§ 386-a. Financing of metropolitan transportation authority (MTA)
transportation facilities. 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 assisting the
metropolitan transportation authority in the financing of transportation
facilities as defined in subdivision seventeen of section twelve hundred
sixty-one of this chapter or other capital projects. The aggregate
principal amount of bonds authorized to be issued pursuant to this
section shall not exceed twelve billion five hundred fifteen million
eight hundred fifty-six thousand dollars $12,515,856,000, 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.
Notwithstanding any other provision of law to the contrary, including
the limitations contained in subdivision four of section sixty-seven-b
of the state finance law, (A) any bonds and notes issued prior to April
first, two thousand twenty-four pursuant to this section may be issued
with a maximum maturity of fifty years, and (B) any bonds issued to
refund such bonds and notes may be issued with a maximum maturity of
fifty years from the respective date of original issuance of such bonds
and notes.

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.