2023 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
four hundred eleven million dollars $411,000,000.
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