Section 1828-A. Federal trust fund administration

1.  (a)  Where  the
  authority, in its capacity as a trustee or administrator of  the  Altech
  trust  fund  established  pursuant to a grant agreement with the federal
  economic development agency,  has,  on  or  before  March  thirty-first,
  nineteen  hundred  ninety-five,  entered into an agreement or agreements
  with any local development corporation, banking organization  or  public
  benefit   corporation,  or  combination  thereof,  which  obligates  the
  authority to make payments from such  trust  fund  for  the  purpose  of
  paying  or  guaranteeing, in whole or in part, the cost of financing the
  construction of any facility the object of which is to promote  economic
  development within the counties of Albany and Chautauqua, the authority,
  for  the  purpose  of  refinancing  its  payment  obligations under such
  agreement or agreements, shall:
    (i) pursuant to  a  memorandum  of  understanding  executed  with  the
  subject  county,  purchase,  lease  or  otherwise acquire such facility,
  including the site thereof, and sell, convey, lease, mortgage, pledge or
  otherwise dispose of such facility, together with the site thereof, upon
  such terms and conditions as  the  authority  deems  advisable,  and  in
  connection therewith, may borrow money from any banking organization and
  issue  its notes or other obligations in evidence thereof and may pledge
  to the repayments of such obligations any funds of the authority legally
  available for such purposes;
    (ii) pursuant to a  repayment  agreement  executed  with  the  federal
  economic  development  agency, replace Altech trust fund monies expended
  on activities deemed to be ineligible by the United States department of
  commerce; and
    (iii) enter into any and all agreements as the  authority  shall  deem
  necessary,  convenient or desirable to carry out the powers conferred by
  subparagraph (a) of this subdivision.
    (b) (i) Prior to  the  execution  of  a  repayment  agreement  by  the
  authority  pursuant  to paragraph (a) of this subdivision, the authority
  shall submit a plan to the federal economic development  agency  and  to
  the  director  of  the  budget,  and  the  chairs  of the senate finance
  committee and the assembly ways and means committee, which provides for:
    (A) the replacement by the authority of cash or other  assets  of  the
  trust fund for the purposes of promoting economic development within the
  counties of Albany and Chautauqua;
    (B)  the  development of a new revolving loan fund plan to provide for
  the  investment  of  the  trust  fund  for  the  promotion  of  economic
  development within such counties; and
    (C)  a  schedule  and  strategy  for the implementation of any federal
  administrative requirements governing the administration of the fund  by
  the authority.
    (ii)  a  report submitted to the director of the budget, the chairs of
  the senate finance committee and the assembly ways and  means  committee
  detailing  the  disposition  by  the  authority  of  a  facility  or the
  repayment of any funds and  any  amendments  to  the  plan  pursuant  to
  paragraph (a) of this subdivision.
    (c)  Subject  to  the  terms  of  any  special purpose bondholders and
  noteholders, the special purpose funds described in clauses (b)  through
  (g)  of  subdivision  one  of  section  eighteen hundred fifteen of this
  title, to the extent that they are not required pursuant to  subdivision
  two  of  such  section,  may  also be used to pay or discharge any other
  obligation of the authority imposed thereon by the  provisions  of  this
  section  or by the provision of any contract executed in accordance with
  this section.
    2. The authority shall annually submit to the director of the  budget,
  and the chairs of the senate finance committee and the assembly ways and

  means   committee   for   approval   a   resolution  setting  forth  its
  responsibilities as a fiduciary  agent  and  trustee  of  any  fund  the
  authority administers on behalf of the federal government and describing
  the terms and conditions of any financial assistance to be provided from
  such fund.