S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10531
 
                           I N  A S S E M B L Y
 
                               June 3, 2024
                                ___________
 
 Introduced  by  COMMITTEE  ON  RULES -- (at request of M. of A. Fahy) --
   read once and referred to the Committee on  Corporations,  Authorities
   and Commissions
 
 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:

   Section  1.  Article  8  of  the  public authorities law is amended by
 adding a new title 28-C to read as follows:
 
                                TITLE 28-C
                  ALBANY COUNTY PINE HILLS LAND AUTHORITY
 
 SECTION 2676. SHORT TITLE.
         2676-A. STATEMENT OF LEGISLATIVE FINDINGS AND PURPOSE.
         2676-B. DEFINITIONS.
         2676-C. ALBANY COUNTY PINE HILLS LAND AUTHORITY.
         2676-D. ADVANCES ON BEHALF OF THE AUTHORITY; TRANSFER OF PROPER-
                   TY TO THE AUTHORITY; ACQUISITION OF PROPERTY BY COUNTY
                   FOR THE AUTHORITY.
         2676-E. TRANSFER OF OFFICERS AND EMPLOYEES.
         2676-F. GENERAL PURPOSES AND POWERS OF THE AUTHORITY.
         2676-G. BONDS OF THE AUTHORITY.
         2676-H. REMEDIES OF BONDHOLDERS.
         2676-I. STATE AND COUNTY NOT LIABLE ON AUTHORITY BONDS.
         2676-J. MONIES OF THE AUTHORITY.
         2676-K. BONDS LEGAL INVESTMENT FOR FIDUCIARIES.
         2676-L. AGREEMENT WITH STATE.
         2676-M. AGREEMENT WITH COUNTY.
         2676-N. EXEMPTION FROM TAXES, ASSESSMENTS AND CERTAIN FEES.
         2676-O. ACTIONS AGAINST AUTHORITY.
         2676-P. CONTRACTS.
         2676-Q. CODE OF ETHICS.
         2676-R. AGREEMENTS RELATING TO PAYMENT IN LIEU OF TAXES.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15824-01-4
 A. 10531                            2
 
         2676-S. AUDIT AND ANNUAL REPORT.
         2676-T. LIMITED LIABILITY.
         2676-U.  TRANSFER  OF  APPLICATIONS, PROCEEDINGS, APPROVALS, AND
                   PERMITS.
         2676-V. SEPARABILITY.
         2676-W. EFFECT OF INCONSISTENT PROVISIONS.
   § 2676. SHORT TITLE. THIS TITLE MAY BE CITED  AS  THE  "ALBANY  COUNTY
 PINE HILLS LAND AUTHORITY ACT".
   § 2676-A. STATEMENT  OF LEGISLATIVE FINDINGS AND PURPOSE. THE LEGISLA-
 TURE HEREBY FINDS AND DECLARES AS FOLLOWS:
   1. THE ECONOMIC WELL-BEING OF THE COUNTY AND THE  GENERAL  WELFARE  OF
 ITS  PEOPLE  REQUIRE  ADEQUATE,  AND ACCESSIBLE PERFORMING ARTS CENTERS,
 ATHLETIC FIELDS, EDUCATIONAL FACILITIES, AND RESIDENTIAL FACILITIES.
   2. THE PRESERVATION AND SAFEGUARDING OF FACILITIES AT  RISK  OF  BEING
 UNDERUTILIZED  AND BECOMING BLIGHTED IS A MATTER OF VITAL IMPORTANCE NOT
 ONLY TO THE RESIDENTS OF THE CAPITAL DISTRICT BUT  TO  ALL  THE  STATE'S
 RESIDENTS AND IS, THEREFORE, A MATTER OF STATE CONCERN.
   3.  IN  ORDER TO ENSURE A HEALTHY ECONOMY FOR SUCH AREA AND TO PROMOTE
 THE GENERAL WELFARE OF ITS RESIDENTS, IT IS NECESSARY  TO  MAINTAIN  AND
 IMPROVE  THE COLLEGE OF SAINT ROSE FACILITIES AND SERVICES IN THE COUNTY
 OF ALBANY IN SUCH A MANNER AS TO STIMULATE AND PROMOTE A HEALTHY  ECONO-
 MY.
   4.  THE  GENERAL  HEALTH AND WELFARE OF THE STATE'S RESIDENTS REQUIRES
 COORDINATED OPERATION OF  THE  COLLEGE  OF  SAINT  ROSE  FACILITIES  AND
 SERVICES IN THE COUNTY OF ALBANY BY A PUBLIC BENEFIT AUTHORITY.
   5. THE PURPOSES OF SUCH AUTHORITY SHALL BE: (A) TO PROMOTE ACCESSIBLE,
 EFFICIENT  AND  ECONOMICALLY PRODUCTIVE USE OF THE COLLEGE OF SAINT ROSE
 FACILITIES; (B) TO ACQUIRE, CONSTRUCT, RECONSTRUCT,  CONTINUE,  DEVELOP,
 EQUIP,  EXPAND,  IMPROVE,  MAINTAIN, FINANCE, AND OPERATE THE COLLEGE OF
 SAINT ROSE FACILITIES AND SERVICES WITHIN THE COUNTY OF ALBANY;  (C)  TO
 STIMULATE AND PROMOTE ECONOMIC DEVELOPMENT AND EXPAND THE REGION'S PROP-
 ERTY  TAX  BASE  CONSISTENT  WITH  ITS  GENERAL PURPOSE; AND (D) TO MAKE
 CONTRACTS AND LEASES AND TO EXECUTE ALL INSTRUMENTS NECESSARY OR CONVEN-
 IENT FOR ITS CORPORATE PURPOSES.
   6. SUCH PURPOSES ARE IN ALL RESPECTS PUBLIC PURPOSES FOR  THE  BENEFIT
 OF THE PEOPLE OF THE STATE OF NEW YORK AND FOR WHICH PUBLIC FUNDS MAY BE
 EXPENDED  AND  BOTH  THE  COUNTY AND THE AUTHORITY IN CARRYING OUT THEIR
 RESPECTIVE POWERS AND DUTIES UNDER THIS TITLE  SHALL  BE  DEEMED  TO  BE
 ACTING IN A GOVERNMENTAL CAPACITY. THE ACQUISITION, CONSTRUCTION, RECON-
 STRUCTION, DEVELOPMENT, EXPANSION, IMPROVEMENT, EQUIPPING, OPERATION AND
 MAINTENANCE  OF  ANY  PROJECT FINANCED OR UNDERTAKEN BY THE AUTHORITY OR
 THE COUNTY SHALL BE DEEMED TO BE THE PERFORMANCE OF AN ESSENTIAL GOVERN-
 MENTAL FUNCTION BY THE AUTHORITY OR THE COUNTY  ACTING  IN  ITS  GOVERN-
 MENTAL  CAPACITY, WHETHER SUCH PROJECT SHALL BE OWNED OR OPERATED BY THE
 AUTHORITY OR BY ANY PERSON OR PUBLIC CORPORATION.
   7. IT IS HEREBY FOUND AND DECLARED THAT IT HAS BEEN  AND  REMAINS  THE
 POLICY  OF THE STATE OF NEW YORK TO PROMOTE EQUAL OPPORTUNITY IN EMPLOY-
 MENT FOR ALL PERSONS, WITHOUT DISCRIMINATION ON ACCOUNT OF RACE,  CREED,
 COLOR,  NATIONAL  ORIGIN,  SEX,  AGE,  DISABILITY  OR MARITAL STATUS, TO
 PROMOTE EQUALITY OF ECONOMIC OPPORTUNITY FOR MINORITY GROUP MEMBERS  AND
 WOMEN, AND MINORITY AND WOMEN-OWNED BUSINESS ENTERPRISES.
   § 2676-B. DEFINITIONS.  AS USED OR REFERRED TO IN THIS TITLE, UNLESS A
 DIFFERENT MEANING CLEARLY APPEARS FROM THE CONTEXT:
   1. "AUTHORITY" SHALL MEAN THE ALBANY COUNTY PINE HILLS LAND  AUTHORITY
 CREATED BY THIS TITLE.
   2. "CITY" SHALL MEAN THE CITY OF ALBANY.
 A. 10531                            3
 
   3.  "THE  COLLEGE OF SAINT ROSE FACILITIES" SHALL MEAN ANY FACILITY OR
 LAND INCLUDING BUT NOT LIMITED TO  ANY  ATHLETIC  FACILITY,  EDUCATIONAL
 FACILITY,  PERFORMING  ARTS  FACILITY,  OR RESIDENTIAL FACILITY OWNED OR
 OPERATED BY THE COLLEGE OF SAINT ROSE AT THE TIME OF THE EFFECTIVE  DATE
 OF THIS TITLE, AND SHALL INCLUDE SUCH OTHER FACILITIES, EQUIPMENT, PROP-
 ERTY,  STRUCTURES AND APPURTENANCES AS MAY BE NECESSARY OR CONVENIENT IN
 THE OPERATION, MAINTENANCE, DEVELOPMENT OR IMPROVEMENT OF SUCH  FACILITY
 OR LAND.
   4.  "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 BOND HOLDERS WHICH SHALL APPLY  WITH
 EQUAL  FORCE  AND  EFFECT  TO  NOTES AND NOTE HOLDERS UNLESS THE CONTEXT
 OTHERWISE CLEARLY REQUIRES.
   5. "CONSTRUCTION" SHALL  MEAN  THE  ACQUISITION,  ERECTION,  BUILDING,
 ALTERATION,   REPAIR,  IMPROVEMENT,  INCREASE,  ENLARGEMENT,  EXTENSION,
 INSTALLATION, RECONSTRUCTION, RENOVATION OR REHABILITATION OF A  PROJECT
 INCLUDING  ANY APPURTENANCES THERETO WHICH MAY BE NECESSARY OR DESIRABLE
 TO  PROMOTE  THE  EFFICIENCY  OR  EFFECTIVENESS  OF  SUCH  PROJECT;  THE
 INSPECTION  AND  SUPERVISION  THEREOF;  AND THE ENGINEERING, CONSULTING,
 ARCHITECTURAL, LEGAL, FISCAL AND  ECONOMIC  AND  ENVIRONMENTAL  INVESTI-
 GATIONS AND STUDIES, SURVEYS, DESIGNS, PLANS, WORKING DRAWINGS, SPECIFI-
 CATIONS,  PROCEDURES  AND  OTHER  ACTIONS  INCIDENTAL THERETO AND CLAIMS
 ARISING THEREFROM.
   6. "COST", AS APPLIED TO ANY PROJECT, SHALL INCLUDE THE  COST  OF  THE
 ACQUISITION  OF  ALL PROPERTY BOTH REAL AND PERSONAL, IMPROVED AND UNIM-
 PROVED, THE COST OF DEMOLISHING, REMOVING OR RELOCATING ANY BUILDINGS OR
 STRUCTURES ON LANDS  SO  ACQUIRED,  INCLUDING  THE  COST  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  STRUC-
 TURES  MAY  BE  MOVED OR RELOCATED, THE COST OF ALL SYSTEMS, FACILITIES,
 MACHINERY, APPARATUS AND EQUIPMENT, FINANCING  CHARGES,  INTEREST  PRIOR
 TO, DURING AND AFTER CONSTRUCTION TO THE EXTENT NOT PAID OR PROVIDED FOR
 FROM  REVENUES  OR  OTHER SOURCES, THE COST OF CONSTRUCTION, THE COST OF
 ENGINEERING AND ARCHITECTURAL SURVEYS,  PLANS  AND  SPECIFICATIONS,  THE
 COST  OF  CONSULTANTS AND LEGAL SERVICES, THE COST OF LEASE, GUARANTEES,
 CREDIT ENHANCEMENT OR BOND INSURANCE, OTHER EXPENSES NECESSARY OR  INCI-
 DENTAL  TO  THE  CONSTRUCTION  OF SUCH PROJECT, AND THE FINANCING OF THE
 CONSTRUCTION THEREOF, INCLUDING THE AMOUNT AUTHORIZED IN THE  RESOLUTION
 OF THE AUTHORITY PROVIDING FOR THE ISSUANCE OF BONDS TO BE PAID INTO ANY
 RESERVE  OR  OTHER  SPECIAL FUND FROM THE PROCEEDS OF SUCH BONDS AND THE
 FINANCING  OF  THE  PLACING  OF  ANY  PROJECT  IN  OPERATION,  INCLUDING
 REIMBURSEMENT, TO ANY PUBLIC CORPORATION, THE STATE, THE FEDERAL GOVERN-
 MENT,  OR ANY OTHER PERSON FOR EXPENDITURES, THAT WOULD BE COSTS OF SUCH
 PROJECT HAD THEY BEEN MADE DIRECTLY BY THE AUTHORITY.
   7. "COUNTY" SHALL MEAN THE COUNTY OF ALBANY.
   8. "FACILITY" SHALL INCLUDE, BUT NOT BE LIMITED TO, PROPERTIES, STRUC-
 TURES, APPURTENANCES, UTILITIES, AND SUCH OTHER WORKS.
   9. "FEDERAL GOVERNMENT" SHALL MEAN THE UNITED STATES OF  AMERICA,  AND
 ANY  DEPARTMENT, BOARD, COMMISSION, BUREAU, DIVISION, CORPORATION, AGEN-
 CY, OR INSTRUMENTALITY THEREOF.
   10. "MINORITY AND WOMEN-OWNED BUSINESS  ENTERPRISE"  OR  "MINORITY  OR
 WOMEN-OWNED  BUSINESS  ENTERPRISE"  SHALL MEAN A MINORITY-OWNED BUSINESS
 ENTERPRISE AND/OR A WOMEN-OWNED BUSINESS ENTERPRISE, AS SUCH  TERMS  ARE
 DEFINED BY SECTION THREE HUNDRED TEN OF THE EXECUTIVE LAW.
   11. "MUNICIPALITY" SHALL MEAN A COUNTY, CITY, TOWN, VILLAGE, OR SCHOOL
 DISTRICT.
 A. 10531                            4
 
   12.  "PERSON" SHALL MEAN ANY NATURAL PERSON, FIRM, PARTNERSHIP ASSOCI-
 ATION, JOINT VENTURE, OR CORPORATION, EXCLUSIVE OF A PUBLIC CORPORATION.
   13.  "PERSONAL PROPERTY" SHALL MEAN CHATTELS AND OTHER TANGIBLE THINGS
 OF A MOVEABLE OR REMOVABLE NATURE.
   14. "PROPERTY" SHALL MEAN BOTH REAL AND/OR PERSONAL PROPERTY.
   15. "PROJECT" SHALL MEAN ANY PROPERTY OR IMPROVEMENTS  LOCATED  WITHIN
 THE  STATE  OF  NEW YORK AND WITHIN THE COUNTY OF ALBANY, INCLUDING, BUT
 NOT LIMITED TO, MACHINERY, EQUIPMENT, AND OTHER FACILITIES DEEMED NECES-
 SARY OR DESIRABLE IN CONNECTION THEREWITH, OR INCIDENTAL THERETO, WHETH-
 ER OR NOT IN EXISTENCE OR UNDER CONSTRUCTION UPON THE EFFECTIVE DATE  OF
 THIS  TITLE, WHICH SHALL BE NECESSARY OR SUITABLE FOR PURPOSES AND REDE-
 VELOPMENT OF THE COLLEGE OF SAINT ROSE FACILITIES PROVIDED, HOWEVER, THE
 AUTHORITY SHALL NOT USE ITS FUNDS IN RESPECT OF ANY PART  OF  A  PROJECT
 LOCATED WHOLLY OR PARTIALLY OUTSIDE THE COUNTY WITHOUT THE PRIOR CONSENT
 THERETO  BY  THE  GOVERNING  BODY OF ANY OTHER COUNTY IN WHICH A PART OR
 PARTS OF SUCH PROJECT IS, OR IS TO BE LOCATED.
   16. "PUBLIC CORPORATION" SHALL MEAN A  COUNTY,  CITY,  TOWN,  VILLAGE,
 SCHOOL  DISTRICT  OR  SPECIAL  DISTRICT, ANY PUBLIC BENEFIT CORPORATION,
 AGENCY OR INSTRUMENTALITY OF THE STATE OR OF ANY MUNICIPALITY, OR TWO OR
 MORE OF ANY OF THE FOREGOING ACTING JOINTLY.
   17. "REAL PROPERTY"  SHALL  MEAN  LANDS,  STRUCTURES,  FRANCHISES  AND
 INTERESTS IN LAND, AIRSPACE, WATERS, LANDS UNDER WATER, RIPARIAN RIGHTS,
 RIGHTS,  ANY  FIXTURES,  EQUIPMENT  AND  ARTICLES  OF  PERSONAL PROPERTY
 AFFIXED TO OR USED IN CONNECTION THEREWITH, AND ANY AND ALL  THINGS  AND
 RIGHTS INCLUDED WITHIN SUCH TERM AND INCLUDES NOT ONLY FEES SIMPLE ABSO-
 LUTE  BUT ALSO ANY AND ALL LESSER INTERESTS INCLUDING BUT NOT LIMITED TO
 EASEMENTS, RIGHTS OF WAY, USES, LEASES, LICENSES AND ALL OTHER  INCORPO-
 REAL HEREDITAMENTS AND EVERY ESTATE, INTEREST OR RIGHT, LEGAL OR EQUITA-
 BLE,  INCLUDING  TERMS  FOR YEARS AND LIENS THEREON BY WAY OF JUDGMENTS,
 MORTGAGES, OR OTHERWISE.
   18. "REVENUES" SHALL MEAN ALL RATES, FEES, RENTS,  REVENUES,  CHARGES,
 AND  OTHER  INCOME DERIVED BY THE AUTHORITY FROM THE OPERATION, LEASING,
 SALE, OR OTHER DISPOSITION OF THE COLLEGE OF SAINT ROSE RELATED  FACILI-
 TIES.
   19. "STATE" SHALL MEAN THE STATE OF NEW YORK.
   § 2676-C. ALBANY  COUNTY PINE HILLS LAND AUTHORITY. 1. THERE IS HEREBY
 CREATED THE ALBANY COUNTY PINE HILLS LAND AUTHORITY. THE AUTHORITY SHALL
 BE A BODY CORPORATE AND POLITIC CONSTITUTING  A  PUBLIC  BENEFIT  CORPO-
 RATION.  THE AUTHORITY SHALL CONSIST OF SEVEN MEMBERS WHO SHALL BE RESI-
 DENTS OF THE COUNTY OF ALBANY. SUCH MEMBERS SHALL BE  APPOINTED  IN  THE
 FOLLOWING  MANNER:  FOUR SHALL BE APPOINTED BY THE COUNTY EXECUTIVE, TWO
 SHALL BE APPOINTED BY THE CHAIRPERSON OF THE COUNTY LEGISLATURE, AND ONE
 SHALL BE APPOINTED BY THE MAYOR OF THE CITY OF ALBANY. OF THE MEMBERS OF
 THE AUTHORITY INITIALLY APPOINTED BY THE  COUNTY  EXECUTIVE,  TWO  SHALL
 SERVE FOR A TERM ENDING DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-EIGHT
 AND  TWO  SHALL SERVE FOR A TERM ENDING DECEMBER THIRTY-FIRST, TWO THOU-
 SAND TWENTY-NINE. OF THE MEMBERS OF THE AUTHORITY INITIALLY APPOINTED BY
 THE CHAIRPERSON OF THE COUNTY LEGISLATURE, ONE SHALL SERVE  FOR  A  TERM
 ENDING  DECEMBER  THIRTY-FIRST,  TWO THOUSAND TWENTY-EIGHT AND ONE SHALL
 SERVE FOR A TERM ENDING DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-NINE.
 THE MEMBER OF THE AUTHORITY INITIALLY APPOINTED BY THE MAYOR OF THE CITY
 OF ALBANY SHALL SERVE FOR A TERM ENDING DECEMBER THIRTY-FIRST, TWO THOU-
 SAND TWENTY-EIGHT. THEREAFTER, EACH MEMBER OF THE AUTHORITY SHALL  SERVE
 A  TERM  OF  FOUR  YEARS.  THE MEMBERS OF THE AUTHORITY, ONCE APPOINTED,
 SHALL DESIGNATE ONE OF THE SEVEN MEMBERS OF THE AUTHORITY  TO  SERVE  AS
 THE  CHAIRPERSON  OF  THE  AUTHORITY. THE AUTHORITY MAY PROVIDE FOR SUCH
 A. 10531                            5

 OFFICERS AS MAY BE DETERMINED NECESSARY AND THE SAME NEED NOT BE MEMBERS
 OF THE AUTHORITY.
   2.  ALL  MEMBERS  OF THE AUTHORITY SHALL CONTINUE TO HOLD OFFICE UNTIL
 THEIR SUCCESSORS ARE APPOINTED AND QUALIFY. EXCEPT AS OTHERWISE PROVIDED
 IN SUBDIVISION THREE OF  THIS  SECTION,  VACANCIES  OF  MEMBERS  OF  THE
 AUTHORITY  SHALL  BE FILLED IN THE MANNER PROVIDED FOR ORIGINAL APPOINT-
 MENT. SUCH VACANCIES, OCCURRING OTHERWISE THAN BY EXPIRATION OF TERM  OF
 OFFICE, SHALL BE FILLED FOR THE UNEXPIRED TERMS. MEMBERS OF THE AUTHORI-
 TY  MAY  BE  REMOVED  FROM  OFFICE  FOR THE SAME REASONS AND IN THE SAME
 MANNER AS MAY BE PROVIDED BY LAW FOR THE  REMOVAL  OF  OFFICERS  OF  THE
 COUNTY.  THE  MEMBERS OF THE AUTHORITY SHALL RECEIVE NO COMPENSATION FOR
 THEIR SERVICES BUT SHALL BE REIMBURSED FOR ALL THEIR ACTUAL  AND  NECES-
 SARY  EXPENSES  INCURRED  IN  CONNECTION  WITH  THE  CARRYING OUT OF THE
 PURPOSES OF THIS TITLE. THE POWERS AS SET FORTH IN THE  BY-LAWS  OF  THE
 AUTHORITY  SHALL  BE  ESTABLISHED  AND VESTED IN AND BE EXERCISED BY THE
 MEMBERS OF THE AUTHORITY AT AN INITIAL MEETING DULY CALLED AND HELD  AND
 FOUR MEMBERS OF THE AUTHORITY SHALL CONSTITUTE A QUORUM. NO ACTION SHALL
 BE  TAKEN  AT  THE  INITIAL  MEETING OF THE AUTHORITY OR ANY ADJOURNMENT
 THEREOF EXCEPT PURSUANT TO THE FAVORABLE VOTE OF AT LEAST  FOUR  MEMBERS
 OF  THE  AUTHORITY.  ANY AMENDMENT TO THE POWERS OF THE AUTHORITY AS SET
 FORTH IN THE BY-LAWS OF THE AUTHORITY SHALL ONLY BECOME  EFFECTIVE  UPON
 THE FAVORABLE VOTE OF AT LEAST FOUR MEMBERS OF THE AUTHORITY.
   3.  NOTWITHSTANDING ANY INCONSISTENT PROVISION OF ANY GENERAL, SPECIAL
 OR LOCAL LAW, ORDINANCE, RESOLUTION OR CHARTER, NO OFFICER,  MEMBER,  OR
 EMPLOYEE  OF  THE  STATE OR OF ANY PUBLIC CORPORATION SHALL FORFEIT SUCH
 OFFICER'S, MEMBER'S, OR EMPLOYEE'S OFFICE OR  EMPLOYMENT  BY  REASON  OF
 SUCH  OFFICERS',  MEMBER'S, OR EMPLOYEE'S ACCEPTANCE OF APPOINTMENT AS A
 MEMBER, OFFICER, OR EMPLOYEE OF THE AUTHORITY, NOR SHALL SERVICE AS SUCH
 MEMBER, OFFICER, OR EMPLOYEE BE DEEMED INCOMPATIBLE OR IN CONFLICT  WITH
 SUCH OFFICE, MEMBERSHIP, OR EMPLOYMENT.
   4.  NOTWITHSTANDING ANY INCONSISTENT PROVISION OF ANY GENERAL, SPECIAL
 OR LOCAL LAW, ORDINANCE, RESOLUTION, OR  CHARTER,  NO  OFFICER,  MEMBER,
 ELECTED  OFFICIAL  OR  EMPLOYEE  OF  THE COUNTY OF ALBANY OR THE CITY OF
 ALBANY SHALL BE ELIGIBLE TO SERVE AS A MEMBER OF THE AUTHORITY.
   5. ALL MEMBERS OF THE AUTHORITY SHALL BE REQUIRED TO COMPLY  WITH  THE
 ALBANY  COUNTY  CODE  OF  ETHICS  AND  TO  COMPLETE ALL DISCLOSURE FORMS
 REQUIRED BY SUCH CODE OF ETHICS.
   6. THE AUTHORITY AND ITS  CORPORATE  EXISTENCE  SHALL  CONTINUE  UNTIL
 TERMINATED  BY  LAW,  PROVIDED,  HOWEVER, THAT NO SUCH TERMINATION SHALL
 TAKE EFFECT SO LONG AS THE AUTHORITY SHALL HAVE  BONDS  OR  OTHER  OBLI-
 GATIONS  OUTSTANDING  UNLESS  ADEQUATE  PROVISION  HAS BEEN MADE FOR THE
 PAYMENT OR SATISFACTION THEREOF. UPON TERMINATION OF  THE  EXISTENCE  OF
 THE  AUTHORITY,  ALL  OF THE RIGHTS AND PROPERTIES OF THE AUTHORITY THEN
 REMAINING SHALL PASS TO AND VEST IN THE  COUNTY  OF  ALBANY  IN  SUCH  A
 MANNER AS PRESCRIBED BY LAW.
   § 2676-D. ADVANCES ON BEHALF OF THE AUTHORITY; TRANSFER OF PROPERTY TO
 THE  AUTHORITY; ACQUISITION OF PROPERTY BY COUNTY FOR THE AUTHORITY.  1.
 IN ADDITION TO ANY POWERS GRANTED TO IT BY LAW,  THE  COUNTY  MAY,  FROM
 TIME  TO TIME, APPROPRIATE BY RESOLUTION SUMS OF MONEY TO DEFRAY PROJECT
 COSTS OR ANY OTHER COSTS AND EXPENSES OF THE AUTHORITY INCLUDING OPERAT-
 ING EXPENSES. SUBJECT TO THE RIGHTS OF  BOND  HOLDERS,  THE  COUNTY  MAY
 DETERMINE IF THE MONIES SO APPROPRIATED SHALL BE SUBJECT TO REPAYMENT BY
 THE  AUTHORITY  TO THE COUNTY AND, IN SUCH EVENT, THE MANNER AND TIME OR
 TIMES FOR SUCH REPAYMENT.
   2. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF ANY GENERAL,  SPECIAL
 OR  LOCAL  LAW, ORDINANCE, RESOLUTION OR CHARTER, ANY PUBLIC CORPORATION
 A. 10531                            6
 
 MAY, BY THE APPROVAL OF ITS GOVERNING BODY AND THE APPROVAL OF ITS CHIEF
 EXECUTIVE OFFICER, GIVE, GRANT, SELL, CONVEY, LOAN, LICENSE THE USE  OF,
 OR  LEASE  TO  THE  AUTHORITY  ANY PROPERTY OR FACILITIES, INCLUDING THE
 COLLEGE  OF  SAINT  ROSE FACILITIES, WHICH ARE USEFUL IN CONNECTION WITH
 THE EXERCISE BY THE AUTHORITY OF ITS POWERS UNDER THIS TITLE.  ANY  SUCH
 GIFT,  GRANT,  SALE,  CONVEYANCE,  LOAN, LICENSE, OR LEASE SHALL BE UPON
 SUCH TERMS AND CONDITIONS, AND FOR SUCH TERM OR TERMS OF YEARS,  SUBJECT
 TO  THE  RIGHTS  OF  THE HOLDERS OF ANY BONDS, AS THE AUTHORITY AND SUCH
 PUBLIC CORPORATION MAY AGREE. ANY SUCH GIFT,  GRANT,  SALE,  CONVEYANCE,
 LEASE,  LOAN,  OR LICENSE SHALL NOT BE SUBJECT TO REFERENDUM, PERMISSIVE
 OR MANDATORY. IN THE EVENT THAT ANY PUBLIC  CORPORATION  GIVES,  GRANTS,
 SELLS,  CONVEYS,  LOANS, LICENSES, OR LEASES ANY OF THE COLLEGE OF SAINT
 ROSE FACILITIES TO THE AUTHORITY, SUCH PUBLIC CORPORATION  MAY  CONTRACT
 WITH THE AUTHORITY TO LEASE, BORROW, LICENSE, OPERATE, MAINTAIN, MANAGE,
 AND  PROVIDE SERVICES FOR SUCH FACILITIES UPON SUCH TERMS AND CONDITIONS
 AND FOR SUCH TERM OR TERMS OF YEARS, SUBJECT TO THE RIGHTS OF HOLDERS OF
 BONDS, AS THE AUTHORITY AND  SUCH  PUBLIC  CORPORATION  MAY  AGREE.  THE
 AUTHORITY,  IN  FURTHERANCE OF ANY PURCHASE, CONVEYANCE, OR LEASE OF ANY
 PROPERTY OR FACILITY FROM ANY PUBLIC CORPORATION, MAY ASSUME THE PRIMARY
 RESPONSIBILITY FOR THE PAYMENT OF THE  PRINCIPAL  AND  INTEREST  ON  ANY
 BONDS  OR  NOTES  ISSUED BY SUCH PUBLIC CORPORATION FOR SUCH PROPERTY OR
 FACILITY.  FOR PURPOSES OF SECTION 136.00 OF THE LOCAL FINANCE LAW,  ANY
 AGREEMENT  BY THE AUTHORITY TO ASSUME THE PRIMARY RESPONSIBILITY FOR THE
 PAYMENT OF THE PRINCIPAL AND INTEREST ON ANY BONDS OR  NOTES  ISSUED  BY
 ANY  SUCH  PUBLIC  CORPORATION  SHALL,  SO  LONG AS SUCH AGREEMENT SHALL
 CONTINUE TO BE HONORED BY THE AUTHORITY, CAUSE SUCH BONDS OR NOTES TO BE
 DEEMED TO HAVE BEEN REFUNDED AND ANY SUCH PUBLIC CORPORATION MAY  DEDUCT
 FROM  ITS GROSS INDEBTEDNESS ANY OUTSTANDING INDEBTEDNESS CONTRACTED FOR
 SUCH PROPERTY OR FACILITY TO BE ACQUIRED BY THE AUTHORITY.
   3. NOTWITHSTANDING THE PROVISIONS OF ANY OTHER LAW, GENERAL,  SPECIAL,
 OR  LOCAL, NO NON-HAZARDOUS SOLID WASTE, TOXIC, OR HAZARDOUS WASTE SITE,
 CENTER, CONSOLIDATED COLLECTION, OR TRANSFER AREA, SHALL BE  LOCATED  OR
 MAINTAINED  AT  THE  COLLEGE  OF SAINT ROSE FACILITIES OR LANDS ADJACENT
 THERETO THAT ARE USED IN SUPPORT OF THE COLLEGE OF SAINT ROSE OPERATIONS
 AS CONTAINED IN ANY LAYOUT PLAN IN EXISTENCE UPON THE EFFECTIVE DATE  OF
 THIS TITLE OR IN THE FUTURE.
   § 2676-E. TRANSFER  OF  OFFICERS AND EMPLOYEES.  1. IN ACCORDANCE WITH
 THE PROVISIONS OF SECTION SEVENTY OF THE CIVIL SERVICE LAW, ANY  OFFICER
 OR EMPLOYEE OF THE COUNTY, MAY, AT THE REQUEST OF THE AUTHORITY AND WITH
 THE CONSENT OF THE COUNTY EXECUTIVE, BE TRANSFERRED TO THE AUTHORITY AND
 SHALL  BE  ELIGIBLE  FOR  SUCH TRANSFER AND APPOINTMENT, WITHOUT FURTHER
 EXAMINATION, TO APPLICABLE OFFICES, POSITIONS, AND EMPLOYMENT UNDER  THE
 AUTHORITY. ANY SUCH OFFICERS OR EMPLOYEES SO TRANSFERRED TO THE AUTHORI-
 TY  PURSUANT  TO  THIS  SECTION, WHO ARE MEMBERS OF OR BENEFIT UNDER ANY
 PENSION OR RETIREMENT FUND OR SYSTEM UNDER THE LAWS OF THE STATE,  SHALL
 CONTINUE  TO  HAVE  ALL  RIGHTS, PRIVILEGES, OBLIGATIONS AND STATUS WITH
 RESPECT TO SUCH FUND OR SYSTEM AS ARE PRESCRIBED BY LAW, BUT DURING  THE
 PERIOD  OF  THEIR EMPLOYMENT BY THE AUTHORITY, ALL CONTRIBUTIONS TO SUCH
 FUNDS OR SYSTEMS TO BE PAID BY THE EMPLOYER ON ACCOUNT OF SUCH  OFFICERS
 OR EMPLOYEES SHALL BE PAID BY THE AUTHORITY.
   2. A TRANSFERRED EMPLOYEE SHALL REMAIN IN THE SAME COLLECTIVE BARGAIN-
 ING  UNIT  AS  WAS THE CASE PRIOR TO SUCH EMPLOYEE'S TRANSFER; SUCCESSOR
 EMPLOYEES TO THE POSITIONS HELD BY  SUCH  TRANSFERRED  EMPLOYEES  SHALL,
 CONSISTENT  WITH THE PROVISIONS OF ARTICLE FOURTEEN OF THE CIVIL SERVICE
 LAW, BE INCLUDED IN THE  SAME  UNIT  AS  SUCH  EMPLOYEE'S  PREDECESSORS.
 EMPLOYEES SERVING IN POSITIONS IN NEWLY CREATED TITLES SHALL BE ASSIGNED
 A. 10531                            7
 
 TO THE SAME COLLECTIVE BARGAINING UNIT AS SUCH EMPLOYEES WOULD HAVE BEEN
 ASSIGNED  TO  SUCH UNIT WERE SUCH TITLES CREATED PRIOR TO THE ESTABLISH-
 MENT OF  THE  AUTHORITY.  NOTHING  CONTAINED  IN  THIS  TITLE  SHALL  BE
 CONSTRUED  (A) TO DIMINISH THE RIGHTS OF EMPLOYEES PURSUANT TO A COLLEC-
 TIVE BARGAINING AGREEMENT; OR (B) TO AFFECT EXISTING LAW WITH RESPECT TO
 AN APPLICATION TO THE PUBLIC EMPLOYMENT RELATIONS BOARD SEEKING A DESIG-
 NATION BY THE BOARD THAT CERTAIN PERSONS ARE MANAGERIAL OR CONFIDENTIAL.
   § 2676-F. GENERAL PURPOSES AND POWERS OF THE AUTHORITY.   THE  GENERAL
 PURPOSES  OF  THE  AUTHORITY SHALL BE TO ACQUIRE, DESIGN, DEVELOP, PLAN,
 FINANCE, CREATE, SITE, CONSTRUCT, RENOVATE, ADMINISTER, OPERATE, MANAGE,
 MAINTAIN, AND DISPOSE OF THE COLLEGE OF SAINT ROSE FACILITIES. EXCEPT AS
 OTHERWISE LIMITED BY THIS TITLE, THE AUTHORITY SHALL HAVE POWER:
   1. TO SUE AND BE SUED;
   2. TO HAVE A SEAL AND ALTER THE SAME AT PLEASURE;
   3. TO BORROW MONEY AND ISSUE BONDS FOR ANY OF ITS  CORPORATE  PURPOSES
 OR ITS PROJECTS AND TO PROVIDE FOR THE RIGHTS OF THE HOLDERS THEREOF;
   4.  TO  MAKE  AND  ALTER  BY-LAWS  FOR ITS ORGANIZATION AND MANAGEMENT
 CONSISTENT WITH THE PROVISIONS OF THIS TITLE, AND, SUBJECT TO AGREEMENTS
 WITH ITS BONDHOLDERS, TO MAKE AND ALTER RULES AND REGULATIONS  GOVERNING
 THE  EXERCISE  OF  ITS  POWERS AND THE FULFILLMENT OF ITS PURPOSES UNDER
 THIS TITLE;
   5. TO ACQUIRE BY PURCHASE, GRANT, LEASE, GIFT,  OR  OTHERWISE  AND  TO
 HOLD  AND  USE PROPERTY NECESSARY, CONVENIENT, OR DESIRABLE TO CARRY OUT
 ITS CORPORATE PURPOSES, AND TO SELL, CONVEY,  MORTGAGE,  LEASE,  PLEDGE,
 EXCHANGE,  OR  OTHERWISE  DISPOSE OF ANY SUCH PROPERTY IN SUCH MANNER AS
 THE AUTHORITY SHALL DETERMINE;
   6. TO ACQUIRE, CONSTRUCT, RECONSTRUCT, LEASE, EXPAND,  IMPROVE,  MAIN-
 TAIN, EQUIP, FURNISH, OR OPERATE ONE OR MORE PROJECTS AND, IF NECESSARY,
 TO PAY OR FINANCE THE COST THEREOF;
   7.  TO ACCEPT GIFTS, GRANTS, LOANS, OR CONTRIBUTIONS OF FUNDS OR PROP-
 ERTY OR FINANCIAL OR  OTHER  AID  IN  ANY  FORM  FROM,  AND  ENTER  INTO
 CONTRACTS OR OTHER TRANSACTIONS WITH, THE FEDERAL GOVERNMENT, THE STATE,
 THE COUNTY OF ALBANY, OR ANY PUBLIC CORPORATION OR ANY OTHER SOURCE, AND
 TO  USE  ANY  SUCH GIFTS, GRANTS, LOANS, OR CONTRIBUTIONS FOR ANY OF ITS
 CORPORATE PURPOSES;
   8. TO GRANT OPTIONS TO RENEW ANY LEASE WITH RESPECT TO ANY PROJECT  OR
 PROJECTS  AND  TO  GRANT OPTIONS TO BUY ANY PROJECT AT SUCH PRICE AS THE
 AUTHORITY MAY DEEM DESIRABLE;
   9. TO DESIGNATE THE DEPOSITORIES OF ITS MONEY;
   10. TO ESTABLISH ITS FISCAL YEAR;
   11. TO ENTER INTO CONTRACTS, AGREEMENTS AND LEASES  WITH  THE  FEDERAL
 GOVERNMENT,  THE  STATE,  THE  COUNTY, ANY PERSON OR OTHER PUBLIC CORPO-
 RATION AND TO EXECUTE ALL INSTRUMENTS NECESSARY OR CONVENIENT TO  ACCOM-
 PLISHING ITS CORPORATE PURPOSES;
   12.  TO  APPOINT SUCH OFFICERS, EMPLOYEES, AND AGENTS AS THE AUTHORITY
 MAY REQUIRE FOR THE PERFORMANCE OF ITS DUTIES, AND TO FIX AND  DETERMINE
 THEIR QUALIFICATIONS, DUTIES, AND COMPENSATION SUBJECT TO THE PROVISIONS
 OF THE CIVIL SERVICE LAW AND ANY APPLICABLE COLLECTIVE BARGAINING AGREE-
 MENT,  AND TO RETAIN OR EMPLOY COUNSEL, AUDITORS, ENGINEERS, AND PRIVATE
 CONSULTANTS ON A CONTRACT BASIS OR OTHERWISE FOR RENDERING PROFESSIONAL,
 MANAGEMENT, OR TECHNICAL SERVICES AND ADVICE;
   13. WITH THE CONSENT  OF  THE  COUNTY  EXECUTIVE,  TO  USE  EMPLOYEES,
 AGENTS, CONSULTANTS, AND FACILITIES OF THE COUNTY, PAYING THE COUNTY ITS
 AGREED  PROPORTION  OF  THE COMPENSATION OR COSTS, AS WELL AS EMPLOYEES,
 AGENTS, CONSULTANTS OR FACILITIES OF THE ADVANCE ALBANY COUNTY  ALLIANCE
 WITH THE CONSENT OF SUCH ALLIANCE;
 A. 10531                            8

   14.  TO  MAKE AND ADOPT PLANS, SURVEYS, AND STUDIES NECESSARY, CONVEN-
 IENT, OR DESIRABLE TO THE EFFECTUATION OF THE PURPOSES AND POWERS OF THE
 AUTHORITY AND TO PREPARE RECOMMENDATIONS IN REGARD THERETO;
   15.  TO  ENTER UPON SUCH LANDS, WATERS, OR PREMISES AS IN THE JUDGMENT
 OF THE AUTHORITY MAY BE NECESSARY,  CONVENIENT,  OR  DESIRABLE  FOR  THE
 PURPOSE  OF  MAKING  SURVEYS,  SOUNDINGS,  BORINGS,  AND EXAMINATIONS TO
 ACCOMPLISH ANY PURPOSE AUTHORIZED BY THIS  TITLE,  THE  AUTHORITY  BEING
 LIABLE FOR ANY ACTUAL DAMAGE DONE;
   16.  TO  COVENANT AND CONSENT THAT THE INTEREST ON ANY OF ITS BONDS OR
 NOTES ISSUED PURSUANT TO THIS  TITLE  SHALL  BE  INCLUDABLE,  UNDER  THE
 UNITED  STATES  INTERNAL  REVENUE CODE OF 1986, AS AMENDED OR ANY SUBSE-
 QUENT CORRESPONDING INTERNAL REVENUE LAW OF THE UNITED STATES, IN  GROSS
 INCOME  OF  THE  HOLDERS OF THE BONDS OR NOTES TO THE SAME EXTENT AND IN
 THE SAME MANNER THAT THE INTEREST ON BILLS, BONDS, NOTES OR OTHER  OBLI-
 GATIONS  OF  THE  UNITED STATES IS INCLUDABLE IN THE GROSS INCOME OF THE
 HOLDERS THEREOF UNDER SUCH CODE OR ANY SUCH SUBSEQUENT LAW;
   17. TO INSURE OR PROVIDE FOR THE INSURANCE OF THE AUTHORITY'S PROPERTY
 OR OPERATIONS AS REQUIRED BY LAW AND ALSO AGAINST SUCH  OTHER  RISKS  AS
 THE AUTHORITY MAY DEEM ADVISABLE;
   18.   TO COLLECT REVENUES, DUES, COSTS, ASSESSMENTS, RENTALS, FEES AND
 OTHER CHARGES FOR THE USE OF REAL OR PERSONAL PROPERTY AND/OR FACILITIES
 OF THE AUTHORITY SUBJECT TO AND IN ACCORDANCE WITH SUCH AGREEMENTS  WITH
 BONDHOLDERS AS MAY BE PROVIDED IN THIS TITLE; AND
   19.  TO  DO  ALL  THINGS NECESSARY, CONVENIENT OR DESIRABLE, INCLUDING
 ANCILLARY AND INCIDENTAL ACTIVITIES, TO CARRY OUT ITS PURPOSES  AND  FOR
 THE EXERCISE OF THE POWERS GRANTED IN THIS TITLE.
   § 2676-G. BONDS  OF  THE  AUTHORITY.  1.  THE AUTHORITY SHALL HAVE THE
 POWER AND IS HEREBY AUTHORIZED FROM TIME TO TIME TO ISSUE  BONDS,  NOTES
 OR  OTHER  OBLIGATIONS  TO  PAY THE COST OF ANY PROJECT OR FOR ANY OTHER
 CORPORATE PURPOSE, INCLUDING THE ESTABLISHMENT OF RESERVES TO SECURE THE
 BONDS, THE PAYMENT OF PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THE
 BONDS AND THE PAYMENT OF INCIDENTAL EXPENSES  IN  CONNECTION  THEREWITH.
 THE  AGGREGATE  PRINCIPAL  AMOUNT  OF  SUCH BONDS, NOTES, OR OTHER OBLI-
 GATIONS ISSUED SHALL NOT EXCEED EIGHTY MILLION DOLLARS, EXCLUDING BONDS,
 NOTES, OR OTHER OBLIGATIONS ISSUED TO REFUND OR OTHERWISE  REPAY  BONDS,
 NOTES,  OR  OTHER  OBLIGATIONS  THERETOFORE  ISSUED  FOR  SUCH PURPOSES;
 PROVIDED, HOWEVER, THAT UPON ANY SUCH REFUNDING OR REPAYMENT  THE  TOTAL
 AGGREGATE  PRINCIPAL  AMOUNT OF OUTSTANDING BONDS, NOTES, OR OTHER OBLI-
 GATIONS MAY BE GREATER THAN EIGHTY MILLION DOLLARS ONLY IF  THE  PRESENT
 VALUE OF THE AGGREGATE DEBT SERVICE OF THE REFUNDING OR REPAYMENT BONDS,
 NOTES,  OR  OTHER  OBLIGATIONS TO BE ISSUED SHALL NOT EXCEED THE PRESENT
 VALUE OF THE AGGREGATE DEBT SERVICE OF THE BONDS, NOTES, OR OTHER  OBLI-
 GATIONS  SO  TO  BE REFUNDED OR REPAID. FOR PURPOSES HEREOF, THE PRESENT
 VALUES OF THE AGGREGATE DEBT  SERVICE  OF  THE  REFUNDING  OR  REPAYMENT
 BONDS,  NOTES, OR OTHER OBLIGATIONS AND OF THE AGGREGATE DEBT SERVICE OF
 THE BONDS, NOTES, OR OTHER OBLIGATIONS SO REFUNDED OR REPAID,  SHALL  BE
 CALCULATED  BY UTILIZING THE EFFECTIVE INTEREST RATE OF THE REFUNDING OR
 REPAYMENT BONDS, NOTES, OR OTHER OBLIGATIONS, WHICH SHALL BE  THAT  RATE
 ARRIVED  AT  BY DOUBLING THE SEMI-ANNUAL INTEREST RATE (COMPOUNDED SEMI-
 ANNUALLY) NECESSARY TO DISCOUNT THE DEBT SERVICE PAYMENTS ON THE REFUND-
 ING OR REPAYMENT BONDS, NOTES, OR OTHER  OBLIGATIONS  FROM  THE  PAYMENT
 DATES  THEREOF TO THE DATE OF ISSUE OF THE REFUNDING OR REPAYMENT BONDS,
 NOTES, OR OTHER OBLIGATIONS AND TO THE  PRICE  BID  INCLUDING  ESTIMATED
 ACCRUED  INTEREST  OR PROCEEDS RECEIVED BY THE AUTHORITY INCLUDING ESTI-
 MATED ACCRUED INTEREST FROM THE SALE THEREOF. THE AUTHORITY  SHALL  HAVE
 POWER AND IS HEREBY AUTHORIZED TO ENTER INTO SUCH AGREEMENTS AND PERFORM
 A. 10531                            9
 
 SUCH ACTS AS MAY BE REQUIRED UNDER ANY APPLICABLE FEDERAL LEGISLATION TO
 SECURE A FEDERAL GUARANTEE OF ANY BONDS.
   2. BONDS ISSUED BY THE AUTHORITY MAY BE GENERAL OBLIGATIONS SECURED BY
 FAITH  AND CREDIT OF THE AUTHORITY OR MAY BE SPECIAL OBLIGATIONS PAYABLE
 SOLELY OUT OF PARTICULAR REVENUES OR OTHER MONEYS AS MAY  BE  DESIGNATED
 IN  THE  PROCEEDINGS  OF  THE  AUTHORITY  UNDER WHICH THE BONDS SHALL BE
 AUTHORIZED TO BE ISSUED, SUBJECT AS TO PRIORITY ONLY TO  ANY  AGREEMENTS
 WITH  THE HOLDERS OF OUTSTANDING BONDS PLEDGING ANY PARTICULAR PROPERTY,
 REVENUES, OR MONEYS. THE AUTHORITY MAY ALSO ENTER INTO LOAN  AGREEMENTS,
 LINES  OF  CREDIT AND OTHER SECURITY AGREEMENTS AND OBTAIN FOR OR ON ITS
 BEHALF  LETTERS  OF  CREDIT,  INSURANCE,  GUARANTEES,  OR  OTHER  CREDIT
 ENHANCEMENTS  TO THE EXTENT NOW OR HEREAFTER AVAILABLE, IN EACH CASE FOR
 SECURING ITS BONDS OR TO PROVIDE DIRECT PAYMENT OF ANY COSTS  WHICH  THE
 AUTHORITY IS AUTHORIZED TO PAY.
   3. (A) BONDS SHALL BE AUTHORIZED BY RESOLUTION OF THE AUTHORITY, BE IN
 SUCH  DENOMINATIONS  AND BEAR SUCH DATE OR DATES AND MATURE AT SUCH TIME
 OR TIMES, AS SUCH  RESOLUTION  MAY  PROVIDE,  PROVIDED  THAT  BONDS  AND
 RENEWALS  THEREOF  SHALL  MATURE  WITHIN  FORTY  YEARS  FROM THE DATE OF
 ORIGINAL ISSUANCE OF ANY SUCH BONDS.
   (B) BONDS SHALL BE SUBJECT TO SUCH TERMS OF REDEMPTION, BEAR  INTEREST
 AT SUCH RATE OR RATES, BE PAYABLE AT SUCH TIMES, BE IN SUCH FORM, EITHER
 COUPON OR REGISTERED, CARRY SUCH REGISTRATION PRIVILEGES, BE EXECUTED IN
 SUCH MANNER, BE PAYABLE IN SUCH MEDIUM OF PAYMENT AT SUCH PLACE OR PLAC-
 ES,  AND  BE SUBJECT TO SUCH TERMS AND CONDITIONS AS SUCH RESOLUTION MAY
 PROVIDE. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, THE  BONDS  OF  THE
 AUTHORITY  ISSUED  PURSUANT  TO THIS SECTION SHALL BE SOLD TO THE BIDDER
 OFFERING THE LOWEST TRUE INTEREST COST, TAKING  INTO  CONSIDERATION  ANY
 PREMIUM  OR  DISCOUNT  NOT  LESS  THAN  FOUR NOR MORE THAN FIFTEEN DAYS,
 SUNDAYS EXCEPTED, AFTER A NOTICE OF SUCH  SALE  HAS  BEEN  PUBLISHED  AT
 LEAST  ONCE  IN A NEWSPAPER OF GENERAL CIRCULATION IN THE AREA SERVED BY
 THE AUTHORITY, WHICH SHALL STATE THE TERMS OF THE SALE. THE TERMS OF THE
 SALE SHALL NOT CHANGE UNLESS NOTICE OF SUCH CHANGE IS PUBLISHED IN  SUCH
 NEWSPAPER AT LEAST ONE DAY PRIOR TO THE DATE OF THE SALE AS SET FORTH IN
 THE ORIGINAL NOTICE OF SALE. ADVERTISEMENTS SHALL CONTAIN A PROVISION TO
 THE  EFFECT THAT THE AUTHORITY, IN ITS DISCRETION, MAY REJECT ANY OR ALL
 BIDS MADE IN PURSUANCE OF SUCH ADVERTISEMENTS, AND IN THE EVENT OF  SUCH
 REJECTION,  THE AUTHORITY IS AUTHORIZED TO NEGOTIATE A PRIVATE OR PUBLIC
 SALE OR READVERTISE FOR BIDS IN THE FORM AND MANNER ABOVE  DESCRIBED  AS
 MANY  TIMES AS, IN ITS JUDGMENT, MAY BE NECESSARY TO EFFECT SATISFACTORY
 SALE.
   (C) NOTWITHSTANDING PARAGRAPH (B) OF THIS SUBDIVISION, WHENEVER IN THE
 JUDGMENT OF THE AUTHORITY THE INTERESTS OF THE AUTHORITY WILL BE  SERVED
 THEREBY,  THE MEMBERS OF THE AUTHORITY, ON THE WRITTEN RECOMMENDATION OF
 THE CHAIRPERSON, MAY AUTHORIZE THE SALE OF  SUCH  BONDS  AT  PRIVATE  OR
 PUBLIC  SALE ON A NEGOTIATED BASIS OR ON EITHER A COMPETITIVE OR NEGOTI-
 ATED BASIS. THE AUTHORITY SHALL SET GUIDELINES GOVERNING THE  TERMS  AND
 CONDITIONS  OF  ANY SUCH PRIVATE OR PUBLIC SALES.  THE PRIVATE OR PUBLIC
 BOND SALE GUIDELINES SET BY THE AUTHORITY  SHALL  INCLUDE,  BUT  NOT  BE
 LIMITED TO, A REQUIREMENT THAT WHERE THE INTERESTS OF THE AUTHORITY WILL
 BE  SERVED  BY  A  PRIVATE  OR PUBLIC SALE OF BONDS, THE AUTHORITY SHALL
 SELECT UNDERWRITERS FOR EACH  PRIVATE  OR  PUBLIC  BOND  SALE  CONDUCTED
 PURSUANT  TO  A  REQUEST  FOR  PROPOSAL  PROCESS  AND  CONSIDERATION  OF
 PROPOSALS FROM QUALIFIED UNDERWRITERS TAKING INTO ACCOUNT,  AMONG  OTHER
 THINGS,  QUALIFICATIONS  OF UNDERWRITERS AS TO EXPERIENCE, THEIR ABILITY
 TO STRUCTURE AND SELL AUTHORITY BOND ISSUES, ANTICIPATED  COSTS  TO  THE
 AUTHORITY,  THE PRIOR EXPERIENCE OF THE AUTHORITY WITH THE FIRM, IF ANY,
 A. 10531                           10
 
 THE CAPITALIZATION OF SUCH FIRMS, PARTICIPATION  OF  QUALIFIED  MINORITY
 AND  WOMEN-OWNED  BUSINESS  ENTERPRISE  FIRMS  IN SUCH PRIVATE OR PUBLIC
 SALES OF BONDS OF THE AUTHORITY AND THE EXPERIENCE AND ABILITY OF  FIRMS
 UNDER  CONSIDERATION  TO  WORK  WITH  MINORITY  AND WOMEN-OWNED BUSINESS
 ENTERPRISES SO AS TO PROMOTE AND ASSIST  PARTICIPATION  BY  SUCH  ENTER-
 PRISES.
   (D) THE AUTHORITY SHALL HAVE THE POWER FROM TIME TO TIME TO AMEND SUCH
 PRIVATE  BOND  SALE GUIDELINES IN ACCORDANCE WITH THE PROVISIONS OF THIS
 SUBDIVISION.
   (E) NO PRIVATE OR PUBLIC BOND SALE ON  A  NEGOTIATED  BASIS  SHALL  BE
 CONDUCTED  BY  THE  AUTHORITY  WITHOUT PRIOR APPROVAL OF THE STATE COMP-
 TROLLER AND THE COUNTY COMPTROLLER. THE AUTHORITY SHALL ANNUALLY PREPARE
 AND APPROVE A BOND SALE REPORT WHICH SHALL INCLUDE THE PRIVATE OR PUBLIC
 BOND SALE GUIDELINES AS SPECIFIED IN  THIS  SUBDIVISION,  AMENDMENTS  TO
 SUCH  GUIDELINES  SINCE  THE LAST PRIVATE OR PUBLIC BOND SALE REPORT, AN
 EXPLANATION OF THE BOND SALE GUIDELINES AND AMENDMENTS, AND THE  RESULTS
 OF  ANY  SALE  OF BONDS CONDUCTED DURING THE FISCAL YEAR. SUCH BOND SALE
 REPORT MAY BE A PART OF ANY OTHER ANNUAL REPORT THAT  THE  AUTHORITY  IS
 REQUIRED TO MAKE.
   (F)  THE  AUTHORITY  SHALL ANNUALLY SUBMIT ITS BOND SALE REPORT TO THE
 STATE COMPTROLLER AND THE COUNTY COMPTROLLER AND COPIES THEREOF  TO  THE
 SENATE FINANCE COMMITTEE AND THE ASSEMBLY WAYS AND MEANS COMMITTEE.
   (G)  THE  AUTHORITY  SHALL  MAKE AVAILABLE TO THE PUBLIC COPIES OF ITS
 BOND SALE REPORT UPON REASONABLE REQUEST THEREOF.
   (H) NOTHING CONTAINED IN THIS SUBDIVISION SHALL BE  DEEMED  TO  ALTER,
 AFFECT  THE  VALIDITY  OF, MODIFY THE TERMS OF OR IMPAIR ANY CONTRACT OR
 AGREEMENT MADE OR ENTERED INTO IN VIOLATION OF,  OR  WITHOUT  COMPLIANCE
 WITH, THE PROVISIONS OF THIS SUBDIVISION.
   4.  ANY  RESOLUTION  OR  RESOLUTIONS AUTHORIZING BONDS OR ANY ISSUE OF
 BONDS MAY CONTAIN PROVISIONS WHICH MAY BE A PART OF  THE  CONTRACT  WITH
 THE HOLDERS OF THE BONDS THEREBY AUTHORIZED AS TO:
   (A)  PLEDGING ALL OR PART OF THE REVENUES, OTHER MONIES OR PROPERTY OF
 THE AUTHORITY TO SECURE THE PAYMENT OF THE BONDS, OR ANY COSTS OF  ISSU-
 ANCE  THEREOF,  INCLUDING BUT NOT LIMITED TO ANY CONTRACTS, EARNINGS, OR
 PROCEEDS OF ANY GRANT TO THE AUTHORITY  RECEIVED  FROM  ANY  PRIVATE  OR
 PUBLIC  SOURCE  SUBJECT TO SUCH AGREEMENTS WITH BOND HOLDERS AS MAY THEN
 EXIST;
   (B) THE SETTING ASIDE OF RESERVES AND THE CREATION  OF  SINKING  FUNDS
 AND THE REGULATION AND DISPOSITION THEREOF;
   (C)  LIMITATIONS ON THE PURPOSE TO WHICH THE PROCEEDS FROM THE SALE OF
 BONDS MAY BE APPLIED;
   (D) THE RATES,  RENTS,  FEES,  AND  OTHER  CHARGES  TO  BE  FIXED  AND
 COLLECTED  BY  THE  AUTHORITY  AND  THE AMOUNT TO BE RAISED IN EACH YEAR
 THEREBY AND THE USE AND DISPOSITION OF REVENUES;
   (E) LIMITATIONS ON THE RIGHT OF THE AUTHORITY TO RESTRICT AND REGULATE
 THE USE OF THE PROJECT OR PART THEREOF IN CONNECTION  WITH  WHICH  BONDS
 ARE ISSUED;
   (F)  LIMITATIONS  ON  THE ISSUANCE OF ADDITIONAL BONDS, THE TERMS UPON
 WHICH ADDITIONAL BONDS MAY BE ISSUED AND SECURED AND  THE  REFUNDING  OF
 OUTSTANDING OR OTHER BONDS;
   (G)  THE  PROCEDURE,  IF  ANY, BY WHICH THE TERMS OF ANY CONTRACT WITH
 BOND HOLDERS SHALL BE AMENDED OR ABROGATED,  THE  AMOUNT  OF  BONDS  THE
 HOLDERS  OF  WHICH  SHALL  CONSENT THERETO, AND THE MANNER IN WHICH SUCH
 CONSENT SHALL BE GIVEN;
   (H) THE CREATION OF SPECIAL FUNDS INTO WHICH ANY  REVENUES  OR  MONIES
 SHALL BE DEPOSITED;
 A. 10531                           11

   (I) THE TERMS AND PROVISIONS OF ANY TRUST, MORTGAGE, DEED OR INDENTURE
 SECURING THE BONDS UNDER WHICH THE BOND SHALL BE ISSUED;
   (J)  VESTING IN A TRUSTEE OR TRUSTEES SUCH PROPERTIES, 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  TRUSTEES  APPOINTED  BY
 THE BOND HOLDERS TO APPOINT A TRUSTEE PURSUANT TO THIS TITLE OR LIMITING
 THE RIGHTS, DUTIES, AND POWERS OF SUCH TRUSTEE;
   (K)  DEFINING  THE  ACTS  OR OMISSIONS TO ACT WHICH SHALL CONSTITUTE A
 DEFAULT IN THE OBLIGATIONS AND DUTIES OF THE AUTHORITY TO THE BOND HOLD-
 ERS AND PROVIDING FOR THE RIGHTS AND REMEDIES OF THE BOND HOLDERS IN THE
 EVENT OF SUCH DEFAULT, INCLUDING AS A MATTER OF RIGHT APPOINTMENT  OF  A
 RECEIVER,  PROVIDED, HOWEVER, THAT SUCH RIGHTS AND REMEDIES SHALL NOT BE
 INCONSISTENT WITH THE GENERAL LAWS OF THE STATE AND OTHER PROVISIONS  OF
 THIS TITLE;
   (L)  LIMITATIONS  ON  THE  POWER OF THE AUTHORITY TO SELL OR OTHERWISE
 DISPOSE OF ANY PROJECT OR ANY PART THEREOF;
   (M) LIMITATIONS ON THE AMOUNT OF  REVENUES  AND  OTHER  MONIES  TO  BE
 EXPENDED FOR OPERATING, ADMINISTRATIVE OR OTHER EXPENSES OF THE AUTHORI-
 TY;
   (N)  THE  PAYMENT OF THE PROCEEDS OF BONDS, REVENUES, AND OTHER MONIES
 TO A TRUSTEE OR OTHER DEPOSITORY, AND FOR  THE  METHOD  OF  DISBURSEMENT
 THEREOF  WITH  SUCH  SAFEGUARDS  AND  RESTRICTIONS  AS THE AUTHORITY MAY
 DETERMINE; AND
   (O) ANY OTHER MATTERS OF LIKE OR DIFFERENT CHARACTER WHICH IN ANY  WAY
 AFFECT  THE  SECURITY OR PROTECTION OF THE BONDS OR THE RIGHTS AND REME-
 DIES OF BONDHOLDERS.
   5. IN ADDITION TO THE POWERS CONFERRED UPON THE  AUTHORITY  TO  SECURE
 ITS  BONDS  UNDER  THIS  SECTION,  THE  AUTHORITY  SHALL  HAVE  POWER IN
 CONNECTION WITH THE ISSUANCE OF BONDS TO  ADOPT  RESOLUTIONS  AND  ENTER
 INTO  SUCH  TRUST  INDENTURES,  AGREEMENTS  OR  OTHER INSTRUMENTS AS THE
 AUTHORITY MAY DEEM NECESSARY, CONVENIENT OR DESIRABLE CONCERNING THE USE
 OR DISPOSITION OF ITS REVENUES OR OTHER MONIES  OR  PROPERTY,  INCLUDING
 THE MORTGAGING OF ANY PROPERTY AND THE ENTRUSTING, PLEDGING, OR CREATION
 OF ANY OTHER SECURITY INTEREST IN ANY SUCH REVENUES, MONIES, OR PROPERTY
 AND  THE DOING OF ANY ACT, INCLUDING REFRAINING FROM DOING ANY ACT WHICH
 THE AUTHORITY WOULD HAVE THE RIGHT TO DO IN THE ABSENCE OF  SUCH  RESOL-
 UTIONS, TRUST INDENTURES, AGREEMENTS, OR OTHER INSTRUMENTS. THE AUTHORI-
 TY  SHALL  HAVE  POWER TO ENTER INTO AMENDMENTS OF ANY SUCH RESOLUTIONS,
 TRUST INDENTURES, AGREEMENTS, OR OTHER INSTRUMENTS.  THE  PROVISIONS  OF
 ANY SUCH RESOLUTIONS, TRUST INDENTURES, AGREEMENTS, OR OTHER INSTRUMENTS
 MAY  BE  MADE  A  PART  OF THE CONTRACT WITH THE HOLDERS OF BONDS OF THE
 AUTHORITY.
   6. NOTWITHSTANDING ANY PROVISION OF THE UNIFORM COMMERCIAL CODE TO THE
 CONTRARY, ANY PLEDGE OF OR OTHER SECURITY INTEREST IN REVENUES,  MONIES,
 ACCOUNTS,  CONTRACT RIGHTS, GENERAL INTANGIBLES, OR OTHER PERSONAL PROP-
 ERTY MADE OR CREATED BY THE  AUTHORITY  SHALL  BE  VALID,  BINDING,  AND
 PERFECTED  FROM  THE  TIME  WHEN  SUCH  PLEDGE IS MADE OR OTHER SECURITY
 INTEREST ATTACHES WITHOUT ANY PHYSICAL DELIVERY  OF  THE  COLLATERAL  OR
 FURTHER  ACT, AND THE LIEN OF ANY SUCH PLEDGE OR OTHER SECURITY INTEREST
 SHALL BE VALID, BINDING, AND PERFECTED AGAINST ALL PARTIES HAVING CLAIMS
 OF ANY KIND IN TORT, CONTRACT, OR OTHERWISE AGAINST THE AUTHORITY  IRRE-
 SPECTIVE  OF WHETHER OR NOT SUCH PARTIES HAVE NOTICE THEREOF. NO INSTRU-
 MENT BY WHICH SUCH A PLEDGE OR SECURITY INTEREST  IS  CREATED,  NOR  ANY
 FINANCING STATEMENT NEED BE RECORDED OR FILED.
   7.  REGARDLESS  OF WHETHER THE BONDS ARE OF SUCH FORM AND CHARACTER AS
 TO BE NEGOTIABLE INSTRUMENTS UNDER THE TERMS OF THE  UNIFORM  COMMERCIAL
 A. 10531                           12
 
 CODE,  THE BONDS ARE HEREBY MADE NEGOTIABLE INSTRUMENTS WITHIN THE MEAN-
 ING OF AND FOR ALL THE PURPOSES OF THE UNIFORM COMMERCIAL CODE,  SUBJECT
 ONLY TO THE PROVISIONS OF THE BONDS FOR REGISTRATION.
   8.  NEITHER  THE MEMBERS OF THE AUTHORITY NOR ANY PERSON EXECUTING ITS
 BONDS SHALL BE LIABLE PERSONALLY ON ITS  BONDS  OR  BE  SUBJECT  TO  ANY
 PERSONAL LIABILITY OR ACCOUNTABILITY BY REASON OF THE ISSUANCE THEREOF.
   9.  SUBJECT TO SUCH AGREEMENTS WITH BONDHOLDERS AS MAY THEN EXIST, THE
 AUTHORITY SHALL HAVE POWER  OUT  OF  ANY  FUNDS  AVAILABLE  THEREFOR  TO
 PURCHASE  BONDS OF THE AUTHORITY, WHICH SHALL THEREUPON BE CANCELLED, AT
 A PRICE NOT EXCEEDING (A) IF THE BONDS ARE THEN REDEEMABLE, THE  REDEMP-
 TION  PRICE  THEN  APPLICABLE PLUS ACCRUED INTEREST TO THE NEXT INTEREST
 PAYMENT DATE; OR (B) IF THE BONDS ARE NOT THEN REDEEMABLE,  THE  REDEMP-
 TION  PRICE  APPLICABLE ON THE FIRST DATE AFTER SUCH PURCHASE UPON WHICH
 THE BONDS BECOME SUBJECT TO REDEMPTION PLUS ACCRUED INTEREST TO THE NEXT
 INTEREST PAYMENT DATE. BONDS SO PURCHASED SHALL THEREUPON BE CANCELLED.
   § 2676-H. REMEDIES OF BONDHOLDERS. SUBJECT TO ANY RESOLUTION OR RESOL-
 UTIONS ADOPTED PURSUANT TO THIS TITLE:
   1. IN THE EVENT THAT THE AUTHORITY SHALL DEFAULT  IN  THE  PAYMENT  OF
 PRINCIPAL  OR  OF  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 PRIN-
 CIPAL 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  ACKNOWL-
 EDGED IN THE SAME MANNER AS A DEED TO BE RECORDED, MAY APPOINT A TRUSTEE
 TO  REPRESENT  THE  HOLDERS OF SUCH BONDS FOR THE PURPOSE PROVIDED UNDER
 THIS SECTION.
   2. SUCH TRUSTEE MAY, AND UPON WRITTEN REQUEST OF THE HOLDERS OF  TWEN-
 TY-FIVE  PER CENTUM IN PRINCIPAL AMOUNT OF SUCH BONDS OUTSTANDING SHALL,
 IN SUCH TRUSTEE'S OWN NAME:
   (A) BY ACTION OR PROCEEDING IN ACCORDANCE WITH THE CIVIL PRACTICE  LAW
 AND RULES, ENFORCE ALL RIGHTS OF THE BONDHOLDERS, INCLUDING THE RIGHT TO
 REQUIRE  THE  AUTHORITY  TO  COLLECT  RENTS,  RATES,  FEES,  AND CHARGES
 ADEQUATE TO CARRY OUT ANY AGREEMENT AS TO, OR  PLEDGE  OF,  SUCH  RENTS,
 RATES,  FEES,  AND CHARGES AND TO REQUIRE THE AUTHORITY TO CARRY OUT ANY
 OTHER AGREEMENTS WITH THE HOLDERS OF SUCH BONDS TO  PERFORM  ITS  DUTIES
 UNDER THIS TITLE;
   (B) BRING AN ACTION OR PROCEEDING UPON SUCH BONDS;
   (C) BY ACTION OR PROCEEDING, 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 PROCEEDING, ENJOIN ANY ACTS OR THINGS WHICH MAY BE
 UNLAWFUL OR IN VIOLATION OF THE RIGHTS OF THE HOLDERS OF SUCH BONDS; AND
   (E) DECLARE ALL SUCH BONDS DUE AND PAYABLE, AND IF ALL DEFAULTS  SHALL
 BE  MADE  GOOD,  THEN WITH THE CONSENT OF THE HOLDERS OF THE 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 PROVISIONS OF SUBDIVISIONS
 ONE AND TWO OF THIS SECTION, HAVE AND POSSESS ALL OF THE  POWERS  NECES-
 SARY  OR  APPROPRIATE FOR THE EXERCISE OF ANY FUNCTIONS SPECIFICALLY SET
 FORTH UNDER THIS SECTION OR INCIDENT TO THE  GENERAL  REPRESENTATION  OF
 BOND HOLDERS IN THE ENFORCEMENT AND PROTECTION OF THEIR RIGHTS.
 A. 10531                           13
 
   4. THE SUPREME COURT SHALL HAVE JURISDICTION OF ANY ACTION OR PROCEED-
 ING BY THE TRUSTEE ON BEHALF OF SUCH BOND HOLDERS. THE VENUE OF ANY SUCH
 ACTION OR PROCEEDING SHALL BE LAID IN THE COUNTY.
   5. BEFORE DECLARING THE PRINCIPAL OF BONDS DUE AND PAYABLE THE TRUSTEE
 SHALL FIRST GIVE THIRTY DAYS NOTICE IN WRITING TO THE AUTHORITY.
   6. (A) ANY SUCH TRUSTEE, WHETHER OR NOT THE ISSUE OF BONDS REPRESENTED
 BY  SUCH TRUSTEE HAS BEEN DECLARED DUE AND PAYABLE, SHALL BE ENTITLED AS
 OF RIGHT TO THE APPOINTMENT OF ANY RECEIVER OF ANY PART OR PARTS OF  THE
 PROJECT,  THE REVENUES OF WHICH ARE PLEDGED FOR THE SECURITY OF BONDS OF
 SUCH ISSUE, AND SUCH RECEIVER MAY ENTER AND TAKE POSSESSION OF SUCH PART
 OR PARTS OF THE PROJECT AND, SUBJECT TO ANY PLEDGE OR AGREEMENT WITH THE
 HOLDERS OF SUCH BONDS, SHALL TAKE POSSESSION OF  ALL  MONIES  AND  OTHER
 PROPERTY DERIVED FROM SUCH PART OR PARTS OF THE PROJECT AND PROCEED WITH
 ANY  CONSTRUCTION  THEREON  OR  THE ACQUISITION OF ANY PROPERTY, REAL OR
 PERSONAL, IN CONNECTION THEREWITH THAT THE AUTHORITY IS UNDER OBLIGATION
 TO DO, AND OPERATE, MAINTAIN, AND RECONSTRUCT SUCH PART OR PARTS OF  THE
 PROJECT  AND  COLLECT  AND RECEIVE ALL REVENUES THEREAFTER ARISING THERE
 FROM SUBJECT TO ANY PLEDGE OR AGREEMENT WITH BOND HOLDERS RELATING THER-
 ETO AND PERFORM THE PUBLIC DUTIES AND CARRY OUT THE AGREEMENTS AND OBLI-
 GATIONS OF THE AUTHORITY UNDER THE DIRECTION OF THE COURT.
   (B) IN ANY SUIT, ACTION OR PROCEEDING BY THE TRUSTEE, THE FEES,  COUN-
 CIL FEES, AND EXPENSES OF THE TRUSTEE AND OF THE RECEIVER, IF ANY, SHALL
 CONSTITUTE TAXABLE DISBURSEMENTS AND ALL COSTS AND DISBURSEMENTS ALLOWED
 BY  THE  COURT  SHALL BE A FIRST CHARGE ON ANY REVENUES DERIVED FROM THE
 PROJECT.
   § 2676-I. STATE AND COUNTY NOT LIABLE ON AUTHORITY BONDS. NEITHER  THE
 STATE,  THE  COUNTY,  NOR  THE  CITY SHALL BE LIABLE ON THE BONDS OF THE
 AUTHORITY AND SUCH BONDS SHALL NOT BE A DEBT OF THE STATE, THE COUNTY OR
 THE CITY, AND SUCH BONDS SHALL CONTAIN ON THE FACE THEREOF  A  STATEMENT
 TO SUCH EFFECT.
   §  2676-J.  MONIES  OF THE AUTHORITY. ALL MONIES OF THE AUTHORITY FROM
 WHATEVER SOURCE DERIVED SHALL BE PAID TO THE TREASURER OF THE  AUTHORITY
 AND  SHALL  BE  DEPOSITED FORTHWITH IN A BANK OR BANKS DESIGNATED BY THE
 AUTHORITY. THE MONIES IN SUCH ACCOUNTS SHALL BE PAID OUT ON CHECK OF THE
 TREASURER UPON REQUISITION BY SUCH PERSON OR PERSONS  AS  THE  AUTHORITY
 MAY  AUTHORIZE  TO  MAKE  SUCH REQUISITIONS. ALL DEPOSITS OF SUCH MONIES
 SHALL BE SECURED BY OBLIGATIONS OF THE UNITED STATES OR OF THE STATE  OR
 OF  ANY  MUNICIPALITY OF A MARKET VALUE EQUAL AT ALL TIMES TO THE AMOUNT
 ON DEPOSIT, AND ALL BANKS AND TRUST COMPANIES  SHALL  BE  AUTHORIZED  TO
 GIVE  SUCH  SECURITY  FOR  SUCH  DEPOSITS.  TO  THE  EXTENT PRACTICABLE,
 CONSISTENT WITH THE CASH REQUIREMENTS OF THE AUTHORITY, ALL SUCH  MONIES
 SHALL  BE  DEPOSITED  IN  INTEREST BEARING ACCOUNTS. THE AUTHORITY SHALL
 HAVE POWER, NOTWITHSTANDING THE PROVISIONS OF THIS SECTION, TO  CONTRACT
 WITH  THE  HOLDERS OF ANY BONDS AS TO THE CUSTODY, COLLECTION, SECURITY,
 INVESTMENT AND PAYMENT OF ANY MONIES OF THE AUTHORITY OR ANY MONIES HELD
 IN TRUST OR OTHERWISE FOR THE PAYMENT OF BONDS  OR  ANY  WAY  TO  SECURE
 BONDS,  AND  CARRY  OUT  ANY  SUCH  CONTRACT  NOTWITHSTANDING  THAT SUCH
 CONTRACT MAY BE INCONSISTENT WITH THE PROVISIONS OF THIS SECTION. MONIES
 HELD IN TRUST OR OTHERWISE FOR THE PAYMENT OF BONDS OR  IN  ANY  WAY  TO
 SECURE  BONDS  AND  DEPOSITS  OF  SUCH MONIES MAY BE SECURED IN THE SAME
 MANNER AS MONIES OF THE AUTHORITY AND ALL BANKS AND TRUST COMPANIES  ARE
 AUTHORIZED  TO  GIVE  SUCH SECURITY FOR SUCH DEPOSITS. ANY MONIES OF THE
 AUTHORITY NOT REQUIRED FOR IMMEDIATE USE OR  DISBURSEMENT  MAY,  AT  THE
 DISCRETION  OF THE AUTHORITY, BE INVESTED IN THOSE OBLIGATIONS SPECIFIED
 PURSUANT TO THE PROVISION OF SECTION NINETY-EIGHT-A OF THE STATE FINANCE
 LAW. SUBJECT TO THE PROVISIONS OF ANY CONTRACT  WITH  BOND  HOLDERS  AND
 A. 10531                           14

 WITH  THE  APPROVAL  OF  THE  STATE  COMPTROLLER,  THE  AUTHORITY  SHALL
 PRESCRIBE A SYSTEM OF ACCOUNTS.
   §  2676-K.  BONDS  LEGAL  INVESTMENT FOR FIDUCIARIES. THE BONDS OF THE
 AUTHORITY ARE HEREBY MADE SECURITIES IN WHICH ALL  PUBLIC  OFFICERS  AND
 BODIES  OF THE STATE AND ALL MUNICIPALITIES, 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 BANKING BUSINESS,
 AND ADMINISTRATORS, GUARDIANS, EXECUTORS, TRUSTEES AND  OTHER  FIDUCIAR-
 IES,  AND  ALL OTHER PERSONS WHATSOEVER, WHO ARE UPON THE EFFECTIVE DATE
 OF THIS TITLE, OR THEREAFTER, 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. NOTWITHSTANDING OTHER
 PROVISIONS OF LAW, THE BONDS ARE ALSO HEREBY MADE SECURITIES  WHICH  MAY
 BE  DEPOSITED WITH AND MAY BE RECEIVED BY ALL PUBLIC OFFICERS AND BODIES
 OF THE STATE AND ALL MUNICIPALITIES  FOR  ANY  PURPOSES  FOR  WHICH  THE
 DEPOSIT  OF  BONDS OR OTHER OBLIGATIONS OF THIS STATE IS UPON THE EFFEC-
 TIVE DATE OF THIS TITLE, OR THEREAFTER AUTHORIZED.
   § 2676-L. AGREEMENT WITH STATE. THE STATE DOES HEREBY  PLEDGE  TO  AND
 AGREE  WITH THE HOLDERS OF ANY BONDS ISSUED BY THE AUTHORITY PURSUANT TO
 THIS TITLE AND WITH THOSE PERSONS OR PUBLIC CORPORATIONS WHO  MAY  ENTER
 INTO  CONTRACTS  WITH  THE  AUTHORITY PURSUANT TO THE PROVISIONS OF THIS
 TITLE THAT THE STATE WILL NOT ALTER, LIMIT OR IMPAIR THE  RIGHTS  HEREBY
 VESTED  IN  THE AUTHORITY TO PURCHASE, CONSTRUCT, OWN AND OPERATE, MAIN-
 TAIN, REPAIR, IMPROVE,  RECONSTRUCT,  RENOVATE,  REHABILITATE,  ENLARGE,
 INCREASE  AND  EXTEND,  OR  DISPOSE OF ANY PROJECT, OR ANY PART OR PARTS
 THEREOF FOR WHICH BONDS OF THE AUTHORITY  SHALL  HAVE  BEEN  ISSUED,  TO
 ESTABLISH  AND COLLECT RATES, RENTS, FEES, AND OTHER CHARGES REFERRED TO
 IN THIS TITLE, TO FULFILL THE TERMS OF ANY CONTRACTS OR AGREEMENTS  MADE
 WITH  OR  FOR  THE BENEFIT OF THE HOLDERS OF BONDS OR WITH ANY PERSON OR
 PUBLIC CORPORATION WITH REFERENCE TO SUCH PROJECT OR PART THEREOF, OR IN
 ANY WAY TO IMPAIR THE RIGHTS AND REMEDIES OF THE HOLDERS OF BONDS, UNTIL
 THE BONDS, TOGETHER WITH INTEREST THEREON,  INCLUDING  INTEREST  ON  ANY
 UNPAID   INSTALLMENTS  OF  INTEREST,  AND  ALL  COSTS  AND  EXPENSES  IN
 CONNECTION WITH ANY ACTION OR PROCEEDING BY OR ON BEHALF OF THE  HOLDERS
 OF  BONDS,  ARE  FULLY  MET  AND DISCHARGED AND SUCH CONTRACTS ARE FULLY
 PERFORMED ON THE PART OF THE AUTHORITY. THE AUTHORITY IS  AUTHORIZED  TO
 INCLUDE THIS PLEDGE AND AGREEMENT OF THE STATE IN ANY AGREEMENT WITH THE
 HOLDERS OF BONDS.
   § 2676-M. AGREEMENT WITH COUNTY. THE COUNTY IS AUTHORIZED TO PLEDGE TO
 AND AGREE WITH THE HOLDERS OF ANY BONDS ISSUED BY THE AUTHORITY PURSUANT
 TO  THIS  TITLE  AND  WITH  THOSE PERSONS OR PUBLIC CORPORATIONS WHO MAY
 ENTER INTO CONTRACTS WITH THE AUTHORITY PURSUANT TO  THE  PROVISIONS  OF
 THIS  TITLE  THAT  THE COUNTY WILL NOT ALTER, LIMIT OR IMPAIR THE RIGHTS
 HEREBY VESTED IN THE AUTHORITY TO PURCHASE, CONSTRUCT, OWN AND  OPERATE,
 MAINTAIN, REPAIR, IMPROVE, RECONSTRUCT, RENOVATE, REHABILITATE, ENLARGE,
 INCREASE  AND  EXTEND,  OR  DISPOSE OF ANY PROJECT, OR ANY PART OR PARTS
 THEREOF, FOR WHICH BONDS OF THE AUTHORITY SHALL  HAVE  BEEN  ISSUED,  TO
 ESTABLISH  AND  COLLECT RATES, RENTS, FEES AND OTHER CHARGES REFERRED TO
 IN THIS TITLE, TO FULFILL THE TERMS OF  ANY  AGREEMENTS  MADE  WITH  THE
 HOLDERS  OF  THE  BONDS  OR  WITH  ANY PUBLIC CORPORATION OR PERSON WITH
 REFERENCE TO SUCH PROJECT OR PART THEREOF, OR  IN  ANY  WAY  IMPAIR  THE
 RIGHTS  AND  REMEDIES OF THE HOLDERS OF BONDS, UNTIL THE BONDS, TOGETHER
 WITH INTEREST THEREON, INCLUDING INTEREST ON ANY UNPAID INSTALLMENTS  OF
 INTEREST,  AND  ALL  COST  AND EXPENSES IN CONNECTION WITH ANY ACTION OR
 A. 10531                           15
 
 PROCEEDING BY OR ON BEHALF OF THE HOLDERS OF BONDS, ARE  FULLY  MET  AND
 DISCHARGED  AND  SUCH  CONTRACTS  ARE FULLY PERFORMED ON THE PART OF THE
 AUTHORITY.
   §  2676-N.  EXEMPTION FROM TAXES, ASSESSMENTS AND CERTAIN FEES. 1. THE
 AUTHORITY SHALL NOT BE REQUIRED TO PAY ANY FEES, TAXES, SPECIAL AD VALO-
 REM LEVIES, OR ASSESSMENTS, WHETHER STATE OR LOCAL,  INCLUDING  BUT  NOT
 LIMITED  TO  FEES,  TAXES,  SPECIAL AD VALOREM LEVIES, OR ASSESSMENTS ON
 REAL PROPERTY, FRANCHISE TAXES, SALES TAXES, OR OTHER EXCISE TAXES, UPON
 ANY PROPERTY OWNED BY IT OR UNDER ITS JURISDICTION,  CONTROL  OR  SUPER-
 VISION,  OR  UPON THE USES THEREOF, OR UPON ITS ACTIVITIES IN THE OPERA-
 TION AND MAINTENANCE OF ITS FACILITIES OR ANY RENTALS,  RATES,  CHARGES,
 FEES, REVENUES, OR OTHER INCOME RECEIVED BY THE AUTHORITY. NOTWITHSTAND-
 ING  THE PREVIOUS SENTENCE, THE AUTHORITY SHALL BE REQUIRED TO PAY WATER
 AND PURE WATER FEES OR CHARGES AS MAY BE NEGOTIATED BY ANY PUBLIC CORPO-
 RATION. THE AUTHORITY SHALL AT ALL TIMES  BE  EXEMPT  FROM  ANY  FILING,
 MORTGAGE RECORDING, OR TRANSFER FEES OR TAXES IN RELATION TO INSTRUMENTS
 FILED,   RECORDED,   OR   TRANSFERRED  BY  IT  OR  ON  ITS  BEHALF.  THE
 CONSTRUCTION, USE, OCCUPATION, OR POSSESSION OF ANY  PROPERTY  OWNED  BY
 THE  AUTHORITY  OR  THE  COUNTY,  INCLUDING IMPROVEMENTS THEREON, BY ANY
 PERSON OR PUBLIC CORPORATION UNDER A LEASE, LEASE AND SUBLEASE,  OR  ANY
 OTHER  AGREEMENT  SHALL  NOT  OPERATE TO ABROGATE OR LIMIT THE FOREGOING
 EXEMPTION, NOTWITHSTANDING THAT THE LESSEE, USER, OCCUPANT, OR PERSON IN
 POSSESSION SHALL CLAIM OWNERSHIP FOR FEDERAL INCOME TAX PURPOSES.
   2. ANY BONDS ISSUED PURSUANT TO THIS TITLE TOGETHER  WITH  THE  INCOME
 THEREFROM AS WELL AS THE PROPERTY OF THE AUTHORITY SHALL AT ALL TIMES BE
 EXEMPT FROM TAXES, EXCEPT FOR TRANSFER AND ESTATE TAXES. THE STATE HERE-
 BY  COVENANTS  WITH  THE  PURCHASERS AND WITH ALL SUBSEQUENT HOLDERS AND
 TRANSFEREES OF BONDS ISSUED BY THE AUTHORITY PURSUANT TO THIS TITLE,  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 REVENUES, MONIES, AND OTHER PROPERTY PLEDGED TO SECURE
 THE  PAYMENT  OF  SUCH  BONDS  SHALL AT ALL TIMES BE FREE FROM TAXATION,
 EXCEPT FOR TRANSFER AND ESTATE TAXES.
   § 2676-O. ACTIONS AGAINST AUTHORITY. 1. EXCEPT IN AN ACTION FOR WRONG-
 FUL DEATH, NO ACTION OR SPECIAL PROCEEDING SHALL BE PROSECUTED OR  MAIN-
 TAINED  AGAINST  THE  AUTHORITY, ITS MEMBERS, OFFICERS, OR EMPLOYEES FOR
 PERSONAL INJURY OR DAMAGE TO REAL OR PERSONAL PROPERTY ALLEGED  TO  HAVE
 BEEN SUSTAINED BY REASON OF THE NEGLIGENCE, TORT, OR WRONGFUL ACT OF THE
 AUTHORITY  OR OF ANY MEMBER, OFFICER, AGENT, OR EMPLOYEE THEREOF, UNLESS
 (A) A NOTICE OF CLAIM SHALL HAVE BEEN MADE AND SERVED UPON THE AUTHORITY
 WITHIN THE TIME LIMIT SET BY AND IN COMPLIANCE WITH SECTION  FIFTY-E  OF
 THE  GENERAL  MUNICIPAL LAW; (B) IT SHALL APPEAR BY AND AS AN ALLEGATION
 IN THE COMPLAINT OR MOVING PAPERS THAT AT LEAST THIRTY DAYS HAVE ELAPSED
 SINCE THE SERVICE OF SUCH NOTICE AND THAT ADJUSTMENT OR PAYMENT  THEREOF
 HAS  BEEN  NEGLECTED  OR  REFUSED;  (C) THE ACTION OR SPECIAL PROCEEDING
 SHALL BE COMMENCED WITHIN ONE YEAR AND NINETY DAYS AFTER  THE  HAPPENING
 OF  THE  EVENT  UPON WHICH THE CLAIM IS BASED; AND (D) AN ACTION AGAINST
 THE AUTHORITY FOR WRONGFUL DEATH SHALL BE COMMENCED IN  ACCORDANCE  WITH
 THE  NOTICE  OF  CLAIM AND TIME LIMITATION PROVISIONS OF TITLE ELEVEN OF
 ARTICLE NINE OF THIS CHAPTER.
   2. WHENEVER A NOTICE OF CLAIM IS SERVED UPON THE AUTHORITY,  IT  SHALL
 HAVE  THE RIGHT TO DEMAND AN EXAMINATION OF THE CLAIMANT RELATIVE TO THE
 OCCURRENCE AND EXTENT OF THE INJURIES OR  DAMAGES  FOR  WHICH  CLAIM  IS
 MADE, IN ACCORDANCE WITH THE PROVISIONS OF SECTION FIFTY-H OF THE GENER-
 AL MUNICIPAL LAW.
 A. 10531                           16

   3.  THE  AUTHORITY MAY REQUIRE ANY PERSON PRESENTING FOR SETTLEMENT AN
 ACCOUNT OR CLAIM FOR ANY CAUSE WHATEVER  AGAINST  THE  AUTHORITY  TO  BE
 SWORN  BEFORE A MEMBER, COUNSEL, OR AN ATTORNEY, OFFICER, OR EMPLOYEE OF
 THE AUTHORITY DESIGNATED FOR SUCH PURPOSE, CONCERNING  SUCH  ACCOUNT  OR
 CLAIM  AND,  WHEN SO SWORN, TO ANSWER ORALLY AS TO ANY FACTS RELATIVE TO
 SUCH ACCOUNT OR CLAIM. THE AUTHORITY  SHALL  HAVE  POWER  TO  SETTLE  OR
 ADJUST ALL CLAIMS IN FAVOR OF OR AGAINST THE AUTHORITY.
   4.  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, IRRE-
 SPECTIVE 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 SHALL BE LAID IN THE SUPREME COURT OF THE COUNTY.
   5. THE RATE OF INTEREST TO BE PAID BY THE AUTHORITY UPON ANY  JUDGMENT
 FOR WHICH IT IS LIABLE, OTHER THAN A JUDGMENT ON ITS BONDS, SHALL BE THE
 RATE  PRESCRIBED BY SECTION FIVE THOUSAND FOUR OF THE CIVIL PRACTICE LAW
 AND RULES. INTEREST ON PAYMENTS OF PRINCIPAL OR INTEREST ON ANY BONDS IN
 DEFAULT SHALL ACCRUE AT THE RATE BORNE BY SUCH BONDS FROM THE  DUE  DATE
 THEREOF UNTIL PAID OR OTHERWISE SATISFIED.
   § 2676-P. CONTRACTS. 1. ALL CONTRACTS FOR CONSTRUCTION SHALL BE LET BY
 THE  AUTHORITY  IN  CONFORMITY WITH THE APPLICABLE PROVISIONS OF SECTION
 ONE HUNDRED THIRTY-FIVE OF THE STATE FINANCE LAW AND  SHALL  BE  LET  IN
 ACCORDANCE  WITH  THE  PROVISIONS  OF STATE LAW PERTAINING TO PREVAILING
 WAGES, LABOR STANDARDS, AND WORKING HOURS.
   2. THE AUTHORITY MAY, IN ITS DISCRETION, ASSIGN CONTRACTS  FOR  SUPER-
 VISION  AND COORDINATION TO THE SUCCESSFUL BIDDER FOR ANY SUBDIVISION OF
 WORK FOR WHICH THE AUTHORITY RECEIVES  BIDS.  THE  AUTHORITY  SHALL  NOT
 AWARD  ANY CONSTRUCTION CONTRACT EXCEPT TO THE LOWEST BIDDER WHO, IN ITS
 OPINION, IS QUALIFIED TO PERFORM THE WORK REQUIRED AND WHO IS  RESPONSI-
 BLE  AND RELIABLE. THE AUTHORITY MAY, HOWEVER, REJECT ANY OR ALL BIDS OR
 WAIVE ANY INFORMALITY IN A BID IF IT BELIEVES THAT THE  PUBLIC  INTEREST
 WILL  BE  PROMOTED  THEREBY. THE AUTHORITY MAY REJECT ANY BID IF, IN ITS
 JUDGMENT, THE BUSINESS AND  TECHNICAL  ORGANIZATION,  PLANT,  RESOURCES,
 FINANCIAL STANDING, OR EXPERIENCE OF THE BIDDER JUSTIFIES SUCH REJECTION
 IN VIEW OF THE WORK TO BE PERFORMED.
   §  2676-Q. CODE OF ETHICS.  1. DEFINITION. AS USED IN THIS SECTION THE
 TERM "AUTHORITY EMPLOYEE" SHALL MEAN ANY  MEMBER,  OFFICER,  CONTRACTOR,
 SUBCONTRACTOR, CONSULTANT, OR EMPLOYEE OF THE AUTHORITY.
   2.  RULE  WITH RESPECT TO CONFLICTS OF INTEREST. NO AUTHORITY EMPLOYEE
 SHOULD HAVE ANY INTEREST, FINANCIAL OR OTHERWISE, DIRECT OR INDIRECT, OR
 ENGAGE IN ANY BUSINESS OR TRANSACTION OR PROFESSIONAL ACTIVITY, OR INCUR
 ANY OBLIGATION OF ANY NATURE, WHICH IS IN SUBSTANTIAL CONFLICT WITH  THE
 PROPER  DISCHARGE  OF  SUCH  AUTHORITY  EMPLOYEE'S  DUTIES IN THE PUBLIC
 INTEREST.
   3. STANDARDS. (A) NO AUTHORITY EMPLOYEE SHALL ACCEPT OTHER  EMPLOYMENT
 WHICH  WILL IMPAIR SUCH AUTHORITY EMPLOYEE'S INDEPENDENCE OF JUDGMENT IN
 THE EXERCISE OF SUCH AUTHORITY EMPLOYEE'S OFFICIAL DUTIES.
   (B) NO AUTHORITY EMPLOYEE SHALL ACCEPT EMPLOYMENT  OR  ENGAGE  IN  ANY
 BUSINESS  OR  PROFESSIONAL  ACTIVITY  WHICH  WILL REQUIRE SUCH AUTHORITY
 EMPLOYEE TO  DISCLOSE  CONFIDENTIAL  INFORMATION  WHICH  SUCH  AUTHORITY
 A. 10531                           17
 
 EMPLOYEE  HAS  GAINED  BY  REASON  OF SUCH AUTHORITY EMPLOYEE'S OFFICIAL
 POSITION OR AUTHORITY.
   (C)  NO  AUTHORITY  EMPLOYEE  SHALL  DISCLOSE CONFIDENTIAL INFORMATION
 ACQUIRED BY SUCH AUTHORITY EMPLOYEE IN  THE  COURSE  OF  SUCH  AUTHORITY
 EMPLOYEE'S  OFFICIAL  DUTIES  NOR  USE  SUCH INFORMATION TO FURTHER SUCH
 AUTHORITY EMPLOYEE'S PERSONAL INTERESTS.
   (D) NO AUTHORITY EMPLOYEE SHALL USE OR ATTEMPT TO USE  SUCH  AUTHORITY
 EMPLOYEE'S   OFFICIAL  POSITION  TO  SECURE  UNWARRANTED  PRIVILEGES  OR
 EXEMPTIONS FOR SUCH AUTHORITY EMPLOYEE OR OTHERS.
   (E) NO AUTHORITY EMPLOYEE SHALL ENGAGE IN ANY TRANSACTION AS REPRESEN-
 TATIVE OR AGENT OF THE AUTHORITY WITH ANY BUSINESS ENTITY IN WHICH  SUCH
 AUTHORITY  EMPLOYEE  HAS  A  DIRECT  OR INDIRECT FINANCIAL INTEREST THAT
 MIGHT REASONABLY TEND TO CONFLICT WITH  THE  PROPER  DISCHARGE  OF  SUCH
 AUTHORITY EMPLOYEE'S OFFICIAL DUTIES.
   (F)  AN  AUTHORITY  EMPLOYEE  SHALL  NOT  BY SUCH AUTHORITY EMPLOYEE'S
 CONDUCT GIVE REASONABLE BASIS FOR THE IMPRESSION  THAT  ANY  PERSON  CAN
 IMPROPERLY  INFLUENCE  SUCH  AUTHORITY  EMPLOYEE  OR  UNDULY  ENJOY SUCH
 AUTHORITY EMPLOYEE'S FAVOR IN THE PERFORMANCE OF SUCH AUTHORITY  EMPLOY-
 EE'S OFFICIAL DUTIES, OR THAT SUCH AUTHORITY EMPLOYEE IS AFFECTED BY THE
 KINSHIP, RANK, POSITION OR INFLUENCE OF ANY PARTY OR PERSON.
   (G)  AN  AUTHORITY EMPLOYEE SHALL ABSTAIN FROM MAKING PERSONAL INVEST-
 MENTS IN ENTERPRISES WHICH SUCH AUTHORITY EMPLOYEE HAS REASON TO BELIEVE
 MAY BE DIRECTLY INVOLVED IN DECISIONS  TO  BE  MADE  BY  SUCH  AUTHORITY
 EMPLOYEE  OR  WHICH  WILL  OTHERWISE CREATE SUBSTANTIAL CONFLICT BETWEEN
 SUCH AUTHORITY EMPLOYEE'S DUTY IN THE PUBLIC INTEREST AND SUCH AUTHORITY
 EMPLOYEE'S PRIVATE INTEREST.
   (H) AN AUTHORITY EMPLOYEE SHALL ENDEAVOR TO PURSUE A COURSE OF CONDUCT
 WHICH WILL NOT RAISE SUSPICION AMONG  THE  PUBLIC  THAT  SUCH  AUTHORITY
 EMPLOYEE  IS  LIKELY TO BE ENGAGED IN ACTS THAT ARE IN VIOLATION OF SUCH
 AUTHORITY EMPLOYEE'S TRUST.
   (I) NO AUTHORITY EMPLOYEE EMPLOYED ON A FULL-TIME BASIS NOR  ANY  FIRM
 OR  ASSOCIATION  OF WHICH SUCH AUTHORITY EMPLOYEE IS A MEMBER NOR CORPO-
 RATION A  SUBSTANTIAL  PORTION  OF  THE  STOCK  OF  WHICH  IS  OWNED  OR
 CONTROLLED  DIRECTLY  OR  INDIRECTLY  BY SUCH AUTHORITY EMPLOYEE, SHOULD
 SELL GOODS OR SERVICES TO ANY PERSON, FIRM, CORPORATION  OR  ASSOCIATION
 WHICH  IS  LICENSED  OR  WHOSE RATES ARE FIXED BY THE AUTHORITY IN WHICH
 SUCH AUTHORITY EMPLOYEE SERVES OR IS EMPLOYED.
   (J) IF ANY AUTHORITY EMPLOYEE SHALL HAVE A FINANCIAL INTEREST,  DIRECT
 OR  INDIRECT,  HAVING  A  VALUE  OF  TEN THOUSAND DOLLARS OR MORE IN ANY
 ACTIVITY WHICH IS SUBJECT TO THE JURISDICTION OF  A  REGULATORY  AGENCY,
 SUCH AUTHORITY EMPLOYEE SHALL FILE WITH THE SECRETARY OF STATE A WRITTEN
 STATEMENT  THAT SUCH AUTHORITY EMPLOYEE HAS SUCH A FINANCIAL INTEREST IN
 SUCH ACTIVITY WHICH STATEMENT SHALL BE OPEN TO PUBLIC INSPECTION.
   4. VIOLATIONS. IN ADDITION TO  ANY  PENALTY  CONTAINED  IN  ANY  OTHER
 PROVISION  OF  LAW  ANY  SUCH AUTHORITY EMPLOYEE WHO SHALL KNOWINGLY AND
 INTENTIONALLY VIOLATE ANY OF THE  PROVISIONS  OF  THIS  SECTION  MAY  BE
 FINED, SUSPENDED, OR REMOVED FROM OFFICE OR EMPLOYMENT.
   § 2676-R. AGREEMENTS RELATING TO PAYMENT IN LIEU OF TAXES. 1. IN ORDER
 TO  ASSURE  THAT  MUNICIPALITIES SHALL NOT SUFFER UNDUE LOSS OF TAXES OR
 ASSESSMENTS IN THE EVENT THAT THE AUTHORITY ACQUIRES ANY  FACILITY  FROM
 THE  COUNTY,  ANY PERSON PAYING REAL PROPERTY TAXES OR ASSESSMENTS AS OF
 THE DATE OF THE TRANSFER OF TITLE FROM THE COUNTY TO  THE  AUTHORITY  ON
 ANY  PROPERTY  LOCATED  WITHIN  ANY SUCH FACILITY SHALL MAKE PAYMENTS IN
 LIEU OF TAXES IN AN AMOUNT EQUAL TO THE SUMS WHICH WOULD  ORDINARILY  BE
 IMPOSED  AS TAXES BY ANY MUNICIPALITY IN WHICH SUCH PROPERTY IS LOCATED,
 PURSUANT TO THE PREVAILING METHOD OF DETERMINING TAXES AND ASSESSMENTS.
 A. 10531                           18
 
   2. SUBJECT TO ANY AGREEMENT WITH BOND HOLDERS, THE AUTHORITY MAY, WITH
 THE APPROVAL OF THE COUNTY, BUT SHALL NOT BE  REQUIRED  TO,  ENTER  INTO
 AGREEMENTS WITH ANY MUNICIPALITY OF THE STATE TO PAY ANNUAL SUMS IN LIEU
 OF  TAXES TO ANY SUCH MUNICIPALITY IN RESPECT OF ANY REAL PROPERTY WHICH
 IS  OWNED  BY  THE AUTHORITY IS LOCATED IN SUCH MUNICIPALITY AND IS USED
 FOR PUBLIC PURPOSES. FOR THE  PURPOSES  OF  THIS  SECTION,  SUCH  PUBLIC
 PURPOSES  SHALL  INCLUDE  WITHOUT LIMITATION ATHLETIC FACILITIES, EDUCA-
 TIONAL FACILITIES, PERFORMING ARTS FACILITIES,  OR  RESIDENTIAL  FACILI-
 TIES.
   3.  (A)  IN THE EVENT THAT ANY REAL PROPERTY OWNED BY THE AUTHORITY IS
 USED BY THE AUTHORITY OR A LESSEE THEREOF FOR PURPOSES OTHER THAN PUBLIC
 PURPOSES, THE AUTHORITY, OR LESSEE THEREOF, AS THE  CASE  MAY  BE,  MAY,
 WITH  THE APPROVAL OF THE COUNTY, ENTER INTO AGREEMENTS WITH ANY MUNICI-
 PALITY OF THE STATE TO PAY ANNUAL SUMS IN LIEU OF TAXES  IN  RESPECT  OF
 SUCH  REAL  PROPERTY  LOCATED  IN SUCH MUNICIPALITY. FOR THE PURPOSES OF
 THIS SECTION, SUCH PURPOSES OTHER THAN  PUBLIC  PURPOSES  SHALL  INCLUDE
 WITHOUT   LIMITATION,   ATHLETIC   FACILITIES,  EDUCATIONAL  FACILITIES,
 PERFORMING ARTS FACILITIES, RESIDENTIAL FACILITIES, OR OFFICE  BUILDINGS
 TO  THE EXTENT NOT USED BY THE AUTHORITY OR ANY OTHER PUBLIC CORPORATION
 FOR ITS OWN CORPORATE PURPOSES, AND SUCH OTHER  BUILDINGS  AND  IMPROVE-
 MENTS  AS  DETERMINED  BY THE AUTHORITY TO BE NOT EXCLUSIVELY FOR PUBLIC
 PURPOSES.
   (B) THE AUTHORITY SHALL  DETERMINE  (I)  THE  AMOUNT  OF  SUCH  ANNUAL
 PAYMENTS  IN LIEU OF TAXES; (II) WHETHER THE USE OF SUCH PROPERTY IS FOR
 PURPOSES OTHER THAN PUBLIC PURPOSES; AND (III) THE EXTENT TO WHICH  SUCH
 PROPERTY IS USED FOR PURPOSES OTHER THAN PUBLIC PURPOSES. IN MAKING SUCH
 DETERMINATIONS THE AUTHORITY SHALL TAKE INTO CONSIDERATION THE RECOMMEN-
 DATIONS, IF ANY, OF THE COUNTY.
   §  2676-S.  AUDIT AND ANNUAL REPORT. IN CONFORMITY WITH THE PROVISIONS
 OF SECTION FIVE OF ARTICLE TEN OF THE STATE CONSTITUTION,  THE  ACCOUNTS
 OF  THE AUTHORITY SHALL BE SUBJECT TO THE SUPERVISION OF THE STATE COMP-
 TROLLER AND AN ANNUAL AUDIT SHALL BE PERFORMED BY AN INDEPENDENT  CERTI-
 FIED ACCOUNTANT. THE AUTHORITY SHALL ANNUALLY SUBMIT TO THE COUNTY COMP-
 TROLLER,  COUNTY  LEGISLATURE,  COUNTY  EXECUTIVE,  GOVERNOR,  THE STATE
 COMPTROLLER, THE CHAIRPERSON OF THE SENATE FINANCE  COMMITTEE,  AND  THE
 CHAIRPERSON  OF  THE ASSEMBLY WAYS AND MEANS COMMITTEE A DETAILED REPORT
 PURSUANT TO THE PROVISIONS OF SECTION TWENTY-EIGHT HUNDRED OF THIS CHAP-
 TER, AND A COPY OF SUCH REPORT SHALL BE FILED  WITH  THE  CLERK  OF  THE
 COUNTY LEGISLATURE AND THE COUNTY EXECUTIVE.
   §  2676-T.  LIMITED LIABILITY. NEITHER MEMBERS, OFFICERS, OR EMPLOYEES
 OF THE AUTHORITY, NOR ANY MUNICIPALITY, OR AN OFFICER OR EMPLOYEE THERE-
 OF ACTING ON BEHALF OF THE AUTHORITY, SHALL BE SUBJECT TO  ANY  PERSONAL
 LIABILITY  RESULTING FROM THE CONSTRUCTION, MAINTENANCE, OR OPERATION OF
 ANY OF THE PROPERTIES OF THE AUTHORITY OR FROM CARRYING OUT ANY  OF  THE
 POWERS  EXPRESSLY  GIVEN  IN  THIS  TITLE  PROVIDED,  HOWEVER, THAT THIS
 SECTION SHALL NOT BE HELD TO APPLY TO ANY INDEPENDENT CONTRACTOR.
   §  2676-U.  TRANSFER  OF  APPLICATIONS,  PROCEEDINGS,  APPROVALS,  AND
 PERMITS.    1.  ANY  APPLICATION, REVIEW OR PROCESS IN RELATION TO OR IN
 FURTHERANCE OF THE PURPOSES OF OR CONTEMPLATED BY THIS TITLE  HERETOFORE
 FILED  OR  UNDERTAKEN,  OR  ANY  PROCEEDING  HERETOFORE COMMENCED OR ANY
 DETERMINATION, FINDING OR AWARD MADE, BY THE COUNTY  OR  BY  THE  COUNTY
 WITH THE FEDERAL GOVERNMENT, OR ANY OTHER PUBLIC CORPORATION SHALL INURE
 TO  AND  FOR  THE BENEFIT OF THE AUTHORITY TO THE SAME EXTENT AND IN THE
 SAME MANNER AS IF THE AUTHORITY HAS BEEN A PARTY  TO  SUCH  APPLICATION,
 REVIEW,  PROCESS,  OR  PROCEEDING  FROM ITS INCEPTION, AND THE AUTHORITY
 SHALL BE DEEMED A PARTY THERETO, TO THE EXTENT  NOT  PROHIBITED  BY  ANY
 A. 10531                           19
 
 FEDERAL  LAW.  ANY  LICENSE,  APPROVAL,  PERMIT, DETERMINATION, FINDING,
 AWARD, OR DECISION HERETOFORE OR THEREAFTER ISSUED OR  GRANTED  PURSUANT
 TO OR AS A RESULT OF ANY SUCH APPLICATION, REVIEW, PROCESS OR PROCEEDING
 SHALL  INURE  TO  THE  BENEFIT  OF AND BE BINDING UPON THE AUTHORITY AND
 SHALL BE ASSIGNED AND TRANSFERRED BY THE COUNTY TO THE AUTHORITY  UNLESS
 SUCH ASSIGNMENT AND TRANSFER IS PROHIBITED BY FEDERAL LAW.
   2.  ALL  SUCH APPLICATIONS, PROCEEDINGS, LICENSES, APPROVALS, PERMITS,
 DETERMINATIONS, FINDINGS, AWARDS, AND DECISIONS SHALL FURTHER  INURE  TO
 AND  FOR  THE BENEFIT OF AND BE BINDING UPON ANY PERSON LEASING, ACQUIR-
 ING, FINANCING, CONSTRUCTING, MAINTAINING, OPERATING, USING, OR  OCCUPY-
 ING ANY FACILITY FINANCED IN WHOLE OR IN PART BY THE AUTHORITY.
   §  2676-V.  SEPARABILITY. IF ANY CLAUSE, SENTENCE, PARAGRAPH, SECTION,
 OR PART OF THIS TITLE SHALL BE ADJUDGED BY ANY COURT OF COMPETENT JURIS-
 DICTION TO BE INVALID, SUCH JUDGMENT SHALL NOT AFFECT, IMPAIR OR INVALI-
 DATE 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.
   § 2676-W.  EFFECT  OF  INCONSISTENT  PROVISIONS.  IN  SO  FAR  AS  THE
 PROVISIONS  OF  THIS  TITLE  ARE INCONSISTENT WITH THE PROVISIONS OF ANY
 OTHER ACT, GENERAL OR SPECIAL, OR OF THE COUNTY  CHARTER  OR  ANY  LOCAL
 LAW,  CHARTER,  ORDINANCE OR RESOLUTION OF THE COUNTY OR ANOTHER MUNICI-
 PALITY, THE PROVISIONS OF  THIS  TITLE  SHALL  BE  CONTROLLING.  NOTHING
 CONTAINED  IN  THIS  SECTION  SHALL  BE  HELD TO SUPPLEMENT OR OTHERWISE
 EXPAND THE POWERS OR DUTIES OF THE AUTHORITY OTHERWISE SET FORTH IN THIS
 TITLE. EXCEPT AS  SPECIFICALLY  PROVIDED  FOR  IN  THIS  TITLE,  IN  THE
 PERFORMANCE  OF  ANY  OF ITS FUNCTIONS, POWERS AND DUTIES, THE AUTHORITY
 SHALL BE SUBJECT TO ALL APPLICABLE GENERAL OR SPECIAL LAWS OF THE STATE,
 THE COUNTY CHARTER, AND ANY LOCAL LAW, ORDINANCE OR  RESOLUTION  OF  THE
 COUNTY.
   § 2. This act shall take effect immediately.