2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 4 - Dormitory Authority › 1680-K - Financing of Department of Agriculture and Markets Facilities.

§   1680-k.   Financing  of  department  of  agriculture  and  markets
  facilities.   In order to effectuate the  purpose  of  this  title,  the
  dormitory authority shall have the following additional powers:
1.  Subject to the provisions of chapter fifty-nine of the laws of two
  thousand, but notwithstanding any provisions of law to the contrary, the
  dormitory authority is hereby authorized to issue bonds or notes in  one
  or  more series in an aggregate principal amount not to exceed forty-one
  million sixty thousand dollars $41,060,000, excluding  bonds  issued  to
  finance 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 the purpose of financing  the
  construction  of  the  New  York  state  agriculture  and  markets  food
  laboratory. Eligible project costs may include, but not  be  limited  to
  the cost of design, financing, site investigations, site acquisition and
  preparation,  demolition,  construction,  rehabilitation, acquisition of
  machinery and equipment, and infrastructure improvements. Such bonds and
  notes of such authorized issuers 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 such  authorized
  issuers  for  debt  service and related expenses pursuant to any service
  contract executed pursuant to subdivision two of this section  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 provisions of law to the contrary, in order to
  assist such authorized issuers in  undertaking  the  administration  and
  financing of the projects authorized pursuant to subdivision one of this
  section,  the  director of the budget is hereby authorized to enter into
  one or more service contracts with  such  authorized  issuers,  none  of
  which  shall  exceed more than twenty years in duration, upon such terms
  and conditions as the director of the budget and such authorized issuers
  shall agree, so as to annually provide to such  authorized  issuers,  in
  the  aggregate, a sum not to exceed the annual debt service payments and
  related expenses required for the bonds and  notes  issued  pursuant  to
  this  section.  Any  service  contract  entered  into  pursuant  to this
  subdivision 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  executor  only  to  the  extent  of monies available and that no
  liability shall be incurred by the state beyond the monies available for
  such purposes, subject to annual appropriation by the  legislature.  Any
  such  contract  or  any  payments  made  or to be made thereunder may be
  assigned or pledged by such authorized issuers as security for its bonds
  and notes, as authorized by this section.