Section 2799-TT. Additional bonds of the authority

1. Notwithstanding any
  provision of this title or  of  any  other  law  to  the  contrary,  the
  authority   is   hereby  authorized  to  issue  bonds,  notes  or  other
  obligations in addition to those  authorized  by  sections  twenty-seven
  hundred  ninety-nine-gg  and twenty-seven hundred ninety-nine-ss of this
  title in an amount outstanding  of  up  to  nine  billion  four  hundred
  million  dollars  for  purposes of (i) funding costs of such educational
  facilities capital plan, the five-year  educational  facilities  capital
  plan approved in accordance with section twenty-five hundred ninety-p of
  the  education  law and (ii) refunding bonds, notes or other obligations
  issued to pay such costs,  and  for  payment  of  all  other  costs  and
  expenses  relating  to  bonds,  notes  or other obligations described in
  clause  (i)  or  (ii)  of  this  subdivision  or  incurred  pursuant  to
  agreements relating to such bonds, notes or other obligations, including
  without  limitation,  capitalized  interest, the funding of reserves and
  costs of issuance. The city, acting through the mayor, may assign all or
  any portion of the state aid payable to the city  of  New  York  or  the
  school  district  of the city of New York pursuant to subdivision six of
  section thirty-six hundred two of the education law  of  the  state  (or
  pursuant  to any successor provision of state law) to the authority and,
  after such assignment, such aid and the right to receive such aid  shall
  be  the property of the authority. Bonds issued pursuant to this section
  shall have a maximum maturity of up to thirty years.
    2. Following notice from the city of New York to the director  of  the
  state  division  of  the  budget  and  the  state  comptroller  of  such
  assignment, such payment shall be made by the state comptroller directly
  to the city's assignee; provided that such payment shall be subject  and
  subordinate  to  payment  of  such aid to the municipal bond bank agency
  pursuant to section twenty-four hundred thirty-six of this article,  the
  educational construction fund pursuant to section four hundred sixty-two
  of  the  education  law,  and  the  paying  agent for bonds and notes in
  default pursuant to section ninety-nine-b of the state finance law.
    3. Notwithstanding any inconsistent provision of law, amounts  applied
  pursuant  to  this  section to fund the five-year educational facilities
  capital plan and related costs, and amounts applied to pay debt  service
  on  bonds, notes or other obligations described in clause (i) or (ii) of
  subdivision one of this section  (together  with  all  other  costs  and
  expenses  referred  to  in  such subdivision) shall be deemed to be paid
  from revenues of the city of New York for the purpose of any computation
  of federal or state aid.
    4. The  pledge  and  agreement  of  the  state  contained  in  section
  twenty-seven  hundred  ninety-nine-ii  of  this  title  shall  be  fully
  applicable to bonds, notes or other obligations issued pursuant to  this
  section,  and  may be included in any agreement with the holders of such
  bonds, notes or other obligations. Nothing  contained  in  this  section
  shall  be  deemed  to  restrict the right of the state to amend, modify,
  repeal or otherwise alter statutes relating to the state aid subject  to
  such  assignment, but such state aid shall in all events (i) continue to
  be so payable, as assigned, so long as any such state aid  is  paid  and
  (ii)  continue to be calculated in accordance with the same formula used
  for such calculation, and otherwise on the same basis  as  such  aid  is
  calculated,  on  the  date  that  the applicable project is approved for
  reimbursement.