Section 2435-D. Special school purpose agreements

In order to fulfill the
  purposes of this title and to provide  a  means  by  which  the  special
  school  purpose  municipalities  may  receive  assistance  to meet their
  obligations and, notwithstanding any  general  or  special  law  to  the
  contrary,  the  agency  and each special school purpose municipality are
  hereby authorized to enter into  one  or  more  special  school  purpose
  agreements  in  accordance  with  the  provisions  of  this  title as to
  financing of costs by the agency, the application of school aid revenues
  to the agency to secure its bonds and further assurances in  respect  of
  the  agency's  receipt of such revenues. Any such special school purpose
  agreements shall not  constitute  indebtedness  of  the  special  school
  purpose  municipality for purposes of section 20.00 of the local finance
  law or any constitutional or  statutory  limitation.  In  addition,  any
  special  school  purpose  bonds  issued  in connection with such special
  school purpose agreement shall not constitute a debt of the state or  of
  the   applicable   special   school   purpose   municipality  under  any
  constitutional or statutory provision.  Any  such  school  aid  revenues
  shall  belong to the agency, shall not be, or be treated as, revenues of
  the special school purpose municipality for appropriation, accounting or
  any other purpose, provided, however,  that  such  school  aid  revenues
  shall   be   deemed  to  be  revenues  of  the  special  school  purpose
  municipality for the purpose of any computation of federal or state aid,
  and shall not be consolidated, commingled or otherwise combined with any
  other moneys of the agency and any such special school purpose agreement
  shall include a statement to such effect. Any such school  aid  revenues
  and  any  such  special  school purpose agreements may be pledged by the
  agency in accordance with and with the  effect  of  subdivision  ten  of
  section  two  thousand four hundred thirty-seven of this title to secure
  its bonds and may not be modified thereafter except as provided  by  the
  terms of the pledge. Each special school purpose agreement shall specify
  the amount to be made available to the respective special school purpose
  municipality  through the proceeds of an issue of special school purpose
  bonds and such other matters as the agency shall determine necessary  or
  desirable  as to the application of bond proceeds or the security of the
  bonds. Such special school purpose agreement shall also provide that the
  agency shall not be entitled  to  receive  any  special  school  purpose
  school aid revenues. The receipt of the proceeds of any issue of special
  school purpose bonds by the special school purpose municipality shall be
  deemed  to satisfy an equivalent amount of prior year claims owed to the
  school district of such special school purpose municipality pursuant  to
  section  thirty-six hundred four of the education law, and such proceeds
  provided pursuant to this section shall not  reduce  the  apportionments
  payable  for  approved project costs pursuant to subdivisions six, six-a
  and six-b and paragraph c of subdivision fourteen of section  thirty-six
  hundred  two  and  subdivision  twelve  of  section  thirty-six  hundred
  forty-one of the education law and may be used  by  an  eligible  school
  district to fund the principal amount of any costs that are in excess of
  the  costs  approved  for an apportionment pursuant to such subdivisions
  six, six-a or six-b of section thirty-six  hundred  two  or  subdivision
  twelve of section thirty-six hundred forty-one of the education law.