NY Pub Auth L § 1680-K (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 4 - Dormitory Authority 1680-K - Financing of Department of Agriculture and Markets Facilities.

§   1680-k.   Financing  of  department  of  agriculture  and  markets   facilities.   In order to effectuate the  purpose  of  this  title,  the   dormitory authority shall have the following additional powers:1.  Subject to the provisions of chapter fifty-nine of the laws of two   thousand, but notwithstanding any provisions of law to the contrary, the   dormitory authority is hereby authorized to issue bonds or notes in  one   or  more  series  in  an  aggregate principal amount not to exceed forty   million seven hundred fifteen thousand dollars excluding bonds issued to   finance 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, for the purpose of financing the   construction  of  the  New  York  state  agriculture  and  markets  food   laboratory.  Eligible  project  costs may include, but not be limited to   the cost of design, financing, site investigations, site acquisition and   preparation, demolition, construction,  rehabilitation,  acquisition  of   machinery and equipment, and infrastructure improvements. Such bonds and   notes  of  such authorized issuers 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 such authorized   issuers for debt service and related expenses pursuant  to  any  service   contract  executed  pursuant to subdivision two of this section 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 provisions of law to the contrary, in order  to   assist  such  authorized  issuers  in undertaking the administration and   financing of the projects authorized pursuant to subdivision one of this   section, the director of the budget is hereby authorized to  enter  into   one  or  more  service  contracts  with such authorized issuers, none of   which shall exceed more than twenty years in duration, upon  such  terms   and conditions as the director of the budget and such authorized issuers   shall  agree,  so  as to annually provide to such authorized issuers, in   the aggregate, a sum not to exceed the annual debt service payments  and   related  expenses  required  for  the bonds and notes issued pursuant to   this section.  Any  service  contract  entered  into  pursuant  to  this   subdivision  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 executor only to the extent  of  monies  available  and  that  no   liability shall be incurred by the state beyond the monies available for   such  purposes,  subject to annual appropriation by the legislature. Any   such contract or any payments made or  to  be  made  thereunder  may  be   assigned or pledged by such authorized issuers as security for its bonds   and notes, as authorized by this section.