§ 47-a. State university construction bonds and notes. 1.\nDefinitions. For the purposes of section forty-seven and of this\nsection:\n a. "State university facility" shall mean a classroom, lecture hall,\nlibrary, laboratory or other academic building, or any structure on or\nimprovement to real property of any kind or description, including\nfixtures and equipment which are an integral part of any such building,\nstructure or improvement, a walkway or roadway, and improvements and\nconnections for water, sewer, gas, electrical, telephone, heating, air\nconditioning and other utility services at a state-operated institution\nor statutory or contract college under the jurisdiction of the state\nuniversity of New York, and shall include a housing unit or any\nemergency temporary housing, with necessary and usual attendant and\nrelated facilities and equipment, for the use of students, faculty and\nstaff, and their families, at such an institution or statutory or\ncontract college.\n b. "State university construction bonds" and "state university\nconstruction notes" shall mean bonds and notes respectively, issued by\nthe agency pursuant to subdivision two of this section.\n 2. Additional powers of the agency.\n a. The agency shall have power to cause state university facilities to\nbe constructed, acquired, reconstructed, rehabilitated or improved on\nany real property leased or made available by the state university of\nNew York, or any state-operated institution or statutory or contract\ncollege under the jurisdiction of the state university of New York,\nunder an agreement with the state university construction fund created\nby section three hundred seventy-one of the education law and in\nconnection therewith may authorize the state university construction\nfund to act as its agent for the purpose of constructing, acquiring,\nreconstructing, rehabilitating or improving such state university\nfacilities.\n b. The agency shall have power and is hereby authorized from time to\ntime to issue negotiable bonds and notes in conformity with applicable\nprovisions of the uniform commercial code in such principal amount as,\nin the opinion of the agency, shall be necessary, after taking into\naccount other monies which may be available for the purpose, to provide\nsufficient funds for the construction, acquisition, reconstruction,\nrehabilitation or improvement of state university facilities pursuant to\nthe preceding paragraph of this subdivision, the payment of interest on\nstate university construction bonds and state university construction\nnotes issued for such purposes, the establishment of reserves to secure\nsuch bonds and notes, and all other expenditures of the agency incident\nto and necessary or convenient for any such construction, acquisition,\nreconstruction, rehabilitation or improvement; provided, however, that\nthe agency shall not issue state university construction bonds and state\nuniversity construction notes in an aggregate principal amount exceeding\nthree billion dollars, excluding state university construction bonds and\nstate university construction notes issued to refund outstanding state\nuniversity construction bonds or state university construction notes. In\nno event, however, shall the agency issue state university construction\nbonds or state university construction notes after August first,\nnineteen hundred eighty-eight, except state university construction\nbonds or state university construction notes issued to refund\noutstanding state university construction bonds or state university\nconstruction notes; provided, however, that only state university\nconstruction bonds to be issued to refund state university construction\nbonds may be issued after August first, nineteen hundred eighty-eight.\nSuch bonds shall be excluded from such limitation as to the aggregate\nprincipal amount of state university construction bonds and state\nuniversity construction notes if the present value of the aggr
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