* § 58. Gateway project. 1. Findings and declaration of need. The
state of New York finds and determines that providing funding for the
passenger rail transportation project commonly known as the gateway
project, is needed to preserve and improve the functionality and
strengthen the resiliency of long-distance and commuter rail
infrastructure between the state of New York and the state of New
Jersey.

2. Definitions. When used in this section:

(a) "Commission" shall mean the gateway development commission, a
bi-state commission and a body corporate and politic established by the
state of New Jersey and the state of New York, acting in the public
interest and exercising essential governmental functions in accordance
with the Gateway development commission act, and any successor thereto.

(b) "Federal transportation loan" shall mean one or more loans made to
the commission to finance the Hudson tunnel project under or pursuant to
any U.S. Department of Transportation program or act, including but not
limited to the Railroad Rehabilitation & Improvement Financing Program
or the Transportation Infrastructure Finance and Innovation Act, which
loan or loans are related to the state capital commitment.

(c) "Gateway development commission act" shall mean chapter 108 of the
laws of New York, 2019, as amended.

(d) "Gateway project" shall mean the Hudson tunnel project.

(e) "Hudson tunnel project" shall mean the project consisting of
construction of a tunnel connecting the states of New York and New
Jersey and the completion of certain ancillary facilities including
construction of concrete casing at Hudson Yards in Manhattan, New York
and the rehabilitation of the existing North River Tunnels.

(f) "State capital commitment" shall mean (i) an aggregate principal
amount not to exceed $2,850,000,000, plus (ii) any interest costs,
including capitalized interest, and (iii) related expenses and fees, all
of which shall be payable by the state of New York to, or at the
direction of, the commission under one or more service contracts or
other agreements pursuant to this section, as well as any expenses of
the state incurred in connection therewith.

(g) "Related expenses and fees" shall mean commitment fees, servicing
and monitoring costs, credit risk premium payments and similar charges,
administrative fees and other ancillary costs, expenses and fees
incurred, and to become due and payable, by the commission in connection
with the Federal transportation loan, or by the state in connection with
any service contract.

3. Notwithstanding any other provision of law to the contrary, in
order to provide for the payment for the state capital commitment, the
director of the budget is hereby authorized to enter into one or more
service contracts or other agreements with the commission, none of which
shall exceed the maximum duration of the Federal transportation loan,
upon such terms and conditions as the director of the budget and
commission agree, so as to provide to or at the direction of the
commission, for each state fiscal year, a sum not to exceed the amount
required to be paid as principal and interest under the Federal
transportation loan for such fiscal year, plus related expenses and fees
for such fiscal year. Any such service contract or other agreement shall
provide that the obligation of the state to pay the amount therein
provided 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 monies available, that no liability shall be
incurred by the state beyond the monies available for such purpose, and
that such obligation is subject to annual appropriation by the
legislature. Any such service contract or other agreement and any
payments made or to be made thereunder may be assigned and pledged by
the commission as security for the repayment by the commission of the
Federal transportation loan.

4. The director of the budget is also authorized to enter into such
other agreements and to take or cause to be taken such additional
actions as are necessary or desirable to effectuate the purposes of the
transactions contemplated by the state capital commitment provided for
herein and the service contract or other agreement authorized by
subdivision 3 of this section.

5. On or before the beginning of each quarter, the director of the
budget shall certify to the state comptroller the estimated amount of
monies that shall be reserved in the general debt service fund for
payment pursuant to any service contract authorized by subdivision 3 of
this section payable by such fund during each month of the state fiscal
year. Such certificate may be periodically updated, as necessary.
Notwithstanding any provision of law to the contrary, the state
comptroller shall reserve in the general debt service fund the amount of
monies identified on such certificate as necessary for payment pursuant
to any service contract authorized by subdivision 3 of this section
during the current or next succeeding quarter of the state fiscal year.
Such monies so reserved shall not be available for any other purpose.
Such certificate shall be reported to the chairpersons of the Senate
Finance Committee and the Assembly Ways and Means Committee.

* NB There are 2 § 58's