§ 51. Powers, functions and duties of the New York state public
authorities control board; limitations. 1. The New York state public
authorities control board shall have the power and it shall be its duty
to receive applications for approval of the financing and construction
of any project proposed by any of the following state public benefit
corporations:

a. New York state environmental facilities corporation

b. New York state housing finance agency

c. New York state medical care facilities finance agency

d. Dormitory authority

e. New York state urban development corporation

f. Job development authority

g. Battery park city authority

h. New York state project finance agency

i. State of New York mortgage agency

j. New York state energy research and development authority

k. Long Island Power Authority

l. Albany Convention Center Authority

m. State of New York Municipal Bond Bank Agency for bonds issued
pursuant to section two thousand four hundred thirty-six-b of this
chapter

n. North Country Power Authority
Any application made concerning a project shall include the terms,
conditions and dates of the repayment of state appropriations authorized
by law pursuant to a repayment agreement. Any subsidiary of, or
corporation with the same members or directors as, a public benefit
corporation subject to the provisions of this section shall also be
subject to the provisions of this section. All applications and
submissions to the board required to be made by a subsidiary shall be
made on behalf of such subsidiary by the public benefit corporation
which created the subsidiary. No public benefit corporation subject to
the provisions of this section shall make any commitment, enter into any
agreement or incur any indebtedness for the purpose of acquiring,
constructing, or financing any project unless prior approval has been
received from the board by such public benefit corporation as provided
herein.

2. The board may require as part of such application such information
as it deems necessary and shall act upon such application within a
reasonable time. The board shall furnish the state comptroller with a
copy of each such application within three days following receipt
thereof by the board. The board shall not approve any such application
prior to the earlier of (a) seven days following the receipt by the
state comptroller of such application or (b) the receipt by the board of
the state comptroller's comments on the application or his consent to an
earlier determination by the board. Reference to the state comptroller
in this subdivision shall include any authorized representative of the
state comptroller.

3. The board may approve applications only upon its determination
that, with relation to any proposed project, there are commitments of
funds sufficient to finance the acquisition and construction of such
project. In determining the sufficiency of commitments of funds, the
board may consider commitments of funds, projections of fees or other
revenues and security, which may, in the discretion of the board,
include collateral security sufficient to retire a proposed indebtedness
or protect or indemnify against potential liabilities proposed to be
undertaken. A copy of such determination shall be submitted to the chief
executive officer of the appropriate public benefit corporation and the
state comptroller.

3-a. The board shall not approve recovery act bonds applications
provided by the state of New York municipal bond bank agency unless the
board finds sufficient interest rate and other savings to each
participating municipality.

4. Notwithstanding any other provisions of this section, the
requirements of subdivisions one, two and three of this section shall
not apply with regard to any project of the New York state environmental
facilities corporation, the New York state housing finance agency, the
New York state medical care facilities finance agency or the dormitory
authority in progress on the first day of April, nineteen hundred
seventy-six, with regard to any project of the New York state project
finance agency or the New York state urban development corporation in
progress on the first day of April, nineteen hundred seventy-eight, with
regard to any project of the job development authority or the battery
park city authority in progress on the first day of July, nineteen
hundred eighty, and with regard to a project of any other public benefit
corporation subject to the provisions of this section in progress on the
first day of July, nineteen hundred eighty-three, as determined by the
New York state public authorities control board whose affirmative
determination shall be conclusive as to all matters of law and fact for
the purpose of the limitations of this section.

5. Nothing contained in subdivisions one, two and three of this
section shall limit the right or obligation of any public benefit
corporation subject to the provisions of this section to comply with the
provisions of any existing contract, including any existing contract
with or for the benefit of the holders of any obligations of any public
benefit corporation.

6. A member of the board must vote within the scope of his or her
legal authority. The legal authority of a member of the board pursuant
to this section is solely to determine whether the issuing authority has
demonstrated that there is the commitment of funds sufficient to finance
the acquisition and construction of the project subject to approval.
Failure of a member to vote within the scope of his or her legal
authority constitutes a violation of the public's trust for the purposes
of paragraph h of subdivision three of section seventy-four of the
public officers law. As the appointing authority, the governor has the
full discretion to immediately remove a member of the board he or she
finds to be acting, or threatening to act, beyond the scope of such
member's legal authority set forth herein.