NY Pub Auth L § 1680-R (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 4 - Dormitory Authority 1680-R - Authorization for the Issuance of Bonds for the Capital Restructuring Financing Program, the Health Care Facility Transformation Programs, and the Essential Health Care Provider Program.

§  1680-r.  Authorization  for  the  issuance of bonds for the capital   restructuring financing program, the health care facility transformation   programs,  and  the  essential  health   care   provider   program.   1.   Notwithstanding  the  provisions  of  any other law to the contrary, the   dormitory authority and the urban  development  corporation  are  hereby   authorized to issue bonds or notes in one or more series for the purpose   of funding project costs for the capital restructuring financing program   for  health  care and related facilities licensed pursuant to the public   health law or the mental hygiene law and other  state  costs  associated   with  such  capital  projects,  the  health care facility transformation   programs, the essential health care provider program, and  other  health   care  capital  project  costs.  The  aggregate principal amount of bonds   authorized to be issued pursuant to this section shall not exceed  three   billion  fifty-three  million  dollars  $3,053,000,000,  excluding bonds   issued to fund one or more debt service reserve funds, to pay  costs  of   issuance of such bonds, and bonds or notes issued to refund or otherwise   repay such bonds or notes previously issued. Such bonds and notes of the   dormitory authority and the urban development corporation shall not be a   debt  of the state, and the state shall not be liable thereon, nor shall   they be payable out of any funds other than those  appropriated  by  the   state  to  the dormitory authority and the urban development corporation   for principal, interest, and related  expenses  pursuant  to  a  service   contract  and  such  bonds and notes shall contain on the face thereof a   statement to such effect. Except for  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.2.  Notwithstanding  any  other  provision  of law to the contrary, in   order to assist  the  dormitory  authority  and  the  urban  development   corporation  in  undertaking  the  financing  for  project costs for the   capital restructuring financing program  for  health  care  and  related   facilities  licensed  pursuant  to  the  public health law or the mental   hygiene law and other state costs associated with such capital projects,   the health care facility  transformation  programs,  and  the  essential   health  care  provider  program,  the  director  of the budget is hereby   authorized to  enter  into  one  or  more  service  contracts  with  the   dormitory authority and the urban development corporation, none of which   shall exceed thirty years in duration, upon such terms and conditions as   the  director  of  the  budget and the dormitory authority and the urban   development  corporation  agree,  so  as  to  annually  provide  to  the   dormitory  authority  and  the  urban  development  corporation,  in the   aggregate, a sum not to exceed  the  principal,  interest,  and  related   expenses required for such bonds and notes. Any service contract entered   into  pursuant  to this section shall provide that the obligation of the   state to pay the amount therein provided shall not constitute a debt  of   the  state  within  the  meaning  of  any  constitutional  or  statutory   provision and shall be deemed executory only to  the  extent  of  monies   available  and  that  no liability shall be incurred by the state beyond   the monies available for such purpose, subject to  annual  appropriation   by the legislature. Any such contract or any payments made or to be made   thereunder  may  be  assigned and pledged by the dormitory authority and   the urban development corporation as security for its bonds  and  notes,   as authorized by this section.