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S09569 Summary:

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S09569 Committee Votes:

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S09569 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         9569--A
 
                    IN SENATE
 
                                      May 16, 2024
                                       ___________
 
        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Corporations,  Authorities
          and   Commissions  --  committee  discharged,  bill  amended,  ordered
          reprinted as amended and recommitted to said committee
 
        AN ACT to amend the public authorities law, in relation to creating  the
          Albany county pine hills land authority

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Article 8 of the  public  authorities  law  is  amended  by
     2  adding a new title 28-C to read as follows:
 
     3                                 TITLE 28-C
     4                   ALBANY COUNTY PINE HILLS LAND AUTHORITY
 
     5  Section 2676. Short title.
     6          2676-a. Statement of legislative findings and purpose.
     7          2676-b. Definitions.
     8          2676-c. Albany county pine hills land authority.
     9          2676-d. Advances on behalf of the authority; transfer of proper-
    10                    ty to the authority; acquisition of property by county
    11                    for the authority.
    12          2676-e. Transfer of officers and employees.
    13          2676-f. General powers of the authority.
    14          2676-g. Special powers of the authority.
    15          2676-h. Bonds of the authority.
    16          2676-i. Remedies of bondholders.
    17          2676-j. State and county not liable on authority bonds.
    18          2676-k. Monies of the authority.
    19          2676-l. Bonds legal investment for fiduciaries.
    20          2676-m. Agreement with state.
    21          2676-n. Agreement with county.
    22          2676-o. Exemption from taxes, assessments and certain fees.
    23          2676-p. Actions against authority.
    24          2676-q. Contracts.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15633-03-4
        S. 9569--A                          2
 
     1          2676-r. Code of ethics.
     2          2676-s. Agreements relating to payment in lieu of taxes.
     3          2676-t. Audit and annual report.
     4          2676-u. Limited liability.
     5          2676-v.  Transfer  of  applications, proceedings, approvals, and
     6                    permits.
     7          2676-w. Separability.
     8          2676-x. Effect of inconsistent provisions.
     9    § 2676. Short title. This title may be cited  as  the  "Albany  county
    10  pine hills land authority act".
    11    § 2676-a. Statement  of legislative findings and purpose. The legisla-
    12  ture hereby finds and declares as follows:
    13    1. The economic well-being of the county and the  general  welfare  of
    14  its  people  require  adequate,  and accessible performing arts centers,
    15  athletic fields, educational facilities, and residential facilities.
    16    2. The preservation and safeguarding of facilities at  risk  of  being
    17  underutilized  and becoming blighted is a matter of vital importance not
    18  only to the residents of the capital district but  to  all  the  state's
    19  residents and is, therefore, a matter of state concern.
    20    3.  In  order to ensure a healthy economy for such area and to promote
    21  the general welfare of its residents, it is necessary  to  maintain  and
    22  improve  the college of Saint Rose facilities and services in the county
    23  of Albany in such a manner as to stimulate and promote a healthy  econo-
    24  my.
    25    4.  The  general  health and welfare of the state's residents requires
    26  coordinated operation of  the  college  of  Saint  Rose  facilities  and
    27  services in the county of Albany by a public benefit authority.
    28    5. The purposes of such authority shall be: (a) to promote accessible,
    29  efficient  and  economically  productive  use  of the facilities; (b) to
    30  acquire,  construct,  reconstruct,  continue,  develop,  equip,  expand,
    31  improve, maintain, finance, and operate the college of Saint Rose facil-
    32  ities  and  services  within  the county of Albany; (c) to stimulate and
    33  promote economic development; and (d) to make contracts and  leases  and
    34  to  execute  all  instruments  necessary or convenient for its corporate
    35  purposes.
    36    6. Such purposes are in all respects public purposes for  the  benefit
    37  of the people of the state of New York and for which public funds may be
    38  expended  and  both  the  county and the authority in carrying out their
    39  respective powers and duties under this title  shall  be  deemed  to  be
    40  acting in a governmental capacity. The acquisition, construction, recon-
    41  struction, development, expansion, improvement, equipping, operation and
    42  maintenance  of  any  project financed or undertaken by the authority or
    43  the county shall be deemed to be the performance of an essential govern-
    44  mental function by the authority or the county  acting  in  its  govern-
    45  mental  capacity, whether such project shall be owned or operated by the
    46  authority or by any person or public corporation.
    47    7. It is hereby found and declared that it has been  and  remains  the
    48  policy  of the state of New York to promote equal opportunity in employ-
    49  ment for all persons, without discrimination on account of race,  creed,
    50  color,  national  origin,  sex,  age,  disability  or marital status, to
    51  promote equality of economic opportunity for minority group members  and
    52  women, and minority and women-owned business enterprises.
    53    § 2676-b. Definitions.  As used or referred to in this title, unless a
    54  different meaning clearly appears from the context:
    55    1. "Authority" shall mean the Albany county pine hills land  authority
    56  created by this title.
        S. 9569--A                          3
 
     1    2. "City" shall mean the city of Albany.
     2    3.  "The  college of Saint Rose facilities" shall mean any facility or
     3  land including but not limited to  any  athletic  facility,  educational
     4  facility,  performing  arts  facility,  or residential facility owned or
     5  operated by the college of Saint Rose,  and  shall  include  such  other
     6  facilities,  equipment, property, structures and appurtenances as may be
     7  necessary or convenient in the operation,  maintenance,  development  or
     8  improvement  of,  leased  by  the  authority  to persons, engaged in the
     9  production or development of the facilities or land.
    10    4. "Bonds" shall mean the bonds, notes or other evidences  of  indebt-
    11  edness issued by the authority pursuant to this title and the provisions
    12  of  this title relating to bonds and bond holders which shall apply with
    13  equal force and effect to notes and  note  holders  unless  the  context
    14  otherwise clearly requires.
    15    5.  "Construction"  shall  mean  the  acquisition, erection, building,
    16  alteration,  repair,  improvement,  increase,  enlargement,   extension,
    17  installation,  reconstruction, renovation or rehabilitation of a project
    18  including any appurtenances thereto which may be necessary or  desirable
    19  to  promote  the  efficiency  or  effectiveness  of  such  project;  the
    20  inspection and supervision thereof;  and  the  engineering,  consulting,
    21  architectural,  legal,  fiscal  and  economic and environmental investi-
    22  gations and studies, surveys, designs, plans, working drawings, specifi-
    23  cations, procedures and other  actions  incidental  thereto  and  claims
    24  arising therefrom.
    25    6.  "Cost",  as  applied to any project, shall include the cost of the
    26  acquisition of all property both real and personal, improved  and  unim-
    27  proved, the cost of demolishing, removing or relocating any buildings or
    28  structures  on  lands  so  acquired,  including  the  cost of relocating
    29  tenants or other occupants of the buildings or structures on  such  land
    30  and  the  cost  of acquiring any lands to which such buildings or struc-
    31  tures may be moved or relocated, the cost of  all  systems,  facilities,
    32  machinery,  apparatus  and  equipment, financing charges, interest prior
    33  to, during and after construction to the extent not paid or provided for
    34  from revenues or other sources, the cost of construction,  the  cost  of
    35  engineering  and  architectural  surveys,  plans and specifications, the
    36  cost of consultants and legal services, the cost of  lease,  guarantees,
    37  credit  enhancement or bond insurance, other expenses necessary or inci-
    38  dental to the construction of such project, and  the  financing  of  the
    39  construction  thereof, including the amount authorized in the resolution
    40  of the authority providing for the issuance of bonds to be paid into any
    41  reserve or other special fund from the proceeds of such  bonds  and  the
    42  financing  of  the  placing  of  any  project  in  operation,  including
    43  reimbursement, to any public corporation, the state, the federal govern-
    44  ment, or any other person for expenditures, that would be costs of  such
    45  project had they been made directly by the authority.
    46    7. "County" shall mean the county of Albany.
    47    8. "Facility" shall include, but not be limited to, properties, struc-
    48  tures, appurtenances, utilities, and such other works.
    49    9.  "Federal  government" shall mean the United States of America, and
    50  any department, board, commission, bureau, division, corporation,  agen-
    51  cy, or instrumentality thereof.
    52    10.  "Joint  service  arrangements"  shall  mean agreements between or
    53  among the authority and any person, the state,  the  county,  any  other
    54  public  corporation  including  the  advance Albany county alliance, the
    55  federal government, any other state or agency or instrumentality  there-
    56  of,  relating  to property, buildings, structures, facilities, services,
        S. 9569--A                          4
 
     1  rates, classification, divisions, allowances or  charges,  or  rules  or
     2  regulations pertaining thereto.
     3    11.  "Minority  and  women-owned  business enterprise" or "minority or
     4  women-owned business enterprise" shall mean  a  minority-owned  business
     5  enterprise  and/or  a women-owned business enterprise, as such terms are
     6  defined by section three hundred ten of the executive law.
     7    12. "Municipality" shall mean a county, city, town, village, or school
     8  district.
     9    13. "Person" shall mean any natural person, firm, partnership  associ-
    10  ation, joint venture, or corporation, exclusive of a public corporation.
    11    14.  "Personal property" shall mean chattels and other tangible things
    12  of a moveable or removable nature.
    13    15. "Property" shall mean both real and/or personal property.
    14    16. "Project" shall mean any property or improvements  located  within
    15  the  state  of  New  York and within or outside or partially outside the
    16  county of Albany, including, but not limited to,  machinery,  equipment,
    17  and  other facilities deemed necessary or desirable in connection there-
    18  with, or incidental thereto,  whether  or  not  in  existence  or  under
    19  construction  upon  the  effective  date  of  this title, which shall be
    20  necessary or suitable for purposes and redevelopment of the  college  of
    21  Saint Rose facilities provided, however, the authority shall not use its
    22  funds  in  respect  of any part of a project located wholly or partially
    23  outside the county without the prior consent thereto  by  the  governing
    24  body of any other county in which a part or parts of such project is, or
    25  is to be located.
    26    17.  "Public  corporation"  shall  mean a county, city, town, village,
    27  school district or special district,  any  public  benefit  corporation,
    28  agency or instrumentality of the state or of any municipality, or two or
    29  more of any of the foregoing acting jointly.
    30    18.  "Real  property"  shall  mean  lands,  structures, franchises and
    31  interests in land, airspace, waters, lands under water, riparian rights,
    32  rights, any  fixtures,  equipment  and  articles  of  personal  property
    33  affixed  to  or used in connection therewith, and any and all things and
    34  rights included within such term and includes not only fees simple abso-
    35  lute but also any and all lesser interests including but not limited  to
    36  easements,  rights of way, uses, leases, licenses and all other incorpo-
    37  real hereditaments and every estate, interest or right, legal or equita-
    38  ble, including terms for years and liens thereon by  way  of  judgments,
    39  mortgages, or otherwise.
    40    19.  "Revenues"  shall mean all rates, fees, rents, revenues, charges,
    41  and other income derived by the authority from the  operation,  leasing,
    42  sale,  or other disposition of the college of Saint Rose related facili-
    43  ties.
    44    20. "State" shall mean the state of New York.
    45    § 2676-c. Albany county pine hills land authority. 1. There is  hereby
    46  created the Albany county pine hills land authority. The authority shall
    47  be  a  body  corporate  and politic constituting a public benefit corpo-
    48  ration. The authority shall consist of seven members who shall be  resi-
    49  dents  of  the  county of Albany. Such members shall be appointed in the
    50  following manner: four shall be appointed by the county  executive,  two
    51  shall be appointed by the chairperson of the county legislature, and one
    52  shall be appointed by the mayor of the city of Albany. Of the members of
    53  the  authority  initially  appointed  by the county executive, two shall
    54  serve for a term ending December thirty-first, two thousand twenty-eight
    55  and two shall serve for a term ending December thirty-first,  two  thou-
    56  sand twenty-nine. Of the members of the authority initially appointed by
        S. 9569--A                          5
 
     1  the  chairperson  of  the county legislature, one shall serve for a term
     2  ending December thirty-first, two thousand twenty-eight  and  one  shall
     3  serve for a term ending December thirty-first, two thousand twenty-nine.
     4  The member of the authority initially appointed by the mayor of the city
     5  of Albany shall serve for a term ending December thirty-first, two thou-
     6  sand  twenty-eight. Thereafter, each member of the authority shall serve
     7  a term of four years. The members  of  the  authority,  once  appointed,
     8  shall  designate  one  of the seven members of the authority to serve as
     9  the chairperson of the authority. The authority  may  provide  for  such
    10  officers as may be determined necessary and the same need not be members
    11  of the authority.
    12    2.  All  members  of the authority shall continue to hold office until
    13  their successors are appointed and qualify. Except as otherwise provided
    14  in subdivision three of  this  section,  vacancies  of  members  of  the
    15  authority  shall  be filled in the manner provided for original appoint-
    16  ment. Such vacancies, occurring otherwise than by expiration of term  of
    17  office, shall be filled for the unexpired terms. Members of the authori-
    18  ty  may  be  removed  from  office  for the same reasons and in the same
    19  manner as may be provided by law for the  removal  of  officers  of  the
    20  county.  The  members of the authority shall receive no compensation for
    21  their services but shall be reimbursed for all their actual  and  neces-
    22  sary  expenses  incurred  in  connection  with  the  carrying out of the
    23  purposes of this title. The powers as set forth in the  by-laws  of  the
    24  authority  shall  be  established  and vested in and be exercised by the
    25  members of the authority at an initial meeting duly called and held  and
    26  four members of the authority shall constitute a quorum. No action shall
    27  be  taken  at  the  initial  meeting of the authority or any adjournment
    28  thereof except pursuant to the favorable vote of at least  four  members
    29  of  the  authority.  Any amendment to the powers of the authority as set
    30  forth in the by-laws of the authority shall only become  effective  upon
    31  the favorable vote of at least four members of the authority.
    32    3.  Notwithstanding any inconsistent provision of any general, special
    33  or local law, ordinance, resolution or charter, no officer,  member,  or
    34  employee  of  the  state or of any public corporation shall forfeit such
    35  officer's, member's, or employee's office or  employment  by  reason  of
    36  such  officers',  member's, or employee's acceptance of appointment as a
    37  member, officer, or employee of the authority, nor shall service as such
    38  member, officer, or employee be deemed incompatible or in conflict  with
    39  such office, membership, or employment.
    40    4.  Notwithstanding any inconsistent provision of any general, special
    41  or local law, ordinance, resolution, or  charter,  no  officer,  member,
    42  elected  official  or  employee  of  the county of Albany or the city of
    43  Albany shall be eligible to serve as a member of the authority.
    44    5. All members of the authority shall be required to comply  with  the
    45  Albany  county  code  of  ethics  and  to  complete all disclosure forms
    46  required by such code of ethics.
    47    6. The authority and its  corporate  existence  shall  continue  until
    48  terminated  by  law,  provided,  however, that no such termination shall
    49  take effect so long as the authority shall have  bonds  or  other  obli-
    50  gations  outstanding  unless  adequate  provision  has been made for the
    51  payment or satisfaction thereof. Upon termination of  the  existence  of
    52  the  authority,  all  of the rights and properties of the authority then
    53  remaining shall pass to and vest in the  county  of  Albany  in  such  a
    54  manner as prescribed by law.
    55    § 2676-d. Advances on behalf of the authority; transfer of property to
    56  the  authority; acquisition of property by county for the authority.  1.
        S. 9569--A                          6
 
     1  In addition to any powers granted to it by law,  the  county  may,  from
     2  time  to time, appropriate by resolution sums of money to defray project
     3  costs or any other costs and expenses of the authority including operat-
     4  ing  expenses.  Subject  to  the  rights of bond holders, the county may
     5  determine if the monies so appropriated shall be subject to repayment by
     6  the authority to the county and, in such event, the manner and  time  or
     7  times for such repayment.
     8    2.  Notwithstanding any inconsistent provision of any general, special
     9  or local law, ordinance, resolution or charter, any  public  corporation
    10  may,  by  a  majority vote of its governing body and the approval of its
    11  chief executive officer, give, grant, sell, convey,  loan,  license  the
    12  use  of, or lease to the authority any property or facilities, including
    13  the college of Saint Rose facilities, which  are  useful  in  connection
    14  with  the  exercise by the authority of its powers under this title. Any
    15  such gift, grant, sale, conveyance, loan, license,  or  lease  shall  be
    16  upon  such  terms  and  conditions, and for such term or terms of years,
    17  subject to the rights of the holders of any bonds, as the authority  and
    18  such  public  corporation may agree. Any such gift, grant, sale, convey-
    19  ance, lease, loan, or  license  shall  not  be  subject  to  referendum,
    20  permissive or mandatory. In the event that any public corporation gives,
    21  grants, sells, conveys, loans, licenses, or leases any of the college of
    22  Saint  Rose  facilities  to  the  authority, such public corporation may
    23  contract with the authority to lease, borrow,  license,  operate,  main-
    24  tain,  manage,  and provide services for such facilities upon such terms
    25  and conditions and for such term or  terms  of  years,  subject  to  the
    26  rights of holders of bonds, as the authority and such public corporation
    27  may agree. The authority, in furtherance of any purchase, conveyance, or
    28  lease  of  any  property  or  facility  from any public corporation, may
    29  assume the primary responsibility for the payment of the  principal  and
    30  interest  on  any  bonds  or notes issued by such public corporation for
    31  such property or facility.  For purposes of section 136.00 of the  local
    32  finance  law,  any  agreement  by  the  authority  to assume the primary
    33  responsibility for the payment of the  principal  and  interest  on  any
    34  bonds  or  notes issued by any such public corporation shall, so long as
    35  such agreement shall continue to be honored by the authority, cause such
    36  bonds or notes to be deemed to have been refunded and  any  such  public
    37  corporation  may  deduct  from  its  gross  indebtedness any outstanding
    38  indebtedness contracted for such property or facility to be acquired  by
    39  the authority.
    40    3.  The county may acquire by purchase, grant, lease, gift, or condem-
    41  nation pursuant to the eminent domain procedure law,  real  property  in
    42  the name of the county for any corporate purpose of the authority.
    43    4.  Notwithstanding the provisions of any other law, general, special,
    44  or local, real property acquired by the authority or the county from the
    45  state may be used for any corporate purpose of the  authority  provided,
    46  however,  no  non-hazardous solid waste, toxic, or hazardous waste site,
    47  center, consolidated collection, or transfer area, shall be  located  or
    48  maintained  at  the  college  of Saint Rose facilities or lands adjacent
    49  thereto that are used in support of the college of Saint Rose operations
    50  as contained in any layout plan in existence upon the effective date  of
    51  this title or in the future.
    52    § 2676-e. Transfer  of  officers and employees.  1. In accordance with
    53  the provisions of section seventy of the civil service law, any  officer
    54  or employee of the county, may, at the request of the authority and with
    55  the consent of the county executive, be transferred to the authority and
    56  shall  be  eligible  for  such transfer and appointment, without further
        S. 9569--A                          7
 
     1  examination, to applicable offices, positions, and employment under  the
     2  authority. Any such officers or employees so transferred to the authori-
     3  ty  pursuant  to  this  section, who are members of or benefit under any
     4  pension  or retirement fund or system under the laws of the state, shall
     5  continue to have all rights, privileges,  obligations  and  status  with
     6  respect  to such fund or system as are prescribed by law, but during the
     7  period of their employment by the authority, all contributions  to  such
     8  funds  or systems to be paid by the employer on account of such officers
     9  or employees shall be paid by the authority.
    10    2. A transferred employee shall remain in the same collective bargain-
    11  ing unit as was the case prior to such  employee's  transfer;  successor
    12  employees  to  the  positions  held by such transferred employees shall,
    13  consistent with the provisions of article fourteen of the civil  service
    14  law,  be  included  in  the  same  unit as such employee's predecessors.
    15  Employees serving in positions in newly created titles shall be assigned
    16  to the same collective bargaining unit as such employees would have been
    17  assigned to such unit were such titles created prior to  the  establish-
    18  ment  of  the  authority.  Nothing  contained  in  this  title  shall be
    19  construed (a) to diminish the rights of employees pursuant to a  collec-
    20  tive bargaining agreement; or (b) to affect existing law with respect to
    21  an application to the public employment relations board seeking a desig-
    22  nation by the board that certain persons are managerial or confidential.
    23    § 2676-f. General powers of the authority.  Except as otherwise limit-
    24  ed by this title, the authority shall have power:
    25    1. To sue and be sued;
    26    2. To have a seal and alter the same at pleasure;
    27    3.  To  borrow money and issue bonds for any of its corporate purposes
    28  or its projects and to provide for the rights of the holders thereof;
    29    4. To make and alter by-laws for its organization and management, and,
    30  subject to agreements with its bondholders, to make and alter rules  and
    31  regulations  governing the exercise of its powers and the fulfillment of
    32  its purposes under this title;
    33    5. To acquire by purchase, grant, lease, gift,  or  otherwise  and  to
    34  hold  and  use property necessary, convenient, or desirable to carry out
    35  its corporate purposes, and to sell, convey,  mortgage,  lease,  pledge,
    36  exchange,  or  otherwise  dispose of any such property in such manner as
    37  the authority shall determine;
    38    6. To acquire, construct, reconstruct, lease, expand,  improve,  main-
    39  tain, equip, furnish, or operate one or more projects and, if necessary,
    40  to pay or finance the cost thereof;
    41    7.  To accept gifts, grants, loans, or contributions of funds or prop-
    42  erty or financial or  other  aid  in  any  form  from,  and  enter  into
    43  contracts or other transactions with, the federal government, the state,
    44  the county of Albany, or any public corporation or any other source, and
    45  to  use  any  such gifts, grants, loans, or contributions for any of its
    46  corporate purposes;
    47    8. To grant options to renew any lease with respect to any project  or
    48  projects  and  to  grant options to buy any project at such price as the
    49  authority may deem desirable;
    50    9. To designate the depositories of its money;
    51    10. To establish its fiscal year;
    52    11. To enter into contracts, agreements and leases  with  the  federal
    53  government,  the  state,  the  county, any person or other public corpo-
    54  ration and to execute all instruments necessary or convenient to  accom-
    55  plishing its corporate purposes;
        S. 9569--A                          8

     1    12.  To  appoint such officers, employees, and agents as the authority
     2  may require for the performance of its duties, in coordination with  the
     3  advance  Albany  county  alliance, and to fix and determine their quali-
     4  fications, duties, and compensation subject to  the  provisions  of  the
     5  civil  service  law  and any applicable collective bargaining agreement,
     6  and to retain  or  employ  counsel,  auditors,  engineers,  and  private
     7  consultants on a contract basis or otherwise for rendering professional,
     8  management, or technical services and advice;
     9    13. With the consent of the county executive, and in coordination with
    10  the  advance  Albany county alliance, to use employees, agents, consult-
    11  ants, and facilities of the county, paying the county its agreed propor-
    12  tion of the compensation or costs;
    13    14. To make and adopt plans, surveys, and studies  necessary,  conven-
    14  ient, or desirable to the effectuation of the purposes and powers of the
    15  authority and to prepare recommendations in regard thereto;
    16    15.  To  enter upon such lands, waters, or premises as in the judgment
    17  of the authority may be necessary,  convenient,  or  desirable  for  the
    18  purpose  of  making  surveys,  soundings,  borings,  and examinations to
    19  accomplish any purpose authorized by this  title,  the  authority  being
    20  liable for any actual damage done;
    21    16.  To  covenant and consent that the interest on any of its bonds or
    22  notes issued pursuant to this  title  shall  be  includable,  under  the
    23  United  States  Internal  Revenue Code of 1986, as amended or any subse-
    24  quent corresponding internal revenue law of the United States, in  gross
    25  income  of  the  holders of the bonds or notes to the same extent and in
    26  the same manner that the interest on bills, bonds, notes or other  obli-
    27  gations  of  the  United States is includable in the gross income of the
    28  holders thereof under such code or any such subsequent law; and
    29    17. To insure or provide for the insurance of the authority's property
    30  or operations as required by law and also against such  other  risks  as
    31  the authority may deem advisable.
    32    § 2676-g. Special  powers of the authority. In order to effectuate the
    33  purpose of this title:
    34    1. The authority may enter into  any  joint  service  arrangements  as
    35  hereinafter provided.
    36    2.  The  authority  may, on such terms and conditions as the authority
    37  may determine necessary, convenient, or desirable establish,  construct,
    38  effectuate,  operate,  manage,  maintain,  renovate, improve, extend, or
    39  repair any of the college of Saint Rose facilities, or may  provide  for
    40  such  establishment,  construction, effectuation, operation, management,
    41  maintenance, renovation, improvement, extension, or repair by  contract,
    42  lease,  or  other  arrangement  on  such terms as the authority may deem
    43  necessary, convenient, or desirable with  the  federal  government,  any
    44  state or agency or instrumentality thereof, any person, or public corpo-
    45  ration.  In  connection  with  the operation of any such facilities, the
    46  authority may establish, construct, effectuate, operate,  manage,  main-
    47  tain,  renovate, improve, extend, or repair, or may provide by contract,
    48  lease, or other arrangement for the establishment, construction,  effec-
    49  tuation,  operation,  management,  maintenance, renovation, improvement,
    50  extension, or repair of any related services  and  activities  it  deems
    51  necessary, convenient, or desirable.
    52    3.  The  authority  may  establish,  fix, revise, levy, and collect or
    53  cause to be established, fixed, revised, levied, and collected  and,  in
    54  the  case of a joint service arrangement, join with others in the estab-
    55  lishment, fixing, revision, levy and collection of such rentals,  rates,
    56  charges,  concession  fees  and  other  fees  as  it may deem necessary,
        S. 9569--A                          9
 
     1  convenient, or desirable for the use and operation of any of the college
     2  of Saint Rose facilities, and related services operated  or  managed  by
     3  the  authority or under contract, lease, or other arrangement, including
     4  joint  service  arrangements,  with  the authority. Such rentals, rates,
     5  charges, concession fees, or other fees shall be at least sufficient  at
     6  all times in the judgment of the authority to establish and maintain the
     7  operations  of the authority on a self-sustaining basis. Such operations
     8  shall be deemed to be on a self-sustaining basis  as  required  by  this
     9  title,  when the authority is able to pay or fund or cause to be paid or
    10  funded from revenues and any  other  funds  actually  available  to  the
    11  authority:  (a)  the  principal of, premium, if any, and the interest on
    12  outstanding bonds of the authority as the  same  shall  become  due  and
    13  payable  and  any  capital  or debt service reserve therefor and, to the
    14  extent required by an agreement between the county  and  the  authority,
    15  the  principal  of and interest on any general obligations bonds, notes,
    16  or other evidence of indebtedness of the county issued for or  allocable
    17  to any project of the authority as the same shall become due and payable
    18  and  any  reserves therefor; (b) the cost of administering, maintaining,
    19  repairing and operating any project of the authority; (c)  the  cost  of
    20  constructing  capital  improvements  thereto  pursuant  to any agreement
    21  between the county and the authority; (d) any liabilities  incurred  for
    22  or  allocable  to any project of the authority including any liabilities
    23  of the county assumed by the authority pursuant to any agreement between
    24  the county and the authority, as the same become due  and  payable;  (e)
    25  any requirements of any agreement including those relating to the estab-
    26  lishment  of  reserves  for  renewal and replacement and for uncollected
    27  rentals, rates, charges, and fees and  covenants  respecting  rates  and
    28  debt  service and earnings coverage ratios; (f) all other reasonable and
    29  necessary expenses of the authority; and (g) the cost of such additional
    30  projects as may be at the time of the effective date of  this  title  or
    31  thereafter authorized, by law and agreed to by the authority.
    32    4.  The  authority  may  establish  and,  in the case of joint service
    33  arrangements, join with others in the establishment  of  such  schedules
    34  and standards of operations and such other rules and regulations includ-
    35  ing  but  not  limited  to  rules and regulations governing the conduct,
    36  safety, and security of the public as it may deem necessary, convenient,
    37  or desirable for the use, operation, and management of any  project  and
    38  related services operated or managed by the authority or under contract,
    39  lease  or  other arrangement, including joint service arrangements, with
    40  the authority. Such rules and regulations governing the conduct, safety,
    41  and security of the public shall be filed with the department  of  state
    42  in  the manner provided by section one hundred two of the executive law.
    43  In the case of any conflict between any such rule or regulation  of  the
    44  authority  governing the conduct, safety, and security of the public and
    45  any local law, ordinance, rule, or regulation, such rule  or  regulation
    46  of the authority shall prevail.
    47    5.  The authority may do all things it deems necessary, convenient, or
    48  desirable to manage, control, and direct the maintenance  and  operation
    49  of the college of Saint Rose facilities, equipment, or property operated
    50  by  or  under  contract, lease, or other arrangement with the authority.
    51  Except as agreed to pursuant to any agreement between the authority  and
    52  any  public corporation and except as hereinafter specially provided, no
    53  municipality except for the county, shall  have  jurisdiction  over  any
    54  facilities  of the authority or any of its activities or operations. The
    55  authority shall provide for such facilities  police,  fire,  and  health
    56  protection services.
        S. 9569--A                         10
 
     1    6.  The authority may accept unconditional grants of money or property
     2  from any municipality where the whole or any part of  such  municipality
     3  is  served  or  is to be served by a facility operated by the authority.
     4  Such grants of money or property shall be for the purpose  of  assisting
     5  the  authority in meeting its capital or operating expenses. The accept-
     6  ance of any such grant shall not operate to make the authority an agency
     7  of the municipality making such grant.
     8    7. In any instance where the county is required by law,  with  respect
     9  to  any  of  the  college  of Saint Rose facilities, to conduct a public
    10  hearing in connection with a contract, lease, joint service arrangement,
    11  charge, rental,  or  fee,  the  authority  shall  not  enter  into  such
    12  contract,  lease,  joint service arrangement, or establish, fix, revise,
    13  or levy any charge, rental, concession fee,  or  other  fee  unless  and
    14  until  the  authority  has  held  a  public  hearing at which interested
    15  persons have had  an  opportunity  to  be  heard  concerning  the  same,
    16  provided,  however,  if  the  county  has  conducted a public hearing in
    17  connection with such contract, lease, joint service  agreement,  charge,
    18  rental,  or  fee,  the  authority shall not be required to hold a public
    19  hearing. Notice of such public hearing shall be published by the author-
    20  ity at least ten days before the date set  therefor,  in  at  least  one
    21  newspaper  of  general circulation in the county.  Such notice shall set
    22  forth the date, time, and place of such  hearing  and  shall  include  a
    23  brief  description  of  the matters to be considered at such meeting. At
    24  all such hearings, any interested persons shall have an  opportunity  to
    25  be heard concerning the matters under consideration. Any decision of the
    26  authority on matters considered at such public hearing shall be in writ-
    27  ing  and  be  made  available  in the office of the authority for public
    28  inspection during regular office hours.
    29    § 2676-h. Bonds of the authority. 1.  The  authority  shall  have  the
    30  power  and  is hereby authorized from time to time to issue bonds, notes
    31  or other obligations to pay the cost of any project  or  for  any  other
    32  corporate purpose, including the establishment of reserves to secure the
    33  bonds, the payment of principal of, premium, if any, and interest on the
    34  bonds  and  the  payment of incidental expenses in connection therewith.
    35  The aggregate principal amount of such  bonds,  notes,  or  other  obli-
    36  gations  outstanding  shall not exceed eighty million dollars, excluding
    37  bonds, notes, or other obligations issued to refund or  otherwise  repay
    38  bonds, notes, or other obligations theretofore issued for such purposes;
    39  provided,  however,  that upon any such refunding or repayment the total
    40  aggregate principal amount of outstanding bonds, notes, or  other  obli-
    41  gations  may  be greater than eighty million dollars only if the present
    42  value of the aggregate debt service of the refunding or repayment bonds,
    43  notes, or other obligations to be issued shall not  exceed  the  present
    44  value  of the aggregate debt service of the bonds, notes, or other obli-
    45  gations so to be refunded or repaid. For purposes  hereof,  the  present
    46  values  of  the  aggregate  debt  service  of the refunding or repayment
    47  bonds, notes, or other obligations and of the aggregate debt service  of
    48  the  bonds,  notes, or other obligations so refunded or repaid, shall be
    49  calculated by utilizing the effective interest rate of the refunding  or
    50  repayment  bonds,  notes, or other obligations, which shall be that rate
    51  arrived at by doubling the semi-annual interest rate  (compounded  semi-
    52  annually) necessary to discount the debt service payments on the refund-
    53  ing  or  repayment  bonds,  notes, or other obligations from the payment
    54  dates thereof to the date of issue of the refunding or repayment  bonds,
    55  notes,  or  other  obligations  and to the price bid including estimated
    56  accrued interest or proceeds received by the authority  including  esti-
        S. 9569--A                         11
 
     1  mated  accrued  interest from the sale thereof. The authority shall have
     2  power and is hereby authorized to enter into such agreements and perform
     3  such acts as may be required under any applicable federal legislation to
     4  secure a federal guarantee of any bonds.
     5    2.  The authority shall have power from time to time to renew bonds or
     6  to issue renewal bonds for such purpose, to issue bonds  to  pay  bonds,
     7  and,  whenever  it  deems refunding expedient, to refund any bond by the
     8  issuance of new bonds, whether the bonds to be refunded have or have not
     9  matured, and may issue bonds partly to refund bonds then outstanding and
    10  partly for any other corporate purpose of the  authority.  Bonds,  other
    11  than  notes  or  other  evidence  of  indebtedness, issued for refunding
    12  purposes, which have a final maturity date longer than the  maturity  of
    13  the bonds being refunded, shall be approved by a resolution of the coun-
    14  ty  legislature  adopted  by  a majority vote and approved by the county
    15  executive. Bonds issued for refunding purposes shall  be  sold  and  the
    16  proceeds applied to the purchase, redemption, or payment of the bonds or
    17  notes to be refunded.
    18    3.  Bonds  issued  by  the authority may be general obligations of the
    19  authority or may be special obligations payable solely out of particular
    20  revenues or other moneys as may be designated in the proceedings of  the
    21  authority  under  which  the  bonds  shall  be  authorized to be issued,
    22  subject as to priority only  to  any  agreements  with  the  holders  of
    23  outstanding bonds pledging any particular property, revenues, or moneys.
    24  The  authority  may also enter into loan agreements, lines of credit and
    25  other security agreements and obtain for or on  its  behalf  letters  of
    26  credit,  insurance,  guarantees,  or  other  credit  enhancements to the
    27  extent now or hereafter available, in each case for securing  its  bonds
    28  or to provide direct payment of any costs which the authority is author-
    29  ized to pay.
    30    4. (a) Bonds shall be authorized by resolution of the authority, be in
    31  such  denominations  and bear such date or dates and mature at such time
    32  or times, as such  resolution  may  provide,  provided  that  bonds  and
    33  renewals  thereof  shall  mature  within  forty  years  from the date of
    34  original issuance of any such bonds.
    35    (b) Bonds shall be subject to such terms of redemption, bear  interest
    36  at such rate or rates, be payable at such times, be in such form, either
    37  coupon or registered, carry such registration privileges, be executed in
    38  such manner, be payable in such medium of payment at such place or plac-
    39  es,  and  be subject to such terms and conditions as such resolution may
    40  provide. Notwithstanding any other provision of law, the  bonds  of  the
    41  authority  issued  pursuant  to this section shall be sold to the bidder
    42  offering the lowest true interest cost, taking  into  consideration  any
    43  premium  or  discount  not  less  than  four nor more than fifteen days,
    44  Sundays excepted, after a notice of such  sale  has  been  published  at
    45  least  once  in a newspaper of general circulation in the area served by
    46  the authority, which shall state the terms of the sale. The terms of the
    47  sale shall not change unless notice of such change is published in  such
    48  newspaper at least one day prior to the date of the sale as set forth in
    49  the original notice of sale. Advertisements shall contain a provision to
    50  the  effect that the authority, in its discretion, may reject any or all
    51  bids made in pursuance of such advertisements, and in the event of  such
    52  rejection,  the authority is authorized to negotiate a private or public
    53  sale or readvertise for bids in the form and manner above  described  as
    54  many  times as, in its judgment, may be necessary to effect satisfactory
    55  sale.
        S. 9569--A                         12

     1    (c) Notwithstanding paragraph (b) of this subdivision, whenever in the
     2  judgment of the authority the interests of the authority will be  served
     3  thereby,  the members of the authority, on the written recommendation of
     4  the chairperson, may authorize the sale of  such  bonds  at  private  or
     5  public  sale on a negotiated basis or on either a competitive or negoti-
     6  ated basis. The authority shall set guidelines governing the  terms  and
     7  conditions  of  any such private or public sales.  The private or public
     8  bond sale guidelines set by the authority  shall  include,  but  not  be
     9  limited to, a requirement that where the interests of the authority will
    10  be  served  by  a  private  or public sale of bonds, the authority shall
    11  select underwriters for each  private  or  public  bond  sale  conducted
    12  pursuant  to  a  request  for  proposal  process  and  consideration  of
    13  proposals from qualified underwriters taking into account,  among  other
    14  things,  qualifications  of underwriters as to experience, their ability
    15  to structure and sell authority bond issues, anticipated  costs  to  the
    16  authority,  the prior experience of the authority with the firm, if any,
    17  the capitalization of such firms, participation  of  qualified  minority
    18  and  women-owned  business  enterprise  firms  in such private or public
    19  sales of bonds of the authority and the experience and ability of  firms
    20  under  consideration  to  work  with  minority  and women-owned business
    21  enterprises so as to promote and assist  participation  by  such  enter-
    22  prises.
    23    (d) The authority shall have the power from time to time to amend such
    24  private  bond  sale guidelines in accordance with the provisions of this
    25  subdivision.
    26    (e) No private or public bond sale on  a  negotiated  basis  shall  be
    27  conducted  by  the  authority  without prior approval of the state comp-
    28  troller and the county comptroller. The authority shall annually prepare
    29  and approve a bond sale report which shall include the private or public
    30  bond sale guidelines as specified in  this  subdivision,  amendments  to
    31  such  guidelines  since  the last private or public bond sale report, an
    32  explanation of the bond sale guidelines and amendments, and the  results
    33  of  any  sale  of bonds conducted during the fiscal year. Such bond sale
    34  report may be a part of any other annual report that  the  authority  is
    35  required to make.
    36    (f)  The  authority  shall annually submit its bond sale report to the
    37  state comptroller and the county comptroller and copies thereof  to  the
    38  senate finance committee and the assembly ways and means committee.
    39    (g)  The  authority  shall  make available to the public copies of its
    40  bond sale report upon reasonable request thereof.
    41    (h) Nothing contained in this subdivision shall be  deemed  to  alter,
    42  affect  the  validity  of, modify the terms of or impair any contract or
    43  agreement made or entered into in violation of,  or  without  compliance
    44  with, the provisions of this subdivision.
    45    5.  Any  resolution  or  resolutions authorizing bonds or any issue of
    46  bonds may contain provisions which may be a part of  the  contract  with
    47  the holders of the bonds thereby authorized as to:
    48    (a)  pledging all or part of the revenues, other monies or property of
    49  the authority to secure the payment of the bonds, or any costs of  issu-
    50  ance  thereof,  including but not limited to any contracts, earnings, or
    51  proceeds of any grant to the authority  received  from  any  private  or
    52  public  source  subject to such agreements with bond holders as may then
    53  exist;
    54    (b) the setting aside of reserves and the creation  of  sinking  funds
    55  and the regulation and disposition thereof;
        S. 9569--A                         13
 
     1    (c)  limitations on the purpose to which the proceeds from the sale of
     2  bonds may be applied;
     3    (d)  the  rates,  rents,  fees,  and  other  charges  to  be fixed and
     4  collected by the authority and the amount to  be  raised  in  each  year
     5  thereby and the use and disposition of revenues;
     6    (e) limitations on the right of the authority to restrict and regulate
     7  the  use  of  the project or part thereof in connection with which bonds
     8  are issued;
     9    (f) limitations on the issuance of additional bonds,  the  terms  upon
    10  which  additional  bonds  may be issued and secured and the refunding of
    11  outstanding or other bonds;
    12    (g) the procedure, if any, by which the terms  of  any  contract  with
    13  bond  holders  shall  be  amended  or abrogated, the amount of bonds the
    14  holders of which shall consent thereto, and the  manner  in  which  such
    15  consent shall be given;
    16    (h)  the  creation  of special funds into which any revenues or monies
    17  shall be deposited;
    18    (i) the terms and provisions of any trust, mortgage, deed or indenture
    19  securing the bonds under which the bond shall be issued;
    20    (j) vesting in a trustee or trustees such properties, rights,  powers,
    21  and duties in trust as the authority may determine which may include any
    22  or  all  of  the rights, powers, and duties of the trustees appointed by
    23  the bond holders to appoint a trustee pursuant to this title or limiting
    24  the rights, duties, and powers of such trustee;
    25    (k) defining the acts or omissions to act  which  shall  constitute  a
    26  default in the obligations and duties of the authority to the bond hold-
    27  ers and providing for the rights and remedies of the bond holders in the
    28  event  of  such default, including as a matter of right appointment of a
    29  receiver, provided, however, that such rights and remedies shall not  be
    30  inconsistent  with the general laws of the state and other provisions of
    31  this title;
    32    (l) limitations on the power of the authority  to  sell  or  otherwise
    33  dispose of any project or any part thereof;
    34    (m)  limitations  on  the  amount  of  revenues and other monies to be
    35  expended for operating, administrative or other expenses of the authori-
    36  ty;
    37    (n) the payment of the proceeds of bonds, revenues, and  other  monies
    38  to  a  trustee  or  other depository, and for the method of disbursement
    39  thereof with such safeguards  and  restrictions  as  the  authority  may
    40  determine; and
    41    (o)  any other matters of like or different character which in any way
    42  affect the security or protection of the bonds or the rights  and  reme-
    43  dies of bondholders.
    44    6.  In  addition  to the powers conferred upon the authority to secure
    45  its bonds  under  this  section,  the  authority  shall  have  power  in
    46  connection  with  the  issuance  of bonds to adopt resolutions and enter
    47  into such trust indentures,  agreements  or  other  instruments  as  the
    48  authority may deem necessary, convenient or desirable concerning the use
    49  or  disposition  of  its revenues or other monies or property, including
    50  the mortgaging of any property and the entrusting, pledging, or creation
    51  of any other security interest in any such revenues, monies, or property
    52  and the doing of any act, including refraining from doing any act  which
    53  the  authority  would have the right to do in the absence of such resol-
    54  utions, trust indentures, agreements, or other instruments. The authori-
    55  ty shall have power to enter into amendments of  any  such  resolutions,
    56  trust  indentures,  agreements,  or other instruments. The provisions of
        S. 9569--A                         14
 
     1  any such resolutions, trust indentures, agreements, or other instruments
     2  may be made a part of the contract with the  holders  of  bonds  of  the
     3  authority.
     4    7. Notwithstanding any provision of the uniform commercial code to the
     5  contrary,  any pledge of or other security interest in revenues, monies,
     6  accounts, contract rights, general intangibles, or other personal  prop-
     7  erty  made  or  created  by  the  authority shall be valid, binding, and
     8  perfected from the time when such  pledge  is  made  or  other  security
     9  interest  attaches  without  any  physical delivery of the collateral or
    10  further act, and the lien of any such pledge or other security  interest
    11  shall be valid, binding, and perfected against all parties having claims
    12  of  any kind in tort, contract, or otherwise against the authority irre-
    13  spective of whether or not such parties have notice thereof. No  instru-
    14  ment  by  which  such  a pledge or security interest is created, nor any
    15  financing statement need be recorded or filed.
    16    8. Regardless of whether the bonds are of such form and  character  as
    17  to  be  negotiable instruments under the terms of the uniform commercial
    18  code, the bonds are hereby made negotiable instruments within the  mean-
    19  ing  of and for all the purposes of the uniform commercial code, subject
    20  only to the provisions of the bonds for registration.
    21    9. Neither the members of the authority nor any person  executing  its
    22  bonds  shall  be  liable  personally  on  its bonds or be subject to any
    23  personal liability or accountability by reason of the issuance thereof.
    24    10. Subject to such agreements with bondholders as may then exist, the
    25  authority shall have power  out  of  any  funds  available  therefor  to
    26  purchase  bonds of the authority, which shall thereupon be cancelled, at
    27  a price not exceeding (a) if the bonds are then redeemable, the  redemp-
    28  tion  price  then  applicable plus accrued interest to the next interest
    29  payment date; or (b) if the bonds are not then redeemable,  the  redemp-
    30  tion  price  applicable on the first date after such purchase upon which
    31  the bonds become subject to redemption plus accrued interest to the next
    32  interest payment date. Bonds so purchased shall thereupon be cancelled.
    33    § 2676-i. Remedies of bondholders. Subject to any resolution or resol-
    34  utions adopted pursuant to this title:
    35    1. In the event that the authority shall default  in  the  payment  of
    36  principal  or  of  interest  on any issue of bonds, after the same shall
    37  become due, whether at maturity or upon call for  redemption,  and  such
    38  default shall continue for a period of thirty days, or in the event that
    39  the authority shall fail or refuse to comply with the provisions of this
    40  title  or  shall  default  in any agreement made with the holders of any
    41  issue of bonds, the holders of twenty-five per centum in aggregate prin-
    42  cipal amount of the bonds of such issue then outstanding, by  instrument
    43  or  instruments  filed in the office of the clerk of the county in which
    44  the principal office of the authority is located and proved or  acknowl-
    45  edged in the same manner as a deed to be recorded, may appoint a trustee
    46  to  represent  the  holders of such bonds for the purpose provided under
    47  this section.
    48    2. Such trustee may, and upon written request of the holders of  twen-
    49  ty-five  per centum in principal amount of such bonds outstanding shall,
    50  in such trustee's own name:
    51    (a) by action or proceeding in accordance with the civil practice  law
    52  and rules, enforce all rights of the bondholders, including the right to
    53  require  the  authority  to  collect  rents,  rates,  fees,  and charges
    54  adequate to carry out any agreement as to, or  pledge  of,  such  rents,
    55  rates,  fees,  and charges and to require the authority to carry out any
        S. 9569--A                         15
 
     1  other agreements with the holders of such bonds to  perform  its  duties
     2  under this title;
     3    (b) bring an action or proceeding upon such bonds;
     4    (c) by action or proceeding, require the authority to account as if it
     5  were the trustee of an express trust for the holders of such bonds;
     6    (d)  by  action  or proceeding, enjoin any acts or things which may be
     7  unlawful or in violation of the rights of the holders of such bonds; and
     8    (e) declare all such bonds due and payable, and if all defaults  shall
     9  be  made  good,  then with the consent of the holders of the twenty-five
    10  per centum of the principal amount of such bonds  then  outstanding,  to
    11  annul such declaration and its consequences.
    12    3.  Such  trustee  shall in addition to the provisions of subdivisions
    13  one and two of this section, have and possess all of the  powers  neces-
    14  sary  or  appropriate for the exercise of any functions specifically set
    15  forth under this section or incident to the  general  representation  of
    16  bond holders in the enforcement and protection of their rights.
    17    4. The supreme court shall have jurisdiction of any action or proceed-
    18  ing by the trustee on behalf of such bond holders. The venue of any such
    19  action or proceeding shall be laid in the county.
    20    5. Before declaring the principal of bonds due and payable the trustee
    21  shall first give thirty days notice in writing to the authority.
    22    6. (a) Any such trustee, whether or not the issue of bonds represented
    23  by  such trustee has been declared due and payable, shall be entitled as
    24  of right to the appointment of any receiver of any part or parts of  the
    25  project,  the revenues of which are pledged for the security of bonds of
    26  such issue, and such receiver may enter and take possession of such part
    27  or parts of the project and, subject to any pledge or agreement with the
    28  holders of such bonds, shall take possession of  all  monies  and  other
    29  property derived from such part or parts of the project and proceed with
    30  any  construction  thereon  or  the acquisition of any property, real or
    31  personal, in connection therewith that the authority is under obligation
    32  to do, and operate, maintain, and reconstruct such part or parts of  the
    33  project  and  collect  and receive all revenues thereafter arising there
    34  from subject to any pledge or agreement with bond holders relating ther-
    35  eto and perform the public duties and carry out the agreements and obli-
    36  gations of the authority under the direction of the court.
    37    (b) In any suit, action or proceeding by the trustee, the fees,  coun-
    38  cil fees, and expenses of the trustee and of the receiver, if any, shall
    39  constitute taxable disbursements and all costs and disbursements allowed
    40  by  the  court  shall be a first charge on any revenues derived from the
    41  project.
    42    § 2676-j. State and county not liable on authority bonds. Neither  the
    43  state,  the  county,  nor  the  city shall be liable on the bonds of the
    44  authority and such bonds shall not be a debt of the state, the county or
    45  the city, and such bonds shall contain on the face thereof  a  statement
    46  to such effect.
    47    §  2676-k.  Monies  of the authority. All monies of the authority from
    48  whatever source derived shall be paid to the treasurer of the  authority
    49  and  shall  be  deposited forthwith in a bank or banks designated by the
    50  authority. The monies in such accounts shall be paid out on check of the
    51  treasurer upon requisition by such person or persons  as  the  authority
    52  may  authorize  to  make  such requisitions. All deposits of such monies
    53  shall be secured by obligations of the United States or of the state  or
    54  of  any  municipality of a market value equal at all times to the amount
    55  on deposit, and all banks and trust companies  shall  be  authorized  to
    56  give  such  security  for  such  deposits.  To  the  extent practicable,
        S. 9569--A                         16
 
     1  consistent with the cash requirements of the authority, all such  monies
     2  shall  be  deposited  in  interest bearing accounts. The authority shall
     3  have power, notwithstanding the provisions of this section, to  contract
     4  with  the  holders of any bonds as to the custody, collection, security,
     5  investment and payment of any monies of the authority or any monies held
     6  in trust or otherwise for the payment of bonds  or  any  way  to  secure
     7  bonds,  and  carry  out  any  such  contract  notwithstanding  that such
     8  contract may be inconsistent with the provisions of this section. Monies
     9  held in trust or otherwise for the payment of bonds or  in  any  way  to
    10  secure  bonds  and  deposits  of  such monies may be secured in the same
    11  manner as monies of the authority and all banks and trust companies  are
    12  authorized  to  give  such security for such deposits. Any monies of the
    13  authority not required for immediate use or  disbursement  may,  at  the
    14  discretion  of the authority, be invested in those obligations specified
    15  pursuant to the provision of section ninety-eight-a of the state finance
    16  law. Subject to the provisions of any contract  with  bond  holders  and
    17  with  the  approval  of  the  state  comptroller,  the  authority  shall
    18  prescribe a system of accounts.
    19    § 2676-l. Bonds legal investment for fiduciaries.  The  bonds  of  the
    20  authority  are  hereby  made securities in which all public officers and
    21  bodies of the state and all municipalities, all insurance companies  and
    22  associations  and  other  persons carrying on an insurance business, all
    23  banks, bankers, trust companies, savings banks and savings associations,
    24  including savings and loan associations, building and loan associations,
    25  investment companies and other persons carrying on a  banking  business,
    26  and  administrators,  guardians, executors, trustees and other fiduciar-
    27  ies, and all other persons whatsoever, who are upon the  effective  date
    28  of  this  title,  or  thereafter, authorized to invest in bonds or other
    29  obligations of the state may properly and legally invest funds including
    30  capital in their control or belonging  to  them.  Notwithstanding  other
    31  provisions  of  law, the bonds are also hereby made securities which may
    32  be deposited with and may be received by all public officers and  bodies
    33  of  the  state  and  all  municipalities  for any purposes for which the
    34  deposit of bonds or other obligations of this state is upon  the  effec-
    35  tive date of this title, or thereafter authorized.
    36    §  2676-m.  Agreement  with state. The state does hereby pledge to and
    37  agree with the holders of any bonds issued by the authority pursuant  to
    38  this  title  and with those persons or public corporations who may enter
    39  into contracts with the authority pursuant to  the  provisions  of  this
    40  title  that  the state will not alter, limit or impair the rights hereby
    41  vested in the authority to purchase, construct, own and  operate,  main-
    42  tain,  repair,  improve,  reconstruct,  renovate, rehabilitate, enlarge,
    43  increase and extend, or dispose of any project, or  any  part  or  parts
    44  thereof  for  which  bonds  of  the authority shall have been issued, to
    45  establish and collect rates, rents, fees, and other charges referred  to
    46  in  this title, to fulfill the terms of any contracts or agreements made
    47  with or for the benefit of the holders of bonds or with  any  person  or
    48  public corporation with reference to such project or part thereof, or in
    49  any way to impair the rights and remedies of the holders of bonds, until
    50  the  bonds,  together  with  interest thereon, including interest on any
    51  unpaid  installments  of  interest,  and  all  costs  and  expenses   in
    52  connection  with any action or proceeding by or on behalf of the holders
    53  of bonds, are fully met and discharged  and  such  contracts  are  fully
    54  performed  on  the part of the authority. The authority is authorized to
    55  include this pledge and agreement of the state in any agreement with the
    56  holders of bonds.
        S. 9569--A                         17
 
     1    § 2676-n. Agreement with county. The county is authorized to pledge to
     2  and agree with the holders of any bonds issued by the authority pursuant
     3  to this title and with those persons  or  public  corporations  who  may
     4  enter  into  contracts  with the authority pursuant to the provisions of
     5  this  title  that  the county will not alter, limit or impair the rights
     6  hereby vested in the authority to purchase, construct, own and  operate,
     7  maintain, repair, improve, reconstruct, renovate, rehabilitate, enlarge,
     8  increase  and  extend,  or  dispose of any project, or any part or parts
     9  thereof, for which bonds of the authority shall  have  been  issued,  to
    10  establish  and  collect rates, rents, fees and other charges referred to
    11  in this title, to fulfill the terms of  any  agreements  made  with  the
    12  holders  of  the  bonds  or  with  any public corporation or person with
    13  reference to such project or part thereof, or  in  any  way  impair  the
    14  rights  and  remedies of the holders of bonds, until the bonds, together
    15  with interest thereon, including interest on any unpaid installments  of
    16  interest,  and  all  cost  and expenses in connection with any action or
    17  proceeding by or on behalf of the holders of bonds, are  fully  met  and
    18  discharged  and  such  contracts  are fully performed on the part of the
    19  authority.
    20    § 2676-o. Exemption from taxes, assessments and certain fees.  1.  The
    21  authority shall not be required to pay any fees, taxes, special ad valo-
    22  rem  levies,  or  assessments, whether state or local, including but not
    23  limited to fees, taxes, special ad valorem  levies,  or  assessments  on
    24  real property, franchise taxes, sales taxes, or other excise taxes, upon
    25  any  property  owned  by it or under its jurisdiction, control or super-
    26  vision, or upon the uses thereof, or upon its activities in  the  opera-
    27  tion  and  maintenance of its facilities or any rentals, rates, charges,
    28  fees, revenues, or other income received by the authority. Notwithstand-
    29  ing the previous sentence, the authority shall be required to pay  water
    30  and pure water fees or charges as may be negotiated by any public corpo-
    31  ration.  The  authority  shall  at  all times be exempt from any filing,
    32  mortgage recording, or transfer fees or taxes in relation to instruments
    33  filed,  recorded,  or  transferred  by  it  or  on   its   behalf.   The
    34  construction,  use,  occupation,  or possession of any property owned by
    35  the authority or the county,  including  improvements  thereon,  by  any
    36  person  or  public corporation under a lease, lease and sublease, or any
    37  other agreement shall not operate to abrogate  or  limit  the  foregoing
    38  exemption, notwithstanding that the lessee, user, occupant, or person in
    39  possession shall claim ownership for federal income tax purposes.
    40    2.  Any  bonds  issued pursuant to this title together with the income
    41  therefrom as well as the property of the authority shall at all times be
    42  exempt from taxes, except for transfer and estate taxes. The state here-
    43  by covenants with the purchasers and with  all  subsequent  holders  and
    44  transferees  of bonds issued by the authority pursuant to this title, in
    45  consideration of the acceptance of and payment for the bonds,  that  the
    46  bonds  of  the  authority  issued  pursuant to this title and the income
    47  therefrom and all revenues, monies, and other property pledged to secure
    48  the payment of such bonds shall at all  times  be  free  from  taxation,
    49  except for transfer and estate taxes.
    50    § 2676-p. Actions against authority. 1. Except in an action for wrong-
    51  ful  death, no action or special proceeding shall be prosecuted or main-
    52  tained against the authority, its members, officers,  or  employees  for
    53  personal  injury  or damage to real or personal property alleged to have
    54  been sustained by reason of the negligence, tort, or wrongful act of the
    55  authority or of any member, officer, agent, or employee thereof,  unless
    56  (a) a notice of claim shall have been made and served upon the authority
        S. 9569--A                         18
 
     1  within  the  time limit set by and in compliance with section fifty-e of
     2  the general municipal law; (b) it shall appear by and as  an  allegation
     3  in the complaint or moving papers that at least thirty days have elapsed
     4  since  the service of such notice and that adjustment or payment thereof
     5  has been neglected or refused; (c)  the  action  or  special  proceeding
     6  shall  be  commenced within one year and ninety days after the happening
     7  of the event upon which the claim is based; and (d)  an  action  against
     8  the  authority  for wrongful death shall be commenced in accordance with
     9  the notice of claim and time limitation provisions of  title  eleven  of
    10  article nine of this chapter.
    11    2.  Whenever  a notice of claim is served upon the authority, it shall
    12  have the right to demand an examination of the claimant relative to  the
    13  occurrence  and  extent  of  the  injuries or damages for which claim is
    14  made, in accordance with the provisions of section fifty-h of the gener-
    15  al municipal law.
    16    3. The authority may require any person presenting for  settlement  an
    17  account  or  claim  for  any  cause whatever against the authority to be
    18  sworn before a member, counsel, or an attorney, officer, or employee  of
    19  the  authority  designated  for such purpose, concerning such account or
    20  claim and, when so sworn, to answer orally as to any facts  relative  to
    21  such  account  or  claim.  The  authority  shall have power to settle or
    22  adjust all claims in favor of or against the authority.
    23    4. Any action or proceeding to which the authority or  the  people  of
    24  the state may be parties, in which any question arises as to the validi-
    25  ty  of  this  title,  shall  be preferred over all other civil causes of
    26  action or cases, except election causes  of  action  or  cases,  in  all
    27  courts  of  the state and shall be heard and determined in preference to
    28  all other civil business pending therein except election  causes,  irre-
    29  spective  of  position  on  the  calendar.  The same preference shall be
    30  granted upon application of the authority or its counsel in  any  action
    31  or  proceeding  questioning  the  validity  of  this  title in which the
    32  authority may be allowed to intervene. The venue of any such  action  or
    33  proceeding shall be laid in the supreme court of the county.
    34    5.  The rate of interest to be paid by the authority upon any judgment
    35  for which it is liable, other than a judgment on its bonds, shall be the
    36  rate prescribed by section five thousand four of the civil practice  law
    37  and rules. Interest on payments of principal or interest on any bonds in
    38  default  shall  accrue at the rate borne by such bonds from the due date
    39  thereof until paid or otherwise satisfied.
    40    § 2676-q. Contracts. 1. All contracts for construction shall be let by
    41  the authority in conformity with the applicable  provisions  of  section
    42  one  hundred  thirty-five  of  the state finance law and shall be let in
    43  accordance with the provisions of state  law  pertaining  to  prevailing
    44  wages, labor standards, and working hours.
    45    2.  The  authority may, in its discretion, assign contracts for super-
    46  vision and coordination to the successful bidder for any subdivision  of
    47  work  for  which  the  authority  receives bids. The authority shall not
    48  award any construction contract except to the lowest bidder who, in  its
    49  opinion,  is qualified to perform the work required and who is responsi-
    50  ble and reliable. The authority may, however, reject any or all bids  or
    51  waive  any  informality in a bid if it believes that the public interest
    52  will be promoted thereby. The authority may reject any bid  if,  in  its
    53  judgment,  the  business  and  technical organization, plant, resources,
    54  financial standing, or experience of the bidder justifies such rejection
    55  in view of the work to be performed.
        S. 9569--A                         19
 
     1    § 2676-r. Code of ethics.  1. Definition. As used in this section  the
     2  term "authority employee" shall mean any member, officer, or employee of
     3  the authority.
     4    2.  Rule  with respect to conflicts of interest. No authority employee
     5  should have any interest, financial or otherwise, direct or indirect, or
     6  engage in any business or transaction or professional activity, or incur
     7  any obligation of any nature, which is in substantial conflict with  the
     8  proper  discharge  of  such  authority  employee's  duties in the public
     9  interest.
    10    3. Standards. (a) No authority employee shall accept other  employment
    11  which  will impair such authority employee's independence of judgment in
    12  the exercise of such authority employee's official duties.
    13    (b) No authority employee shall accept employment  or  engage  in  any
    14  business  or  professional  activity  which  will require such authority
    15  employee to  disclose  confidential  information  which  such  authority
    16  employee  has  gained  by  reason  of such authority employee's official
    17  position or authority.
    18    (c) No authority  employee  shall  disclose  confidential  information
    19  acquired  by  such  authority  employee  in the course of such authority
    20  employee's official duties nor use  such  information  to  further  such
    21  authority employee's personal interests.
    22    (d)  No  authority employee shall use or attempt to use such authority
    23  employee's  official  position  to  secure  unwarranted  privileges   or
    24  exemptions for such authority employee or others.
    25    (e) No authority employee shall engage in any transaction as represen-
    26  tative  or agent of the authority with any business entity in which such
    27  authority employee has a direct  or  indirect  financial  interest  that
    28  might  reasonably  tend  to  conflict  with the proper discharge of such
    29  authority employee's official duties.
    30    (f) An authority employee  shall  not  by  such  authority  employee's
    31  conduct  give  reasonable  basis  for the impression that any person can
    32  improperly influence  such  authority  employee  or  unduly  enjoy  such
    33  authority  employee's favor in the performance of such authority employ-
    34  ee's official duties, or that such authority employee is affected by the
    35  kinship, rank, position or influence of any party or person.
    36    (g) An authority employee shall abstain from making  personal  invest-
    37  ments in enterprises which such authority employee has reason to believe
    38  may  be  directly  involved  in  decisions  to be made by such authority
    39  employee or which will otherwise  create  substantial  conflict  between
    40  such authority employee's duty in the public interest and such authority
    41  employee's private interest.
    42    (h) An authority employee shall endeavor to pursue a course of conduct
    43  which  will  not  raise  suspicion  among the public that such authority
    44  employee is likely to be engaged in acts that are in violation  of  such
    45  authority employee's trust.
    46    (i)  No  authority employee employed on a full-time basis nor any firm
    47  or association of which such authority employee is a member  nor  corpo-
    48  ration  a  substantial  portion  of  the  stock  of  which  is  owned or
    49  controlled directly or indirectly by  such  authority  employee,  should
    50  sell  goods  or services to any person, firm, corporation or association
    51  which is licensed or whose rates are fixed by  the  authority  in  which
    52  such authority employee serves or is employed.
    53    (j)  If any authority employee shall have a financial interest, direct
    54  or indirect, having a value of ten  thousand  dollars  or  more  in  any
    55  activity  which  is  subject to the jurisdiction of a regulatory agency,
    56  such authority employee shall file with the secretary of state a written
        S. 9569--A                         20
 
     1  statement that such authority employee has such a financial interest  in
     2  such activity which statement shall be open to public inspection.
     3    4.  Violations.  In  addition  to  any  penalty contained in any other
     4  provision of law any such authority employee  who  shall  knowingly  and
     5  intentionally  violate  any  of  the  provisions  of this section may be
     6  fined, suspended, or removed from office or employment.
     7    § 2676-s. Agreements relating to payment in lieu of taxes. 1. In order
     8  to assure that municipalities shall not suffer undue loss  of  taxes  or
     9  assessments  in  the event that the authority acquires any facility from
    10  the county, any person paying real property taxes or assessments  as  of
    11  the  date  of  the transfer of title from the county to the authority on
    12  any property located within any such facility  shall  make  payments  in
    13  lieu  of  taxes in an amount equal to the sums which would ordinarily be
    14  imposed as taxes by any municipality in which such property is  located,
    15  pursuant to the prevailing method of determining taxes and assessments.
    16    2. Subject to any agreement with bond holders, the authority may, with
    17  the  approval  of  the  county, but shall not be required to, enter into
    18  agreements with any municipality of the state to pay annual sums in lieu
    19  of taxes to any such municipality in respect of any real property  which
    20  is  owned  by  the authority is located in such municipality and is used
    21  for public purposes. For the  purposes  of  this  section,  such  public
    22  purposes  shall  include  without limitation athletic facilities, educa-
    23  tional facilities, performing arts facilities,  or  residential  facili-
    24  ties.
    25    3.  (a)  In the event that any real property owned by the authority is
    26  used by the authority or a lessee thereof for purposes other than public
    27  purposes, the authority, or lessee thereof, as the  case  may  be,  may,
    28  with  the approval of the county, enter into agreements with any munici-
    29  pality of the state to pay annual sums in lieu of taxes  in  respect  of
    30  such  real  property  located  in such municipality. For the purposes of
    31  this section, such purposes other than  public  purposes  shall  include
    32  without   limitation,   athletic   facilities,  educational  facilities,
    33  performing arts facilities, residential facilities, or office  buildings
    34  to  the extent not used by the authority or any other public corporation
    35  for its own corporate purposes, and such other  buildings  and  improve-
    36  ments  as  determined  by the authority to be not exclusively for public
    37  purposes.
    38    (b) The authority shall  determine  (i)  the  amount  of  such  annual
    39  payments  in lieu of taxes; (ii) whether the use of such property is for
    40  purposes other than public purposes; and (iii) the extent to which  such
    41  property is used for purposes other than public purposes. In making such
    42  determinations the authority shall take into consideration the recommen-
    43  dations, if any, of the county.
    44    §  2676-t.  Audit and annual report. In conformity with the provisions
    45  of section five of article ten of the state constitution,  the  accounts
    46  of  the authority shall be subject to the supervision of the state comp-
    47  troller and an annual audit shall be performed by an independent  certi-
    48  fied accountant. The authority shall annually submit to the county comp-
    49  troller,  county  legislature,  county  executive,  governor,  the state
    50  comptroller, the chairperson of the senate finance  committee,  and  the
    51  chairperson  of  the assembly ways and means committee a detailed report
    52  pursuant to the provisions of section twenty-eight hundred of this chap-
    53  ter, and a copy of such report shall be filed  with  the  clerk  of  the
    54  county legislature and the county executive.
    55    §  2676-u.  Limited liability. Neither members, officers, or employees
    56  of the authority, nor any municipality, or an officer or employee there-
        S. 9569--A                         21
 
     1  of acting on behalf of the authority, shall be subject to  any  personal
     2  liability  resulting from the construction, maintenance, or operation of
     3  any of the properties of the authority or from carrying out any  of  the
     4  powers  expressly  given  in  this  title  provided,  however, that this
     5  section shall not be held to apply to any independent contractor.
     6    §  2676-v.  Transfer  of  applications,  proceedings,  approvals,  and
     7  permits.    1.  Any  application, review or process in relation to or in
     8  furtherance of the purposes of or contemplated by this title  heretofore
     9  filed  or  undertaken,  or  any  proceeding  heretofore commenced or any
    10  determination, finding or award made, by the county  or  by  the  county
    11  with the federal government, or any other public corporation shall inure
    12  to  and  for  the benefit of the authority to the same extent and in the
    13  same manner as if the authority has been a party  to  such  application,
    14  review,  process,  or  proceeding  from its inception, and the authority
    15  shall be deemed a party thereto, to the extent  not  prohibited  by  any
    16  federal  law.  Any  license,  approval,  permit, determination, finding,
    17  award, or decision heretofore or thereafter issued or  granted  pursuant
    18  to or as a result of any such application, review, process or proceeding
    19  shall  inure  to  the  benefit  of and be binding upon the authority and
    20  shall be assigned and transferred by the county to the authority  unless
    21  such assignment and transfer is prohibited by federal law.
    22    2.  All  such applications, proceedings, licenses, approvals, permits,
    23  determinations, findings, awards, and decisions shall further  inure  to
    24  and  for  the benefit of and be binding upon any person leasing, acquir-
    25  ing, financing, constructing, maintaining, operating, using, or  occupy-
    26  ing any facility financed in whole or in part by the authority.
    27    §  2676-w.  Separability. If any clause, sentence, paragraph, section,
    28  or part of this title shall be adjudged by any court of competent juris-
    29  diction to be invalid, such judgment shall not affect, impair or invali-
    30  date the remainder thereof, but shall be confined in  its  operation  to
    31  the  clause,  sentence,  paragraph, section, or part thereof involved in
    32  the controversy in which such judgment shall have been rendered.
    33    § 2676-x.  Effect  of  inconsistent  provisions.  In  so  far  as  the
    34  provisions  of  this  title  are inconsistent with the provisions of any
    35  other act, general or special, or of the county  charter  or  any  local
    36  law,  charter,  ordinance or resolution of the county or another munici-
    37  pality, the provisions of  this  title  shall  be  controlling.  Nothing
    38  contained  in  this  section  shall  be  held to supplement or otherwise
    39  expand the powers or duties of the authority otherwise set forth in this
    40  title. Except as  specifically  provided  for  in  this  title,  in  the
    41  performance  of  any  of its functions, powers and duties, the authority
    42  shall be subject to all applicable general or special laws of the state,
    43  the county charter, and any local law, ordinance or  resolution  of  the
    44  county.
    45    § 2. This act shall take effect immediately.