Section 1680-E. State university athletic facilities

1. The authority may
  design,  acquire,  construct,  reconstruct,  rehabilitate,  improve   or
  otherwise  provide,  furnish  and  equip  a  state  university  athletic
  facility and for that purpose may issue its bonds in accordance with the
  provisions of this article.
    2. The state shall annually appropriate to the authority and  on  June
  tenth  and  December  tenth of each year pay to or upon the order of the
  authority on account of state university athletic facilities the sum of:
    (a) the interest on bonds issued in connection with  state  university
  athletic facilities payable on the interest payment date next succeeding
  such June tenth or December tenth;
    (b)  one-half  of  the  principal or sinking fund installments of such
  bonds payable on the July first  next  succeeding  such  June  tenth  or
  December tenth;
    (c)  the  amount  required  by the agreement of the authority with the
  holders of such bonds to be paid to maintain or restore any reserve fund
  to the requirement for such reserve fund; and
    (d) one-half of the fees, expenses, administrative costs and  overhead
  of  the  authority  incurred  or  to  be  incurred in connection with or
  allocated to state university athletic facilities  or  bonds  issued  in
  connection  therewith,  including  amounts, if any, to be rebated to the
  department of the treasury of the United States of America  pursuant  to
  the  internal  revenue  code  of  1986,  as  amended, or the regulations
  adopted thereunder.
    The amount of money required to be paid pursuant to  this  subdivision
  shall  be  determined  from  the  report required to be submitted by the
  authority pursuant to subdivision five of this section.
    The state shall receive a credit against the payments required  to  be
  made pursuant to paragraphs (a) and (b) of this subdivision in an amount
  equal  to  the  amount  by  which  the  amount  in the debt service fund
  established pursuant to the agreement of the authority and  the  holders
  of  bonds issued in connection with state university athletic facilities
  on the date of any such  payment  is  to  be  made  exceeds  the  amount
  required  pursuant  to  such resolution to be on deposit in such fund or
  required to pay  the  purchase  price  or  redemption  price,  including
  accrued  interest  to  the  date  of  purchase  or  redemption, of bonds
  outstanding  theretofore  contracted  to  be  purchased  or  called  for
  redemption.
    3. Any payments to be made by the state may be pledged and assigned by
  the  authority to secure the payment of the principal of and interest on
  bonds issued by the authority to finance the  cost  of  the  design  and
  construction of a state university athletic facility and other costs and
  necessary  or  incidental  expenses  related  thereto.  The right of the
  authority to receive  the  payment  of  amounts  appropriated  shall  be
  enforceable  by  the  authority.  All public officers are authorized and
  required to pay all such money due to the authority to the authority  or
  its  designee  pursuant  to  a  certificate  filed  with any such public
  officer pursuant to the provisions of this subdivision.
    4. The state university of New York may, with respect  to  such  state
  university  athletic  facility,  transfer  title or grant any other real
  property interests or rights to the authority,  and  the  authority  may
  transfer  title  or grant any other real property interests to the state
  university of New York.
    5. Not later than one hundred twenty days prior to  the  beginning  of
  the fiscal year of the state, the authority shall submit to the director
  of  the  budget,  the  state  comptroller, the chairperson of the senate
  finance committee and the chairperson of the  assembly  ways  and  means

  committee,  a report setting forth in connection with a state university
  athletic facility the following:
    (a)  the  principal  and  sinking fund installments of and interest on
  bonds issued in connection with state  university  athletic  facilities,
  payable during the next succeeding fiscal year of the state;
    (b)  the  amount required to be paid during the next succeeding fiscal
  year of the state pursuant to the agreement of the  authority  with  the
  holders   of  such  bonds  to  restore  or  maintain  any  reserve  fund
  established pursuant to such agreement; and
    (c) the fees, expenses, administrative costs and overhead estimated by
  the authority to be incurred by it during  the  next  succeeding  fiscal
  year  of the state in connection with or to be allocated during the next
  succeeding fiscal  year  of  the  state  to  state  university  athletic
  facilities  or  bonds issued in connection therewith, including amounts,
  if any, to be rebated to the department of the treasury  of  the  United
  States  of  America  pursuant  to  the internal revenue code of 1986, as
  amended, or the regulations adopted thereunder.
    The report submitted by the authority pursuant to this subdivision may
  be amended from time to time prior to  any  date  on  which  payment  is
  required  to  be  made  by the state pursuant to subdivision two of this
  section.
    6. The state university  trustees  shall,  notwithstanding  any  other
  provision  of  law,  be  empowered  to allow employees, representatives,
  agents of, and persons or entities under contract to  the  authority  to
  enter upon the campus of the state university of New York at Buffalo for
  purposes    of   managing   the   acquisition,   design,   construction,
  reconstruction, rehabilitation, improvement, furnishing and equipping of
  the state university athletic facility, including, but not  limited  to,
  the  connection of such facility with the existing infrastructure of the
  campus. Upon the determination by the authority that the right to  enter
  upon  the  campus of the state university of New York at Buffalo created
  hereunder  is  no  longer  necessary  for  such   acquisition,   design,
  construction, reconstruction, rehabilitation, improvement, furnishing or
  equipping  of  such state university athletic facility by the authority,
  the authority shall relinquish its right established hereunder to  enter
  upon  the  campus  of  the  state university of New York at Buffalo. The
  authority  shall  have  the  power  to  enter   into   agreements   with
  individuals,  partnerships, corporations or any other entity in order to
  take whatever actions are necessary to carry out the provisions of  this
  section.
    7.  Notwithstanding  any other provision of this section, or any other
  provision of law, funds for any payments to the authority on account  of
  a  state  university  athletic  facility  shall be paid exclusively from
  appropriations intended for this purpose.
    8. The authority shall not issue its  bonds  to  finance  the  design,
  construction,  reconstruction,  rehabilitation,  improvement, furnishing
  and equipping of a state university athletic facility  in  an  aggregate
  principal  amount  greater  than  twenty-two  million dollars; provided,
  however, that, in addition to such bonds, the  authority  may  issue  an
  aggregate principal amount of bonds sufficient to fund any reserve funds
  established  in  connection  therewith  to  pay  the  costs  incurred in
  connection with the issuance of any of such bonds and the  cost  of  the
  management  of  the  design  and  construction  of  the state university
  athletic facility.
    9. With respect to the financing, design,  acquisition,  construction,
  reconstruction,  rehabilitation,  improvement,  or  otherwise providing,
  furnishing and equipping of a state university  athletic  facility,  any
  member, officer or employee of the authority is deemed to be an employee

  as such term is defined in and for all of the purposes of the provisions
  of  section  seventeen  of  the  public  officers  law,  which  shall be
  applicable to any such member, officer or employee.
    10.  If  a state university athletic facility or part thereof is taken
  by eminent domain or condemnation, or damaged or destroyed, then and  in
  such event:
    (a)  if, within one hundred twenty days from the occurrence, the state
  university of  New  York  notifies  the  authority  in  writing  of  its
  intention to replace or restore such state university athletic facility,
  the  state  university  of  New York shall proceed to replace or restore
  such  state  university  athletic  facility,  including  all   fixtures,
  furniture,  equipment  and effects, to its original condition insofar as
  possible. The moneys required for such replacement or restoration  shall
  be  paid  from  the  proceeds  of  any  condemnation  award or insurance
  received by reason of such occurrence  and,  to  the  extent  that  such
  proceeds  are  not sufficient, from any moneys available therefor in any
  fund established pursuant to the agreement of  the  authority  with  the
  holders  of  bonds issued in connection with a state university athletic
  facility, if any, or from moneys to be provided by the state  university
  of New York; or
    (b) if the authority has not within such one hundred twenty day period
  been notified in writing of the intention of the state university of New
  York  to restore or replace such state university athletic facility, the
  dormitory authority in its discretion  may  determine  that  such  state
  university  athletic facility has been abandoned and is no longer useful
  or necessary in the operation of the state university of  New  York.  In
  such event, the proceeds of any condemnation award or insurance received
  by reason of such occurrence shall be applied and paid in the manner and
  order of priority as provided in such agreement with the holders of such
  bonds.