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Chapter 60 of the Laws of 2006 (was S7166/A10486)
§ 1689-i. Library construction.  1. The dormitory authority is author-
28  ized to issue bonds, at the request of the commissioner of education, to
29  finance eligible library construction projects pursuant to  section  two
30  hundred  seventy-three-a  of  the education law, in amounts certified by
31  such commissioner not to exceed a total  principal  amount  of  fourteen
32  million  dollars  in state fiscal year commencing April first, two thou-
33  sand six through March thirty-first, two thousand seven.
34    2. (a) Notwithstanding the provisions of any general or special law to
35  the contrary, and subject to the making of annual appropriations  there-
36  for  by  the  legislature, in order to assist the dormitory authority in
37  the financing and refinancing  of  such  eligible  library  construction
38  projects,  the director of the budget is authorized in state fiscal year
39  commencing April first, two thousand six through March thirty-first, two
40  thousand seven to enter into one or  more  service  contracts,  none  of
41  which shall exceed thirty years in duration, with the dormitory authori-
42  ty,  upon  such  terms  as  the director of the budget and the dormitory
43  authority agree;
    44    (b) Any service contract entered into pursuant  to  paragraph  (a)  of
45  this  subdivision  or  any payments made or to be made thereunder may be
46  assigned and pledged by the dormitory  authority  as  security  for  its
47  bonds, notes, or other obligations;
    48    (c) Any such service contract shall provide that the obligation of the
49  director  of  the  budget  or of the state to fund or to pay the amounts
50  therein provided for shall not constitute a debt of the state within the
51  meaning of any constitutional or statutory provision in  the  event  the
52  dormitory  authority assigns or pledges the service contract payments as
53  security for its bonds, notes, or other obligations and shall be  deemed
54  executory  only to the extent moneys are available and that no liability
55  shall be incurred by the state  beyond  the  moneys  available  for  the
        S. 7166                            32                           A. 10486
1  purpose,  and that such obligation is subject to annual appropriation by
2  the legislature;
3    (d)  Any  service  contract or contracts entered into pursuant to this
4  subdivision shall provide for state commitments to provide  annually  to
5  the dormitory authority a sum or sums, upon such terms and conditions as
6  shall  be  deemed appropriate by the director of the budget, to fund the
7  principal, interest, or other related expenses required for  any  bonds,
8  notes, or other obligations.
9    3.  The  commissioner  of  education  shall  issue one or more certif-
10   ications to the dormitory authority, the comptroller,  the  director  of
11  the division of the budget, the chairman of the senate finance committee
12  and  the  chairman of the assembly ways and means committee the names of
13  all library districts for which he has approved construction aid appor-
14   tionments  for  authority  financing  of  library  construction projects
15  pursuant to section two hundred seventy-three-a of  the  education  law.
16  Such  certification,  which  shall be made within thirty days after such
17  approval or as soon thereafter as is practicable, shall contain  one  or
18  more  projects such that the total of amounts to be financed shall be in
19  excess of minimum amounts of bonds, in accordance with guidelines of the
20  dormitory authority, which may be issued so as to minimize  the  issuing
21  costs  of such bonds, and shall identify the amount of aid apportionment
22  which has been approved for each such library district and  shall  esti-
23  mate  the  date  or dates when such project will be undertaken to assist
24  the authority in establishing a schedule for financing such project. The
25  commissioner shall notify the authority if there is  a  change  in  such
26  dates.
27    4. (a) To obtain funds for the purposes of this section, the authority
28  shall have power from time to time, in accordance with a schedule certi-
29   fied  to  the  authority  by  the  commissioner of education identifying
30  eligible library construction projects approved for the payment  of  aid
31  apportionments  pursuant  to  section two hundred seventy-three-a of the
32  education law, to issue negotiable bonds  or  notes  of  the  authority.
33  Unless  the context shall clearly indicate otherwise, whenever the words
34  "bond" or "bonds" are used in this section, such words shall  include  a
35  note or notes of the authority.
    36    (b)  The  dormitory authority shall not issue any bonds or notes in an
37  amount in excess of fourteen million dollars for the  purposes  of  this
38  section.
39    5. The state of New York hereby covenants with the purchasers, holders
40  and owners from time to time of the bonds of the authority issued pursu-
41  ant  to this section that it will not repeal, revoke, rescind, modify or
42  amend the provisions of this section which relate to the making of annu-
43  al service contract payments to the authority with respect to such bonds
44  as to limit, impair or impede the rights and remedies granted  to  bond-
45  holders  under  this title or otherwise diminish the security pledged to
46  such purchasers, holders and owners or significantly impair the prospect
47  of payment of any such bond.
48    § 45. This act shall take effect immediately and shall  be  deemed  to
49  have been in full force and effect on and after April 1, 2006; provided,
50  that  section thirty-nine of this act shall take effect on the same date
51  as the reversion of section 69-c of the state finance law as provided in
52  section 39 of part Y of chapter 61 of the laws of 2005, as amended;  and
53  provided,  further, however, that sections one, three, four, fifteen and
54  seventeen through twenty-four of this act shall expire March  31,  2007,
55  when,  upon  such  date, the provisions of such sections shall be deemed
56  repealed.

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