Section 1840-H. Appropriations and authorized indebtedness

1. To assure the
  continued  operation  and solvency of the authority for the carrying out
  of its public purposes,  provision  is  made  in  subdivision  three  of
  section  eighteen  hundred forty-g of this title for the accumulation in
  each debt service reserve fund of an amount equal to the maximum  amount
  of  principal  and  interest maturing and becoming due in any succeeding
  calendar year on all bonds of the authority then outstanding and secured
  by such reserve fund. In order further to assure the maintenance of such
  debt service reserve funds, upon the adoption  of  a  resolution  having
  identical  effect  by  the board of supervisors of Nassau county and the
  county legislature of Suffolk county providing  therefor,  the  counties
  may  request  the state legislature to enact a special law or laws which
  shall authorize such counties to thereafter adopt or amend  local  laws,
  to  provide  for  the  payment to the authority for deposit in each debt
  service reserve fund such sum, if any, as shall have been  certified  by
  the  chairman  of  the  authority  to  the  chairman  of  the  board  of
  supervisors and county legislature as  being  the  amount  necessary  to
  restore  such  reserve  fund to an amount equal to the maximum amount of
  principal and interest maturing  and  becoming  due  in  any  succeeding
  calendar year on the bonds of the authority then outstanding and secured
  by  such  reserve fund. The chairman of the authority shall annually, on
  or before August thirty-first, make and deliver to the chairman  of  the
  board  of supervisors and county legislature his certificate stating the
  sum, if any, required to restore each such debt service reserve fund  to
  the  amount  aforesaid,  and the sum or sums so certified, if any, shall
  pursuant to the local laws theretofore adopted by the county  of  Nassau
  and  the  county  of  Suffolk  authorizing payments to the authority for
  deposit in its debt service reserve funds be apportioned and paid to the
  authority during the next fiscal year of the respective counties.
    2. Any request to the state legislature  submitted  pursuant  to  this
  section,  by  the  authority, shall, if the provisions of the resolution
  having identical effect adopted by both  the  board  of  supervisors  of
  Nassau  county  and  the  county  legislature  of Suffolk county include
  proposed state laws which shall be submitted to  the  state  legislature
  simultaneously  therewith.  Such  proposed  state laws shall include but
  shall not be limited to provisions relating to  limits  of  indebtedness
  and  which  require  the  authority  not  to issue bonds and notes in an
  aggregate principal amount exceeding such limits. Such proposed laws may
  further provide for additional requirements on the issuance of bonds and
  notes of the authority or the apportionment and  payment  made  in  each
  debt  service  reserve  fund set forth in such resolutions including but
  not limited to provisions  providing  for  (i)  prior  approval  on  the
  issuance  of  bonds  and  notes  by  the  controller  or any appropriate
  designated municipal agency, (ii) repayment of funds by the authority to
  the  counties,  and  (iii)  allowing  the  counties,   upon   furnishing
  sufficient  funds therefor, to require the authority to redeem, prior to
  maturity, as a whole, any issue of bonds on any  interest  payment  date
  not  less than ten years after the date of the bonds of such issue. Such
  redemption shall be at one hundred five per centum of the face value  of
  the  bonds and accrued interest or at such lower redemption price as may
  be provided in the bonds in case of the redemption as  a  whole  on  the
  redemption date. Notice of any required redemption shall be published at
  least  twice  in  at  least  two  newspapers  publishing and circulating
  respectively  in  the  counties  of  Nassau  and  Suffolk,   the   first
  publication to be at least thirty days before the date of redemption.