Section 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
  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.
    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.