§ 1680-e. State university athletic facilities. 1. The authority may
design, acquire, construct, reconstruct, rehabilitate, improve or
otherwise provide, furnish and equip a state university athletic
facility and for that purpose may issue its bonds in accordance with the
provisions of this article.

2. The state shall annually appropriate to the authority and on June
tenth and December tenth of each year pay to or upon the order of the
authority on account of state university athletic facilities the sum of:

(a) the interest on bonds issued in connection with state university
athletic facilities payable on the interest payment date next succeeding
such June tenth or December tenth;

(b) one-half of the principal or sinking fund installments of such
bonds payable on the July first next succeeding such June tenth or
December tenth;

(c) the amount required by the agreement of the authority with the
holders of such bonds to be paid to maintain or restore any reserve fund
to the requirement for such reserve fund; and

(d) one-half of the fees, expenses, administrative costs and overhead
of the authority incurred or to be incurred in connection with or
allocated to state university athletic facilities or bonds issued in
connection therewith, including amounts, if any, to be rebated to the
department of the treasury of the United States of America pursuant to
the internal revenue code of 1986, as amended, or the regulations
adopted thereunder.

The amount of money required to be paid pursuant to this subdivision
shall be determined from the report required to be submitted by the
authority pursuant to subdivision five of this section.

The state shall receive a credit against the payments required to be
made pursuant to paragraphs (a) and (b) of this subdivision in an amount
equal to the amount by which the amount in the debt service fund
established pursuant to the agreement of the authority and the holders
of bonds issued in connection with state university athletic facilities
on the date of any such payment is to be made exceeds the amount
required pursuant to such resolution to be on deposit in such fund or
required to pay the purchase price or redemption price, including
accrued interest to the date of purchase or redemption, of bonds
outstanding theretofore contracted to be purchased or called for
redemption.

3. Any payments to be made by the state may be pledged and assigned by
the authority to secure the payment of the principal of and interest on
bonds issued by the authority to finance the cost of the design and
construction of a state university athletic facility and other costs and
necessary or incidental expenses related thereto. The right of the
authority to receive the payment of amounts appropriated shall be
enforceable by the authority. All public officers are authorized and
required to pay all such money due to the authority to the authority or
its designee pursuant to a certificate filed with any such public
officer pursuant to the provisions of this subdivision.

4. The state university of New York may, with respect to such state
university athletic facility, transfer title or grant any other real
property interests or rights to the authority, and the authority may
transfer title or grant any other real property interests to the state
university of New York.

5. Not later than one hundred twenty days prior to the beginning of
the fiscal year of the state, the authority shall submit to the director
of the budget, the state comptroller, the chairperson of the senate
finance committee and the chairperson of the assembly ways and means
committee, a report setting forth in connection with a state university
athletic facility the following:

(a) the principal and sinking fund installments of and interest on
bonds issued in connection with state university athletic facilities,
payable during the next succeeding fiscal year of the state;

(b) the amount required to be paid during the next succeeding fiscal
year of the state pursuant to the agreement of the authority with the
holders of such bonds to restore or maintain any reserve fund
established pursuant to such agreement; and

(c) the fees, expenses, administrative costs and overhead estimated by
the authority to be incurred by it during the next succeeding fiscal
year of the state in connection with or to be allocated during the next
succeeding fiscal year of the state to state university athletic
facilities or bonds issued in connection therewith, including amounts,
if any, to be rebated to the department of the treasury of the United
States of America pursuant to the internal revenue code of 1986, as
amended, or the regulations adopted thereunder.

The report submitted by the authority pursuant to this subdivision may
be amended from time to time prior to any date on which payment is
required to be made by the state pursuant to subdivision two of this
section.

6. The state university trustees shall, notwithstanding any other
provision of law, be empowered to allow employees, representatives,
agents of, and persons or entities under contract to the authority to
enter upon the campus of the state university of New York at Buffalo for
purposes of managing the acquisition, design, construction,
reconstruction, rehabilitation, improvement, furnishing and equipping of
the state university athletic facility, including, but not limited to,
the connection of such facility with the existing infrastructure of the
campus. Upon the determination by the authority that the right to enter
upon the campus of the state university of New York at Buffalo created
hereunder is no longer necessary for such acquisition, design,
construction, reconstruction, rehabilitation, improvement, furnishing or
equipping of such state university athletic facility by the authority,
the authority shall relinquish its right established hereunder to enter
upon the campus of the state university of New York at Buffalo. The
authority shall have the power to enter into agreements with
individuals, partnerships, corporations or any other entity in order to
take whatever actions are necessary to carry out the provisions of this
section.

7. Notwithstanding any other provision of this section, or any other
provision of law, funds for any payments to the authority on account of
a state university athletic facility shall be paid exclusively from
appropriations intended for this purpose.

8. The authority shall not issue its bonds to finance the design,
construction, reconstruction, rehabilitation, improvement, furnishing
and equipping of a state university athletic facility in an aggregate
principal amount greater than twenty-two million dollars; provided,
however, that, in addition to such bonds, the authority may issue an
aggregate principal amount of bonds sufficient to fund any reserve funds
established in connection therewith to pay the costs incurred in
connection with the issuance of any of such bonds and the cost of the
management of the design and construction of the state university
athletic facility.

9. With respect to the financing, design, acquisition, construction,
reconstruction, rehabilitation, improvement, or otherwise providing,
furnishing and equipping of a state university athletic facility, any
member, officer or employee of the authority is deemed to be an employee
as such term is defined in and for all of the purposes of the provisions
of section seventeen of the public officers law, which shall be
applicable to any such member, officer or employee.

10. If a state university athletic facility or part thereof is taken
by eminent domain or condemnation, or damaged or destroyed, then and in
such event:

(a) if, within one hundred twenty days from the occurrence, the state
university of New York notifies the authority in writing of its
intention to replace or restore such state university athletic facility,
the state university of New York shall proceed to replace or restore
such state university athletic facility, including all fixtures,
furniture, equipment and effects, to its original condition insofar as
possible. The moneys required for such replacement or restoration shall
be paid from the proceeds of any condemnation award or insurance
received by reason of such occurrence and, to the extent that such
proceeds are not sufficient, from any moneys available therefor in any
fund established pursuant to the agreement of the authority with the
holders of bonds issued in connection with a state university athletic
facility, if any, or from moneys to be provided by the state university
of New York; or

(b) if the authority has not within such one hundred twenty day period
been notified in writing of the intention of the state university of New
York to restore or replace such state university athletic facility, the
dormitory authority in its discretion may determine that such state
university athletic facility has been abandoned and is no longer useful
or necessary in the operation of the state university of New York. In
such event, the proceeds of any condemnation award or insurance received
by reason of such occurrence shall be applied and paid in the manner and
order of priority as provided in such agreement with the holders of such
bonds.