NY Pub Auth L § 1689-I (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 4 - Dormitory Authority 1689-I - Library Construction.

* §  1689-i.  Library  construction.    1.  The dormitory authority is authorized to issue  bonds,  at  the  request  of  the  commissioner  of education, to finance eligible library construction projects pursuant to section  two  hundred  seventy-three-a  of the education law, in amounts certified by such commissioner not to exceed a total principal amount of two hundred ninety-nine million dollars $299,000,000.   2. (a) 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 and refinancing of such eligible  library  construction projects,  the director of the budget is authorized in state fiscal year commencing April first, two thousand six  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;  (b)  Any  service  contract  entered into pursuant to paragraph (a) of this subdivision 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;  (c) 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;  (d)  Any  service  contract or contracts entered into pursuant to this subdivision 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.   3.   The   commissioner   of   education   shall  issue  one  or  more certifications to the dormitory authority, the comptroller, the director of the division of the  budget,  the  chairman  of  the  senate  finance committee  and the chairman of the assembly ways and means committee the names of all public libraries and  library  systems  for  which  he  has approved  construction  aid  apportionments  for  authority financing of library  construction  projects  pursuant   to   section   two   hundred seventy-three-a of the education law. Such certification, which shall be made  within thirty days after such approval or as soon thereafter as is practicable, shall contain one or more projects such that the  total  of amounts  to  be financed shall be in excess of minimum amounts of bonds, in accordance with guidelines of the dormitory authority, which  may  be issued  so  as  to  minimize  the issuing costs of such bonds, and shall identify the amount of aid apportionment which  has  been  approved  for each  such public library and library system and shall estimate the date or dates when such project will be undertaken to assist the authority in establishing a schedule for financing  such  project.  The  commissioner shall notify the authority if there is a change in such dates.   4.  To  obtain  funds  for the purposes of this section, the authority shall have power from time  to  time,  in  accordance  with  a  schedule certified  to the authority by the commissioner of education identifying eligible library construction projects approved for the payment  of  aid apportionments  pursuant  to  section two hundred seventy-three-a of the  education law, 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.   5. 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