS RECEIPTS AND EXPENDITURES DURING
 SUCH FISCAL YEAR IN ACCORDANCE WITH THE  CATEGORIES  OR  CLASSIFICATIONS
 ESTABLISHED  BY  THE  AUTHORITY  FOR  ITS  OPERATING  AND CAPITAL OUTLAY
 PURPOSES, INCLUDING A LISTING OF ALL PRIVATE CONSULTANTS ENGAGED BY  THE
 AUTHORITY  ON  A CONTRACT BASIS AND A STATEMENT OF THE TOTAL AMOUNT PAID
 TO EACH SUCH PRIVATE CONSULTANT; (III) ITS ASSETS AND LIABILITIES AT THE
 END OF ITS FISCAL YEAR, INCLUDING A SCHEDULE OF ITS  LOANS  AND  COMMIT-
 MENTS;  AND  (IV)  A SCHEDULE OF ITS BONDS OUTSTANDING AT THE END OF ITS
 FISCAL YEAR, TOGETHER WITH A  STATEMENT  OF  THE  AMOUNTS  REDEEMED  AND
 INCURRED DURING SUCH FISCAL YEAR.
   2.  WITHIN  NINETY  DAYS  AFTER  THE END OF THE FIRST FISCAL YEAR, THE
 AUTHORITY SHALL PROVIDE A TIMELINE FOR THE WORK OF  SUCH  AUTHORITY  AND
 SHALL  INCLUDE  AN  INVENTORY  OF  ALL UNUSED AND/OR SURPLUS PROPERTY TO
 SUBMIT TO THE GOVERNOR, THE CHAIR OF THE SENATE FINANCE  COMMITTEE,  THE
 CHAIR  OF  THE ASSEMBLY WAYS AND MEANS COMMITTEE, THE MINORITY LEADER OF
 THE SENATE, AND THE MINORITY LEADER OF THE ASSEMBLY.
 S. 941                             13
 
   § 2747. SEPARABILITY. IF ANY CLAUSE, SENTENCE, PARAGRAPH,  SECTION  OR
 PART OF THIS TITLE SHALL BE ADJUDGED BY ANY COURT OF COMPETENT JURISDIC-
 TION TO BE INVALID, SUCH JUDGMENT SHALL NOT AFFECT, IMPAIR OR INVALIDATE
 THE  REMAINDER  THEREOF,  BUT  SHALL BE CONFINED IN ITS OPERATION TO THE
 CLAUSE,  SENTENCE,  PARAGRAPH,  SECTION  OR PART THEREOF INVOLVED IN THE
 CONTROVERSY IN WHICH SUCH JUDGMENT SHALL HAVE BEEN RENDERED.
   § 2. This act shall take effect on the ninetieth day  after  it  shall
 have  become  a  law.    Effective  immediately, the addition, amendment
 and/or repeal of any rule or regulation necessary for the implementation
 of this act on  its  effective  date  are  authorized  to  be  made  and
 completed on or before such effective date.