§ 3656. Bonds of the authority. 1. The authority shall have the power\nand is hereby authorized from time to time to issue bonds in such\nprincipal amounts as it may determine to be necessary pursuant to\nsection thirty-six hundred fifty-five of this title to pay any\nfinanceable costs and to fund reserves to secure such bonds, including\nincidental expenses in connection therewith. Provided, however, the\naggregate principal amounts of such bonds issued to pay the financeable\ncounty costs described in paragraph (c) of subdivision twelve of section\nthirty-six hundred fifty-one of this title, which resulted from\ncertiorari proceedings commenced on or after June first, two thousand,\nshall not exceed eight hundred million dollars in the aggregate,\nexcluding bonds, notes, or other obligations issued to refund or\notherwise repay bonds, notes, or other obligations theretofore issued\nfor such purposes. Effective in the year two thousand six, upon request\nof the county, the authority shall issue, in the amount requested, bonds\nto pay tax certiorari settlements or judgments of any kind to which the\ncounty is a party, not to exceed fifteen million dollars; and effective\nin the year two thousand seven, upon request of the county, the\nauthority shall issue, in the amount requested, bonds to pay tax\ncertiorari settlements or judgments of any kind to which the county is a\nparty, not to exceed ten million dollars. Whenever this title\nestablishes a limit on the principal amount of bonds that the authority\nis authorized to issue, there shall not be counted against such limit\n(i) amounts determined by the authority as reasonable to be used to pay\nthe cost of issuing such bonds, (ii) the amount of bonds that would\nconstitute interest under the Internal Revenue Code of 1986, as amended,\nand (iii) amounts determined by the authority as necessary to establish\nany reserves.\n The authority shall have the power from time to time to refund any\nbonds of the authority by the issuance of new bonds, whether the bonds\nto be refunded have or have not matured, and may issue bonds partly to\nrefund bonds of the authority then outstanding and partly to pay the\nfinanceable costs pursuant to section thirty-six hundred fifty-five of\nthis title. Bonds issued by the authority shall be payable solely out of\nparticular revenues or other moneys of the authority as may be\ndesignated in the proceedings of the authority under which the bonds\nshall be authorized to be issued, subject to any agreements entered into\nbetween the authority and the county, and subject to any agreements with\nthe holders of outstanding bonds pledging any particular revenues or\nmoneys; but in no event shall transitional state aid be pledged as\nsecurity for or be made available for the payment of bonds.\n 2. The authority is authorized to issue its bonds for a period ending\nnot later than December thirty-first, two thousand twenty-one. The\nauthority may issue bonds to refund bonds previously issued without\nregard to the limitation in the first sentence of this subdivision, but\nin no event shall any bonds of the authority finally mature later than\nJanuary thirty-first, two thousand fifty-one. Notwithstanding any other\nprovision of law, no bond of the authority shall mature more than thirty\nyears from the date of its issue.\n 3. Bonds of the authority may be issued, amortized, redeemed and\nrefunded without regard to the provisions of the local finance law;\nprovided, however, that the principal amount of outstanding bonds issued\nby the authority shall be deemed to be indebtedness of the county solely\nin ascertaining the amount of indebtedness the county may contract\npursuant to the local finance law and the state constitution and the\nauthority shall not exceed such limitation.\n 4. The directors may delegate to the chairperson or other director or\nofficer of the authority the power to set the final terms of bonds.\n 5. The authority in its sole discr
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