The authority may take several actions about special facilities, but some require the governor’s approval and bond amounts are capped by legislative authorization.
In addition and supplemental to the powers granted to the authority by law, the authority may: (1) With the approval of the governor, enter into a special facility lease or an amendment or supplement thereto whereby the authority agrees to construct, acquire, or remodel and furnish or equip a special facility solely for the use by another person to a special facility lease; (2) With the approval of the governor, issue special facility revenue bonds in principal amounts not to exceed the total amount of bonds authorized by the legislature, that may be necessary to yield all or a portion of the cost of any construction, acquisition, remodeling, furnishing, and equipping of any special facility; (3) With the approval of the governor, issue refunding special facility revenue bonds, in principal amounts not to exceed the total amount of bonds authorized by the legislature, with which to provide for the payment of outstanding special facility revenue bonds (including any special facility revenue bonds theretofore issued for this purpose) or any part thereof; provided any issuance of refunding special facility revenue bonds shall not reduce the principal amount of the bonds which may be issued as provided in paragraph (2); (4) Perform and carry out the terms and provisions of any special facility lease; (5) Notwithstanding section 103-7 or any other law to the contrary, acquire, construct, or remodel and furnish or equip any special facility, or accept the assignment of any contract therefor entered into by the other person to the special facility lease; (6) Construct any special facility on land owned by the State; provided that no funds derived herein will be expended for land acquisition; and (7) Agree with the other person to the special facility lease whereby any acquisition, construction, remodeling, furnishing, or equipping of the special facility and the expenditure of moneys therefor shall be undertaken or supervised by another person. [L 2001, c 180, pt of §2; am L 2004, c 216, §26; am L 2014, c 61, §11]