§ 1828-a. Federal trust fund administration. 1. (a) Where the
authority, in its capacity as a trustee or administrator of the Altech
trust fund established pursuant to a grant agreement with the federal
economic development agency, has, on or before March thirty-first,
nineteen hundred ninety-five, entered into an agreement or agreements
with any local development corporation, banking organization or public
benefit corporation, or combination thereof, which obligates the
authority to make payments from such trust fund for the purpose of
paying or guaranteeing, in whole or in part, the cost of financing the
construction of any facility the object of which is to promote economic
development within the counties of Albany and Chautauqua, the authority,
for the purpose of refinancing its payment obligations under such
agreement or agreements, shall:

(i) pursuant to a memorandum of understanding executed with the
subject county, purchase, lease or otherwise acquire such facility,
including the site thereof, and sell, convey, lease, mortgage, pledge or
otherwise dispose of such facility, together with the site thereof, upon
such terms and conditions as the authority deems advisable, and in
connection therewith, may borrow money from any banking organization and
issue its notes or other obligations in evidence thereof and may pledge
to the repayments of such obligations any funds of the authority legally
available for such purposes;

(ii) pursuant to a repayment agreement executed with the federal
economic development agency, replace Altech trust fund monies expended
on activities deemed to be ineligible by the United States department of
commerce; and

(iii) enter into any and all agreements as the authority shall deem
necessary, convenient or desirable to carry out the powers conferred by
subparagraph (a) of this subdivision.

(b) (i) Prior to the execution of a repayment agreement by the
authority pursuant to paragraph (a) of this subdivision, the authority
shall submit a plan to the federal economic development agency and to
the director of the budget, and the chairs of the senate finance
committee and the assembly ways and means committee, which provides for:

(A) the replacement by the authority of cash or other assets of the
trust fund for the purposes of promoting economic development within the
counties of Albany and Chautauqua;

(B) the development of a new revolving loan fund plan to provide for
the investment of the trust fund for the promotion of economic
development within such counties; and

(C) a schedule and strategy for the implementation of any federal
administrative requirements governing the administration of the fund by
the authority.

(ii) a report submitted to the director of the budget, the chairs of
the senate finance committee and the assembly ways and means committee
detailing the disposition by the authority of a facility or the
repayment of any funds and any amendments to the plan pursuant to
paragraph (a) of this subdivision.

(c) Subject to the terms of any special purpose bondholders and
noteholders, the special purpose funds described in clauses (b) through
(g) of subdivision one of section eighteen hundred fifteen of this
title, to the extent that they are not required pursuant to subdivision
two of such section, may also be used to pay or discharge any other
obligation of the authority imposed thereon by the provisions of this
section or by the provision of any contract executed in accordance with
this section.

2. The authority shall annually submit to the director of the budget,
and the chairs of the senate finance committee and the assembly ways and
means committee for approval a resolution setting forth its
responsibilities as a fiduciary agent and trustee of any fund the
authority administers on behalf of the federal government and describing
the terms and conditions of any financial assistance to be provided from
such fund.