2. The state shall annually appropriate to the authority and on June tenth and December tenth of each year pay to or upon the order of the authority on account of state university athletic facilities the sum of:

1. (a) the interest on bonds issued in connection with state university athletic facilities payable on the interest payment date next succeeding such June tenth or December tenth;
2. (b) one-half of the principal or sinking fund installments of such bonds payable on the July first next succeeding such June tenth or December tenth;
3. (c) the amount required by the agreement of the authority with the holders of such bonds to be paid to maintain or restore any reserve fund to the requirement for such reserve fund; and
4. (d) one-half of the fees, expenses, administrative costs and overhead of the authority incurred or to be incurred in connection with or allocated to state university athletic facilities or bonds issued in connection therewith, including amounts, if any, to be rebated to the department of the treasury of the United States of America pursuant to the internal revenue code of 1986, as amended, or the regulations adopted thereunder. The amount of money required to be paid pursuant to this subdivision shall be determined from the report required to be submitted by the authority pursuant to subdivision five of this section. The state shall receive a credit against the payments required to be made pursuant to paragraphs (a) and (b) of this subdivision in an amount equal to the amount by which the amount in the debt service fund established pursuant to the agreement of the authority and the holders of bonds issued in connection with state university athletic facilities on the date of any such payment is to be made exceeds the amount required pursuant to such resolution to be on deposit in such fund or required to pay the purchase price or redemption price, including accrued interest to the date of purchase or redemption, of bonds outstanding theretofore contracted to be purchased or called for redemption.

5. Not later than one hundred twenty days prior to the beginning of the fiscal year of the state, the authority shall submit to the director of the budget, the state comptroller, the chairperson of the senate finance committee and the chairperson of the assembly ways and means committee, a report setting forth in connection with a state university athletic facility the following:

1. (a) the principal and sinking fund installments of and interest on bonds issued in connection with state university athletic facilities, payable during the next succeeding fiscal year of the state;
2. (b) the amount required to be paid during the next succeeding fiscal year of the state pursuant to the agreement of the authority with the holders of such bonds to restore or maintain any reserve fund established pursuant to such agreement; and
3. (c) the fees, expenses, administrative costs and overhead estimated by the authority to be incurred by it during the next succeeding fiscal year of the state in connection with or to be allocated during the next succeeding fiscal year of the state to state university athletic facilities or bonds issued in connection therewith, including amounts, if any, to be rebated to the department of the treasury of the United States of America pursuant to the internal revenue code of 1986, as amended, or the regulations adopted thereunder. The report submitted by the authority pursuant to this subdivision may be amended from time to time prior to any date on which payment is required to be made by the state pursuant to subdivision two of this section.

10. If a state university athletic facility or part thereof is taken by eminent domain or condemnation, or damaged or destroyed, then and in such event:

1. (a) if, within one hundred twenty days from the occurrence, the state university of New York notifies the authority in writing of its intention to replace or restore such state university athletic facility, the state university of New York shall proceed to replace or restore such state university athletic facility, including all fixtures, furniture, equipment and effects, to its original condition insofar as possible. The moneys required for such replacement or restoration shall be paid from the proceeds of any condemnation award or insurance received by reason of such occurrence and, to the extent that such proceeds are not sufficient, from any moneys available therefor in any fund established pursuant to the agreement of the authority with the holders of bonds issued in connection with a state university athletic facility, if any, or from moneys to be provided by the state university of New York; or
2. (b) if the authority has not within such one hundred twenty day period been notified in writing of the intention of the state university of New York to restore or replace such state university athletic facility, the dormitory authority in its discretion may determine that such state university athletic facility has been abandoned and is no longer useful or necessary in the operation of the state university of New York. In such event, the proceeds of any condemnation award or insurance received by reason of such occurrence shall be applied and paid in the manner and order of priority as provided in such agreement with the holders of such bonds.