NY Pub Auth L § 1680-M (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 4 - Dormitory Authority 1680-M - Cultural Education Facilities.

§  1680-m.  Cultural  education  facilities.  1.  Notwithstanding  the   provisions of any other law to the contrary, the 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   construction  and  rehabilitation associated with the cultural education   facilities, including but not limited to  acquisition  costs  and  other   state  costs  associated  with  such capital projects, and the St. Regis   Mohawk elementary  school.  The  aggregate  principal  amount  of  bonds   authorized  to  be  issued  pursuant  to  this  section shall not exceed   seventy-nine million dollars, 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 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  authority 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 authority and the urban development  corporation  in   undertaking the financing for construction and rehabilitation associated   with  the  cultural  education  facilities, including but not limited to   acquisition costs and other state costs  associated  with  such  capital   projects,  and  the  St. Regis Mohawk elementary school, the director of   the budget is hereby authorized  to  enter  into  one  or  more  service   contracts with the 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 authority and the urban   development  corporation  agree,  so  as  to  annually  provide  to  the   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 authority and the urban  development  corporation  as   security for its bonds and notes, as authorized by this section.