§ 553-b. Additional powers and provisions in relation to convention
center. 1. In relation to the convention center and for the purpose of
effectuating the development of the same, the authority shall have
power, in its discretion and subject to and in accordance with all
contract provisions with respect to any bonds and the rights of the
holders of bonds, to:

(a) Finance all or any part of the costs of and incidental to studies,
the site acquisition, planning, design, construction and development of
the convention center, through the issuance of its negotiable notes or
bonds or other obligations;

(b) Lease in its own name the convention center from the subsidiary of
New York state urban development corporation (such subsidiary being
herein referred to as the development corporation) created pursuant to a
chapter of the laws of nineteen hundred seventy-nine for studies, site
acquisition, planning, design, construction and development of the
convention center, and sublease its interest therein to the state
(acting by and through the commissioner of general services), each of
such lease and sublease to be upon such terms and conditions as the
parties thereto shall agree, provided that (i) such lease shall (a)
provide for an initial lump-sum rental in the amount of the aggregate of
those costs of and incidental to the studies, site acquisition,
planning, design, construction and development of the convention center
theretofore temporarily financed by the State and for a nominal rental
thereafter, (b) provide to the lessee the option to purchase for a
nominal price the leased property in its own name at the expiration or
earlier termination of the term of the lease, and (c) relieve the
development corporation of any obligation to operate, repair, maintain
or reconstruct the convention center, and (ii) such sublease shall (a)
provide for rental payments equal to the amount needed to pay debt
service on said notes, bonds or other obligations as the same becomes
due, (b) provide that the obligations of the state to make such rental
payments shall not constitute a debt of the state within the meaning of
any constitutional or statutory provision and shall be deemed executory
only to the extent of moneys made available to the state, and that no
liability on account thereof shall be incurred by the state beyond the
moneys available for the purpose thereof, (c) provide to the sublessee
the option to purchase for a nominal price any interest of the authority
in the subleased property at the expiration or earlier termination of
the term of the sublease, and (d) relieve the authority of any
obligation to operate, repair, maintain or reconstruct the convention
center;

(c) Agree with the development corporation (in the lease referred to
in paragraph (b) above or by separate agreement) to make payments to the
development corporation from the proceeds of the sale of the obligations
referred to in paragraph (a) above upon requisition therefor by the
development corporation, in an aggregate amount equal to the costs of
and incidental to the studies, site acquisition, planning, design,
construction and development of the convention center less the amount
theretofore paid to the development corporation as rentals under the
lease referred to in paragraph (b) above; and

(d) Additionally participate in the site acquisition, planning,
design, construction and development of the convention center through
representation on the board of directors of the development corporation.

2. Bonds, notes or other obligations issued for the purposes
enumerated in paragraph (a) of subdivision one of this section shall be
issued in the manner provided in section five hundred sixty-one of this
chapter, subject only to the following limitations:

(a) The aggregate principal amount of such bonds, notes or other
obligations shall not exceed three hundred seventy-five million dollars
($375,000,000), excluding bonds, notes or other obligations issued to
refund or otherwise repay bonds, notes or other obligations theretofore
issued for such purposes; provided, however, that upon any such
refunding or repayment the total aggregate principal amount of
outstanding bonds, notes or other obligations may be greater than three
hundred seventy-five million dollars ($375,000,000) 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 hereof, 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;
and

(b) Bonds issued for such purposes may be issued as a single issue or
in series from time to time provided that (i) such issue or each such
series shall be scheduled to mature over a term of not less than twenty
and not more than forty years, (ii) with respect to bonds issued prior
to the date of completion of the convention center, as estimated by the
authority, any principal payments or principal installments to be made
or provided for shall commence not later than two years following the
estimated date of such completion, (iii) with respect to bonds issued on
or after the date of completion of the convention center, as certified
by the authority, any principal payments or principal installments to be
made or provided for shall commence not later than one year following
the date of issue of such bonds, and (iv) the aggregate amount of
principal and interest or principal installments and interest payable in
each year during which such principal payments or installments are made
or provided for shall, (1) with respect to such issue, or (2) with
respect to each such series or the aggregate of all such series, as the
authority shall elect, be as nearly equal as practicable.

3. The authority shall have power to enter into such other agreements
with the city, the state, New York state urban development corporation
and the development corporation to effectuate the provisions of this
article, and to perform any act or thing, transfer such rights or
interests and execute and deliver such instruments, documents or papers
as it may deem necessary, convenient or desirable to carry out any of
the foregoing. The powers conferred in this section shall be in addition
to and not in limitation of the other powers conferred in this title.