Section 381. Further additional powers of the authority

1. The authority is
  hereby  authorized,  as  additional  corporate  purposes thereof: (a) to
  issue bonds and notes and to incur obligations secured by the moneys  as
  provided  in  the  service  contracts  authorized  pursuant  to  section
  fourteen of the chapter of the laws of nineteen hundred ninety-one which
  enacted this section; and (b) to make available the  proceeds  from  the
  sale  of  such  bonds  and  notes,  net of all costs to the authority in
  connection therewith, to provide moneys to the authority to achieve  the
  same corporate purposes as set forth in section three hundred sixty-five
  of  this  chapter.  The  authority  is  further authorized to issue such
  obligations in an  aggregate  principal  amount  not  to  exceed  eighty
  million  dollars,  exclusive  of the principal amount of bonds, notes or
  other obligations issued and  applied  (1)  to  fund  any  related  debt
  service  fund,  or  other reserve funds as may be needed, (2) to provide
  capitalized interest, and (3) to provide  fees  and  other  charges  and
  expenses,  including  underwriters'  discount  and  the  purchase of any
  credit or liquidity enhancement facilities, related to the  issuance  of
  bonds,  notes or other obligations and the maintenance of such reserves,
  all as determined by the authority and excluding bonds, notes  or  other
  obligations  issued  to  refund or otherwise repay bonds, notes or other
  obligations theretofore issued pursuant to this  section.  In  computing
  the total principal amount of bonds, notes or other obligations that may
  at  any time be issued for any purpose under this section, the amount of
  the outstanding bonds,  notes  or  other  obligations  that  constitutes
  interest  under  the  United  States  Internal  Revenue Code of 1986, as
  amended to the effective  date  of  this  section,  shall  be  excluded.
  Provided,  however,  that  upon  any  refunding  or repayment, except in
  connection with the termination of the existence of the authority or  if
  otherwise  authorized  by the legislature, the total aggregate principal
  amount of outstanding bonds, notes or other obligations may  be  greater
  than  the amount authorized by this section 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 of this section, 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.
    2.  Such  obligations  shall  be  special  limited  obligations of the
  authority, secured by  and  payable  solely  out  of  payments  received
  pursuant to service contract or contracts authorized by section fourteen
  of  the chapter of the laws of nineteen hundred ninety-one which enacted
  this section, funded by amounts appropriated by the legislature and  any
  other  funds  appropriated by the legislature to the authority therefor,
  without recourse against any other assets, revenues or funds of or other
  payments due to the authority.
    3. Such obligations shall contain on the face thereof a  statement  to
  the  effect  that  they  shall  not be deemed to be an obligation of the
  state and that the state shall not be liable thereon.

    4. Such obligations shall be scheduled to mature over a  term  not  to
  exceed thirty years.
    5. All the provisions of this title relating to bonds and notes, which
  are not inconsistent with the provisions of this section, shall apply to
  obligations  authorized  by this section, including, but not limited to,
  the power to issue renewal notes or refunding bonds thereof.