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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