Section 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.