§ 1680-e. State university athletic facilities. 1. The authority may\ndesign, acquire, construct, reconstruct, rehabilitate, improve or\notherwise provide, furnish and equip a state university athletic\nfacility and for that purpose may issue its bonds in accordance with the\nprovisions of this article.\n 2. The state shall annually appropriate to the authority and on June\ntenth and December tenth of each year pay to or upon the order of the\nauthority on account of state university athletic facilities the sum of:\n (a) the interest on bonds issued in connection with state university\nathletic facilities payable on the interest payment date next succeeding\nsuch June tenth or December tenth;\n (b) one-half of the principal or sinking fund installments of such\nbonds payable on the July first next succeeding such June tenth or\nDecember tenth;\n (c) the amount required by the agreement of the authority with the\nholders of such bonds to be paid to maintain or restore any reserve fund\nto the requirement for such reserve fund; and\n (d) one-half of the fees, expenses, administrative costs and overhead\nof the authority incurred or to be incurred in connection with or\nallocated to state university athletic facilities or bonds issued in\nconnection therewith, including amounts, if any, to be rebated to the\ndepartment of the treasury of the United States of America pursuant to\nthe internal revenue code of 1986, as amended, or the regulations\nadopted thereunder.\n The amount of money required to be paid pursuant to this subdivision\nshall be determined from the report required to be submitted by the\nauthority pursuant to subdivision five of this section.\n The state shall receive a credit against the payments required to be\nmade pursuant to paragraphs (a) and (b) of this subdivision in an amount\nequal to the amount by which the amount in the debt service fund\nestablished pursuant to the agreement of the authority and the holders\nof bonds issued in connection with state university athletic facilities\non the date of any such payment is to be made exceeds the amount\nrequired pursuant to such resolution to be on deposit in such fund or\nrequired to pay the purchase price or redemption price, including\naccrued interest to the date of purchase or redemption, of bonds\noutstanding theretofore contracted to be purchased or called for\nredemption.\n 3. Any payments to be made by the state may be pledged and assigned by\nthe authority to secure the payment of the principal of and interest on\nbonds issued by the authority to finance the cost of the design and\nconstruction of a state university athletic facility and other costs and\nnecessary or incidental expenses related thereto. The right of the\nauthority to receive the payment of amounts appropriated shall be\nenforceable by the authority. All public officers are authorized and\nrequired to pay all such money due to the authority to the authority or\nits designee pursuant to a certificate filed with any such public\nofficer pursuant to the provisions of this subdivision.\n 4. The state university of New York may, with respect to such state\nuniversity athletic facility, transfer title or grant any other real\nproperty interests or rights to the authority, and the authority may\ntransfer title or grant any other real property interests to the state\nuniversity of New York.\n 5. Not later than one hundred twenty days prior to the beginning of\nthe fiscal year of the state, the authority shall submit to the director\nof the budget, the state comptroller, the chairperson of the senate\nfinance committee and the chairperson of the assembly ways and means\ncommittee, a report setting forth in connection with a state university\nathletic facility the following:\n (a) the principal and sinking fund installments of and interest on\nbonds issued in connection with state university athletic facilities,\npayable during the next succeeding fiscal year of the state;\n (b) the
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