N.Y. New, New York Bond Act § 2
The creation of a state debt to an amount not exceeding in the aggregate eight hundred million dollars ($800,000,000) is hereby authorized to provide moneys for the single purpose of funding infrastructure projects to promote the creation or retention of permanent private sector jobs.
A well-developed and maintained infrastructure is necessary to the creation, preservation and enhancement of an environment to which businesses can be attracted, and in which they can be retained and nurtured, thereby creating or retaining private sector employment and reducing the state's unemployment, both of which are critical to the economic and social well-being of the state.
The legislature may, by appropriate legislation and subject to such conditions as it may impose, make available out of the proceeds of the sale of bonds authorized in this act, moneys for state programs or for payments of the state share of the cost of programs undertaken by or through a state agency or state or local public benefit corporation, industrial development agency, county, city, town, village, Indian nation or government or any combination thereof, for the purpose of funding infrastructure projects undertaken by or through such entities and to match federal or other funds which may from time to time be made available by congress or from other sources to such entities for such purpose.
N.Y. New, New York Bond Act Law § 2