2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 4 - Dormitory Authority › 1680-O - Courthouse Improvements and Training Facilities.

§   1680-o.   Courthouse  improvements  and  training  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  eligible  courthouse  improvements   and   training
  facilities.  The  aggregate  principal  amount of bonds authorized to be
  issued pursuant to this section shall not exceed seventy-six million one
  hundred thousand 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  and  the
  urban  development  corporation  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  of  eligible  courthouse  improvements  and
  training facilities, 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.