§ 1680-b. Court facilities and combined occupancy structures. 1. The\nauthority may enter into a lease, sublease or other agreement with a\nparticipating municipality pursuant to which one or more court\nfacilities or combined occupancy structures are to be designed,\nacquired, constructed, reconstructed, rehabilitated or improved, or a\ncourt facility is to be furnished or equipped, provided that such lease,\nsublease or other agreement has been approved by the chief administrator\nof the courts. The authority shall not enter into any such lease,\nsublease or other agreement unless such lease, sublease or other\nagreement provides that (a) the parties thereto shall comply with such\nstandards and administrative policies relating to court facilities as\nmay be promulgated pursuant to section twenty-eight of article six of\nthe constitution and (b) the court facilities or combined occupancy\nstructures to which such lease, sublease or other agreement related\nshall be constructed, reconstructed, rehabilitated, improved, furnished\nor equipped substantially in accordance with the plans, specifications\nand designs approved by the chief administrator of the courts. Such\nlease, sublease or other agreement may contain such other terms and\nconditions as the authority may require, including, but not limited to,\nprovisions relating to the maintenance and operation of the court\nfacilities, the establishment of reserve funds and the disposition of a\ncourt facility or a combined occupancy structure or the interest of the\nauthority therein prior to or upon the termination or expiration of such\nlease, sublease or other agreement. In connection with court facilities\nand combined occupancy structures, the authority is hereby authorized to\nissue bonds in an aggregate principal amount not to exceed three billion\ndollars; provided, however, that bonds issued or to be issued shall be\nexcluded from such limitation if such bonds are issued to refund bonds\nof the authority issued in connection with court facilities and combined\noccupancy structures and the present value of the aggregate debt service\non the refunding bonds does not exceed the present value of the\naggregate debt service on the bonds refunded thereby. For purposes\nhereof, the present value of the aggregate debt service of the refunding\nbonds and the aggregate debt service of the bonds refunded, shall be\ncalculated by utilizing the true interest cost of the refunding bonds,\nwhich shall be that rate arrived at by doubling the semi-annual interest\nrate (compounded semi-annually) necessary to discount the debt service\npayments on the refunding bonds from the payment dates thereof to the\ndate of issue of the refunding bonds to the purchase price of the\nrefunding bonds, including interest accrued thereon prior to the\nissuance thereof. The maturity of such bonds, other than bonds issued to\nrefund outstanding bonds, shall not exceed the weighted average economic\nlife, as certified by the office of court administration, of the\nfacilities in connection with which the bonds are issued, and in any\ncase not later than the earlier of forty years or the expiration of the\nterm of any lease, sublease or other agreement relating thereto;\nprovided that no note, including renewals thereof, shall mature later\nthan five years after the date of issuance of such note.\n 2. No bonds may be issued by the authority in connection with a court\nfacility or combined occupancy structure unless:\n (a) the chief administrator of the courts has certified that the court\nfacility or facilities in connection with which such bonds are to be\nissued are consistent with the capital plan approved pursuant to section\nsixteen hundred eighty-c of this chapter; and\n (b) the lease, sublease or other agreement with the participating\nmunicipality relating to such court facilities provides that the plans,\nspecifications, designs and cost estimates for the design, construction,\nreconstruction,
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