2023 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.