2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 4 - Dormitory Authority › 1680-R - Authorization for the Issuance of Bonds for the Capital Restructuring Financing Program, the Health Care Facility Transformation Programs, and the Essential Health Care Provider Program.

§  1680-r.  Authorization  for  the  issuance of bonds for the capital
  restructuring financing program, the health care facility transformation
  programs,  and  the  essential  health   care   provider   program.   1.
  Notwithstanding  the  provisions  of  any other law to the contrary, the
  dormitory 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 the capital restructuring financing program
  for  health  care and related facilities licensed pursuant to the public
  health law or the mental hygiene law and other  state  costs  associated
  with  such  capital  projects,  the  health care facility transformation
  programs, the essential health care provider program, and  other  health
  care  capital  project  costs.  The  aggregate principal amount of bonds
  authorized to be issued pursuant to this section shall not  exceed  five
  billion   one   hundred   fifty-three  million  dollars  $5,153,000,000,
  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 dormitory 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 dormitory 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  dormitory  authority  and  the urban development
  corporation in undertaking the  financing  for  project  costs  for  the
  capital  restructuring  financing  program  for  health care and related
  facilities licensed pursuant to the public  health  law  or  the  mental
  hygiene law and other state costs associated with such capital projects,
  the  health  care  facility  transformation  programs, and the essential
  health care provider program, the  director  of  the  budget  is  hereby
  authorized  to  enter  into  one  or  more  service  contracts  with the
  dormitory 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 dormitory  authority  and  the  urban
  development  corporation  agree,  so  as  to  annually  provide  to  the
  dormitory 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  dormitory  authority  and
  the  urban  development corporation as security for its bonds and notes,
  as authorized by this section.