2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 4 - Dormitory Authority › 1689-H - Expedited Deployment Funding.

§  1689-h.  Expedited  deployment  funding.  The  authority  is hereby
authorized  to  finance  eligible  costs   associated   with   expedited
deployment  funding  in  accordance with the provisions of section three
hundred thirty-three of the county law.
1. (a) Notwithstanding the provisions of any general or special law to
the contrary, and subject to appropriations by the legislature, in order
to assist the  authority  in  the  financing  and  refinancing  of  such
eligible  costs,  the director of the budget is authorized to enter into
one or more service contracts, none of which shall exceed  thirty  years
in  duration, with the authority, upon such terms as the director of the
budget and the 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 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
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  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 such bonds,  notes,
or other obligations.
2.  The  department  of  state  shall,  from  any  appropriations made
available for this purpose, offer expedited  deployment  funding  grants
pursuant  to  section  three  hundred  thirty-three  of  the county law.
Financing for such grants authorized pursuant to this section shall only
be made upon the determination by the authority,  in  consultation  with
and  upon  recommendation of the 911 board, that such grants will result
in the expedited deployment of enhanced wireless 911 service.
3. To obtain funds for the purposes of this subdivision, the authority
is hereby authorized to issue bonds or notes in an amount not to  exceed
one  hundred  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, for payment of  the  costs  of  expedited  deployment
funding  in  accordance  with  the  provisions  of section three hundred
thirty-three of the county law.
4. In computing, for the purposes of this subdivision,  the  aggregate
amount  of  indebtedness  evidenced  by bonds and notes of the authority
issued pursuant to this subdivision, there shall be excluded the  amount
of such indebtedness represented by such bonds or notes issued to refund
or  otherwise repay bonds or notes, provided that the amount so excluded
under this subdivision may exceed the principal amount of such bonds  or
notes  that were issued to refund or otherwise repay only if the present
value of the aggregate debt service on the refunding or repayment  bonds
or  notes  shall  not  have  at  the time of their issuance exceeded the
present value of the aggregate debt service of the bonds or  notes  they
were  issued  to  refund or repay, such present value in each case being
calculated by using the effective interest  rate  of  the  refunding  or

repayment  bonds  or  notes,  which  shall  be  that  rate arrived at by
doubling  the  semi-annual  interest  rate  (compounded   semi-annually)
necessary  to  discount  the  debt  service payments on the refunding or
repayment  bonds  or  notes from the payment date thereof to the date of
issue of the refunding or repayment bonds or notes and to the price  bid
therefor,  or  to  the  proceeds received by the authority from the sale
thereof, in each case including estimated accrued interest.