§ 18. Bond authorization. The corporation shall not issue bonds and
notes in an aggregate principal amount exceeding one billion two hundred
ninety-five million dollars, excluding (1) bonds and notes issued to
refund or otherwise repay outstanding bonds and notes of the corporation
or of the New York state project finance agency, (2) notes issued by the
corporation to evidence eligible loans made to the corporation pursuant
to the New York state project finance agency act, and (3) bonds and
notes issued with the approval of the state director of the budget and
the New York state public authorities control board which are secured by
and payable solely out of a specific project, other than a residential
project, undertaken by the corporation subsequent to June first,
nineteen hundred seventy-seven, and the revenues and receipts derived
therefrom, without recourse against other assets of the corporation or
against a debt service reserve fund to which state funds are
apportionable pursuant to subdivision three of section twenty of this
act, provided that the corporation shall not issue bonds or notes
pursuant to this clause (3) if (a) (i) the arrangements under which the
project is undertaken do not provide for annual real property taxes, or
payments in lieu of real property taxes, on the real property included
in the project securing such bonds or notes which together at least
equal the average annual real property taxes which were paid with
respect to such real property for three years prior to the acquisition
of such project or any portion thereof by the corporation or a
subsidiary thereof, and (ii) after a public hearing, the local
legislative body of the city, town or village in which such project is
to be located has not consented to such arrangements, provided, however,
that in a city having a population of one million or more such consent
shall be given by the board of estimate of such city, or (b) the
aggregate principal amount of any such bonds and notes is less than
twice the amount of any moneys appropriated by the state and made
available by the corporation to the project securing such bonds and
notes, or (c) the aggregate principal amount of the bonds and notes
issued pursuant to this clause (3) will thereby exceed three hundred
seventy-nine million dollars, excluding bonds and notes issued to refund
or otherwise repay outstanding bonds and notes issued pursuant to this
clause (3), provided, however, that the corporation may provide for a
pooled financing arrangement with regard to bonds issued for the
purposes of financing the construction of the Center for Computers,
Microelectronics and Telecommunications at Columbia University, the
Center for Science and Technology at Syracuse University, the Cornell
Super Computer Center at Cornell University, the Onondaga County
Convention Center Complex, the Center for Advanced Materials Processing
at Clarkson University, the Center for Electro-Optic Imaging at
University of Rochester, the Center for Neural Science at New York
University, the Alfred University Incubator Facilities in Allegany
County and Steuben County, the Broadway Redevelopment Project, and the
Sematech Semiconductor facility, and, that the aggregate amount of bonds
which may be issued pursuant to this clause (3) shall be increased above
the amounts in the following schedule for the purposes of providing for
the costs of issuance including any debt service reserve requirements
that may be necessary in accordance with the following schedule:

Schedule

Project Amount
The Carborundum Company
Niagara Falls............................ 4,400,000
Hooker Chemicals & Plastics Corporation
Niagara Falls............................ 13,500,000
Moog, Inc.
Town of Elma............................. 8,925,000
Sybron Corporation
Rochester................................ 6,600,000
Refined Syrups & Sugars, Inc.
Yonkers.................................. 7,500,000
Sheraton Hotel
Utica.................................... 4,300,000
Urban Renewal Parcel
Office Building
Utica.................................... 5,000,000
Downtown Retail Center
Binghamton............................... 3,000,000
American Stock Exchange/Office Facility
New York City............................ -0
New Printing Plant
New York City (Bronx).................... 16,000,000
New Electronics Manufacturing Plant
New York City (Bronx).................... 8,000,000
Savin Corporation
Binghamton............................... 6,000,000
Industrial Renewal Project
New York City (Brooklyn)................. 2,700,000
Manufacturing Plant Expansion
New York City (Bronx).................... 15,000,000
Shopping Mall
City of Buffalo.......................... 2,100,000
Nettleton Shoe
Syracuse................................. 2,200,000
Batten Kill Railroad Project
Warren/Washington Counties............... 2,250,000
Carrier Corporation
Onondaga County.......................... 27,000,000
Center for Industrial Innovation
City of Troy............................. 33,000,000
Fordham Plaza
New York City (Bronx).................... 10,000,000
Freezer Queen Foods, Inc.
Buffalo.................................. 2,380,000
Chelsea Homes Project
Marlboro (Ulster County)................. 2,700,000
Columbia University
Center for Computers, Microelectronics
and Telecommunications
City of New York......................... 36,000,000
Syracuse University
Center for Science and Technology
City of Syracuse......................... 27,000,000
Cornell University
Cornell Super Computer Center
City of Ithaca........................... 5,000,000
Onondaga County Convention
Center Complex at Syracuse............... 40,000,000
Clarkson University
Center for Advance
Materials Processing..................... 23,500,000
University of Rochester
Center for Elector-Optic Imaging......... 10,000,000
New York University
Center for Neural Science................ 5,000,000
Alfred University Incubator Facilities in
Allegany County and Steuben County....... 10,000,000
Broadway Redevelopment Project
at Schenectady........................... 5,500,000
Albany International
East Greenbush (Rensselaer County)....... 2,500,000
Sematech Semi-Conductor Facility
New York State........................... 40,000,000
Stony Brook Incubator
Project.................................. 2,305,000

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Total of Schedule...................... $389,360,000

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The amounts in the above schedule are interchangeable among the
projects listed but in no case may be used to fund or initiate any other
project.