NY Pub Auth L § 1689-I-2 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 4 - Dormitory Authority 1689-I*2 - Public School Districts; Authority Financing of Projects Under the Expanding Our Children's Education and Learning (Excel) Program.

* §  1689-i.  Public school districts; authority financing of projects   under the  expanding  our  children's  education  and  learning  (EXCEL)   program.  1.  The  dormitory  authority  is  authorized to finance EXCEL   projects for those school districts which are  eligible  to  receive  an   apportionment  for  expanding  our  children's  education  and  learning   (EXCEL) pursuant to subdivision fourteen of section  thirty-six  hundred   forty-one of the education law.2. Notwithstanding the provisions of any general or special law to the   contrary, and subject to the making of annual appropriations therefor by   the  legislature,  in  order  to  assist  the dormitory authority in the   financing of  such  EXCEL  projects,  the  director  of  the  budget  is   authorized in any state fiscal year commencing April first, two thousand   six  and thereafter to enter into one or more service contracts, none of   which  shall  exceed  thirty  years  in  duration,  with  the  dormitory   authority,  upon  such  terms  as  the  director  of  the budget and the   dormitory authority agree.3. Any service contract entered into pursuant to this section  or  any   payments  made  or  to be made thereunder may be assigned and pledged by   the dormitory authority as security  for  its  bonds,  notes,  or  other   obligations.4.  Any such service contract shall provide that the obligation of the   director of the budget or of the state to fund or  to  pay  the  amounts   therein provided for shall not constitute a debt of the state within the   meaning  of  any  constitutional or statutory provision in the event the   dormitory authority assigns or pledges the service contract payments  as   security  for its bonds, notes, or other obligations and shall be deemed   executory only to the extent moneys are available and that no  liability   shall  be  incurred  by  the  state  beyond the moneys available for the   purpose, and that such obligation is subject to annual appropriation  by   the legislature.5.  Any  service  contract  or contracts entered into pursuant to this   section shall provide for state commitments to provide annually  to  the   dormitory  authority  a  sum  or sums, upon such terms and conditions as   shall be deemed appropriate by the director of the budget, to  fund  the   principal,  interest,  or other related expenses required for any bonds,   notes, or other obligations.6. The commissioner of education shall certify, from time to time,  to   the  dormitory  authority, the comptroller, the director of the division   of the budget, the chair of the senate finance committee and  the  chair   of  the assembly ways and means committee each school district for which   he or she has determined an aid apportionment for authority financing of   an EXCEL project pursuant to subdivision fourteen of section  thirty-six   hundred  forty-one of the education law. Such certification, which shall   be  made  within  thirty  days  after  such  determination  or  as  soon   thereafter   as  is  practicable,  shall  identify  the  amount  of  aid   apportionment which has been approved for such school district and shall   estimate the date or dates when such project will be undertaken.7. On or before November fifteenth of each year and again on or  after   February  fifteenth  of each year, the dormitory authority shall submit,   and thereafter may resubmit, to the director  of  the  division  of  the   budget,  the state comptroller, the commissioner of education, the chair   of the senate finance committee and the chair of the assembly  ways  and   means committee a report setting forth the estimated amounts, if any, of   all  annual  payments  required  to  be  appropriated  to  the dormitory   authority pursuant to  such  service  contracts  between  the  dormitory   authority  and  the  director  of the division of the budget pursuant to   this section. 8. To obtain funds for the purposes of  this  section,  the  authority   shall  have  power from time to time, to issue negotiable bonds or notes   of the authority. Unless the context shall clearly  indicate  otherwise,   whenever  the  words  "bond"  or  "bonds" are used in this section, such   words shall include a note or notes of the authority.9.  The  dormitory  authority shall not issue any bonds or notes in an   amount in excess of two billion six  hundred  million  dollars  for  the   purposes of this section, excluding a principal amount of bonds or notes   issued  to  fund  one or more debt service reserve funds, to pay for the   costs of issuance of such bonds, and bonds or notes issued to refund  or   otherwise repay such bonds, and bonds or notes previously issued. Except   for  the  purposes  of  complying  with  the  internal revenue code, any   interest income earned on bond proceeds shall only be used to  pay  debt   service on such bonds or notes.10.  In  computing for the purposes of this subdivision, the aggregate   amount of indebtedness evidenced by bonds and  notes  of  the  dormitory   authority  issued  pursuant to this section, there shall be excluded the   amount of such indebtedness represented by such bonds or notes issued to   refund or otherwise repay bonds or notes, provided that  the  amount  so   excluded under this clause may exceed the principal amount of such bonds   or  notes  that  were  issued  to  refund or otherwise repay only if the   present value  of  the  aggregate  debt  service  on  the  refunding  or   repayment  bonds  or  notes shall not have at the time of their issuance   exceeded the present value of the aggregate debt service of the bonds or   notes they were issued to refund or repay, such present  value  in  each   case  being  calculated  by  using  the  effective  interest rate of the   refunding or repayment bonds or notes, which shall be that rate  arrived   at  by doubling the semi-annual interest rate (compounded semi-annually)   necessary to discount the debt service  payments  on  the  refunding  or   repayment  bonds  or  notes from the payment date thereof to the date of   issue of the refunding or repayment bonds or notes and to the price  bid   therefor,  or  to  the proceeds received by the dormitory authority from   the sale thereof, in each case including estimated accrued interest.11. The state of  New  York  hereby  covenants  with  the  purchasers,   holders  and  owners  from  time  to  time of the bonds of the authority   issued pursuant to  this  section  that  it  will  not  repeal,  revoke,   rescind,  modify or amend the provisions of this section which relate to   the making of annual service contract payments  to  the  authority  with   respect  to  such  bonds  as  to  limit, impair or impede the rights and   remedies granted to bondholders under this title or  otherwise  diminish   the   security  pledged  to  such  purchasers,  holders  and  owners  or   significantly impair the prospect of payment of any such bond.* NB There are 2 § 1689-i's