§ 379. Further additional powers of the authority to finance certain\nrepayment obligations of the state in connection with the purchase of\nreal property for highway purposes. 1. (a) The authority is hereby\nauthorized, as a corporate purpose thereof, to issue bonds and notes in\nan aggregate principal amount not to exceed fifty million dollars and to\nmake available the proceeds from the sale of such bonds and notes, net\nof all costs to the authority in connection therewith, to the\ncommissioner, for the purposes of financing a portion of the repayment\nto the treasurer of the United States of funds in an amount as\ndetermined by the secretary of the United States department of\ntransportation to be equal to the amount of federal funds previously\nexpended as adjusted by credits received to acquire real property for\nthe portion of Interstate-478 which was withdrawn from the federal\ninterstate system in accordance with federal law. Provided, however,\nthat the authority shall not issue any bonds or notes authorized by this\nsection until the federal highway administration has ruled on an\napplication by the state, or the state and the city of New York, seeking\na waiver of the repayment obligation of the state and city for federal\nfunds expended to acquire real property for a portion of Interstate 478.\n (b) Such bonds and notes shall be issued with the approval of the\ndirector of the budget and shall be special limited obligations of the\nauthority, secured by and payable solely out of certain lease payments\nmade by the state and funds and accounts held under the resolution\npursuant to which such bonds and notes are issued, without recourse\nagainst other assets, revenues or funds of or other payments due to the\nauthority.\n (c) Such bonds and notes shall contain on the face thereof a statement\nto the effect that they shall not be deemed to be an obligation of the\nstate and the state shall not be liable thereon.\n (d) Such bonds shall be scheduled to mature over a term not to exceed\nthirty years.\n (e) The provisions of title ten of article nine of this chapter, shall\nnot apply in any way to the bonds or notes authorized to be issued by\nthis section.\n (f) All the provisions of this title relating to bonds and notes,\nwhich are not inconsistent with the provisions of this section, shall\napply to the bonds and the notes authorized by this section, including,\nbut not limited to, the power to issue renewal notes or refunding bonds\nthereof.\n 2. (a) Notwithstanding any general, special or local law, the state,\nacting by and through the commissioner, shall have the power to convey\nto the authority or its successor agency, without public bidding, public\nsale, or public notice, for such term, and upon such terms and\nconditions as the parties thereto shall agree, a leasehold interest in\nthe real property purchased in part with federal funds in the name of\nthe state for the portion of then-designated Interstate-478 which was\nwithdrawn from the interstate system in accordance with federal law.\nAny lease entered into pursuant to the provisions of this section shall\nbe for a period not less than that for which debt service is due and\npayable on any bonds and notes issued by the authority pursuant to this\nsection and not more than thirty days after the period for which debt\nservice is due and payable on any bonds and notes issued by the\nauthority pursuant to this section.\n (b) Notwithstanding the provisions of any general, special or local\nlaw, the state, acting by and through the commissioner, is hereby\nauthorized to lease from the authority or its successor agency its\ninterest in the real property purchased in part with federal funds in\nthe name of the state for the portion of the then-designated\nInterstate-478 which was withdrawn from the interstate system in\naccordance with federal law, such lease to be upon such terms and\nconditions as the parties thereto shall agree, provided that such le
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