§ 381. Further additional powers of the authority. 1. The authority is
hereby authorized, as additional corporate purposes thereof: (a) to
issue bonds and notes and to incur obligations secured by the moneys as
provided in the service contracts authorized pursuant to section
fourteen of the chapter of the laws of nineteen hundred ninety-one which
enacted this section; and (b) to make available the proceeds from the
sale of such bonds and notes, net of all costs to the authority in
connection therewith, to provide moneys to the authority to achieve the
same corporate purposes as set forth in section three hundred sixty-five
of this chapter. The authority is further authorized to issue such
obligations in an aggregate principal amount not to exceed eighty
million dollars, exclusive of the principal amount of bonds, notes or
other obligations issued and applied (1) to fund any related debt
service fund, or other reserve funds as may be needed, (2) to provide
capitalized interest, and (3) to provide fees and other charges and
expenses, including underwriters' discount and the purchase of any
credit or liquidity enhancement facilities, related to the issuance of
bonds, notes or other obligations and the maintenance of such reserves,
all as determined by the authority and excluding bonds, notes or other
obligations issued to refund or otherwise repay bonds, notes or other
obligations theretofore issued pursuant to this section. In computing
the total principal amount of bonds, notes or other obligations that may
at any time be issued for any purpose under this section, the amount of
the outstanding bonds, notes or other obligations that constitutes
interest under the United States Internal Revenue Code of 1986, as
amended to the effective date of this section, shall be excluded.
Provided, however, that upon any refunding or repayment, except in
connection with the termination of the existence of the authority or if
otherwise authorized by the legislature, the total aggregate principal
amount of outstanding bonds, notes or other obligations may be greater
than the amount authorized by this section 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 obligations so to be
refunded or repaid. For purposes of this section, 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 refunding 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 estimated
accrued interest from the sale thereof.

2. Such obligations shall be special limited obligations of the
authority, secured by and payable solely out of payments received
pursuant to service contract or contracts authorized by section fourteen
of the chapter of the laws of nineteen hundred ninety-one which enacted
this section, funded by amounts appropriated by the legislature and any
other funds appropriated by the legislature to the authority therefor,
without recourse against any other assets, revenues or funds of or other
payments due to the authority.

3. Such obligations shall contain on the face thereof a statement to
the effect that they shall not be deemed to be an obligation of the
state and that the state shall not be liable thereon.

4. Such obligations shall be scheduled to mature over a term not to
exceed thirty years.

5. All the provisions of this title relating to bonds and notes, which
are not inconsistent with the provisions of this section, shall apply to
obligations authorized by this section, including, but not limited to,
the power to issue renewal notes or refunding bonds thereof.