§ 1977-a. Bond and Note Authorization. 1. (a) For the purpose of
financing project costs for the project for the Battery Park project
area other than the financing of loans, advances and mortgage loans to
housing companies organized to provide housing within the Battery Park
project area, the authority may issue bonds and notes in an aggregate
principal amount at any one time outstanding not exceeding three hundred
million dollars, excluding bonds and notes issued to refund outstanding
bonds and notes.

(b) Commodities and futures exchange facility. For the purpose of
financing project costs to further the development of a commodities and
futures exchange facility as part of the project to be located in the
Battery Park project area, the authority may, in addition to the
authorizations contained elsewhere in this title, borrow money by
issuing bonds or notes in an aggregate principal amount not exceeding
one hundred ten million dollars plus a principal amount of bonds or
notes issued (i) to fund any related debt service reserve fund, (ii) to
provide capitalized interest, and (iii) to provide fees and other
charges and expenses, including underwriters' discount, related to the
issuance of such bonds or notes and the maintenance of such reserves,
all as determined by the authority, excluding bonds and notes issued to
refund outstanding bonds and notes issued pursuant to this section. The
authority may make loans from the proceeds of such issuance and may make
temporary loans or advances, for the purpose of developing a commodities
and futures exchange within the Battery Park project area, and may
undertake commitments therefor. Any such loans, advances or commitments
shall be secured by a mortgage on or security interest in the property
interests of such exchanges within the Battery Park project area and
shall contain such terms and conditions not inconsistent with the
provisions of this title as the authority may deem necessary or
desirable to secure payment of its loan, the interest thereon and other
changes in connection therewith.

(c) Additional authorizations. In addition to the authorizations
contained elsewhere in this title, the authority may issue indebtedness
for the purpose of refunding outstanding indebtedness of the housing New
York corporation which is secured by revenues of the authority, and
indebtedness for the purpose of refunding such refunding indebtedness
issued by the authority including the funding of reserves and providing
for fees and other charges and expenses, including underwriters'
discounts, related to the issuance of such refunding bonds or notes, all
as determined by the authority.

(d) Additional authorizations. For the purpose of financing capital
costs in connection with development of the project area, the authority
may, in addition to the authorizations contained elsewhere in this
title, borrow money by issuing bonds or notes in an aggregate principal
amount not exceeding one hundred fifty million dollars plus a principal
amount of bonds or notes issued (i) to fund any related debt service
reserve fund, (ii) to provide capitalized interest, and (iii) to provide
for fees and other charges and expenses including any underwriters'
discounts, related to the issuance of such bonds or notes, all as
determined by the authority, excluding bonds and notes issued to refund
outstanding bounds and notes issued pursuant to this section.

(e) Additional authorizations. For the purpose of financing costs of
the state, the authority may, in addition to the authorizations
contained elsewhere in this title, borrow money by issuing bonds or
notes in an aggregate principal amount not exceeding two hundred fifty
million dollars plus a principal amount of bonds or notes issued (i) to
fund any related debt service reserve fund, (ii) to provide capitalized
interest, and (iii) to provide for fees and other charges and expenses
including any underwriters' discounts, related to the issuance of such
bonds or notes, all as determined by the authority, excluding bonds and
notes issued to refund outstanding bonds and notes issued pursuant to
this section.

(f) Additional authorizations. For the purpose of financing capital
costs in connection with a program of infrastructure construction,
improvements and other capital expenditures for the project area, the
authority may, in addition to the authorizations contained elsewhere in
this title, borrow money by issuing bonds and notes in an aggregate
principal amount not exceeding two billion five hundred million dollars,
plus a principal amount of bonds or notes issued (i) to fund any related
debt service reserve fund, (ii) to provide capitalized interest, and
(iii) to provide for fees and other charges and expenses including any
underwriters' discounts, related to the issuance of such bonds or notes,
all as determined by the authority, excluding bonds and notes issued to
refund outstanding bonds and notes issued pursuant to this section.

2. For the purposes of financing loans, advances and mortgage loans to
housing companies organized pursuant to article two, article four or
article eleven of the private housing finance law, including
subsidiaries of the authority, for housing accommodations to be erected
in the Battery Park project area, the authority may issue bonds and
notes in an aggregate principal amount at any one time outstanding not
exceeding four hundred million dollars, excluding bonds and notes issued
to refund outstanding bonds and notes.

3. The fixing of the statutory maximums as provided in subdivisions
one and two of this section shall not be construed as constituting a
contract between the authority and the holders of its bonds or notes
that additional bonds and notes may not be issued subsequently by the
authority in the event that such statutory maximums shall subsequently
be increased by law.

4. The authority shall have the power to enter into interest rate
exchange agreements, which shall mean written contracts entered into in
connection with the issuance of authority debt or in connection with
such authority debt already outstanding to provide for exchange of
payments based upon fixed and/or variable interest rates, and shall be
for exchanges in currency of the United States of America only. The
authority shall have the power: (a) until December thirty-first, two
thousand three, to enter into such interest rate exchange agreements,
and (b) thereafter to enter into replacements and substitutions for and
amendments to exchange agreements, provided that no such replacement,
substitution or amendment shall increase the notional principal amount
under an exchange agreement or extend the term of an exchange agreement.
The authority shall be subject to subdivision three of section
sixty-nine-d of the state finance law.