§ 1680-k. Financing of department of agriculture and markets\nfacilities. In order to effectuate the purpose of this title, the\ndormitory authority shall have the following additional powers:\n 1. Subject to the provisions of chapter fifty-nine of the laws of two\nthousand, but notwithstanding any provisions of law to the contrary, the\ndormitory authority is hereby authorized to issue bonds or notes in one\nor more series in an aggregate principal amount not to exceed forty-one\nmillion one hundred seventy-five thousand dollars $41,175,000, excluding\nbonds issued to finance one or more debt service reserve funds, to pay\ncosts of issuance of such bonds, and bonds or notes issued to refund or\notherwise repay such bonds or notes previously issued, for the purpose\nof financing the co
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§ 1680-k. Financing of department of agriculture and markets\nfacilities. In order to effectuate the purpose of this title, the\ndormitory authority shall have the following additional powers:\n 1. Subject to the provisions of chapter fifty-nine of the laws of two\nthousand, but notwithstanding any provisions of law to the contrary, the\ndormitory authority is hereby authorized to issue bonds or notes in one\nor more series in an aggregate principal amount not to exceed forty-one\nmillion one hundred seventy-five thousand dollars $41,175,000, excluding\nbonds issued to finance one or more debt service reserve funds, to pay\ncosts of issuance of such bonds, and bonds or notes issued to refund or\notherwise repay such bonds or notes previously issued, for the purpose\nof financing the construction of the New York state agriculture and\nmarkets food laboratory. Eligible project costs may include, but not be\nlimited to the cost of design, financing, site investigations, site\nacquisition and preparation, demolition, construction, rehabilitation,\nacquisition of machinery and equipment, and infrastructure improvements.\nSuch bonds and notes of such authorized issuers shall not be a debt of\nthe state, and the state shall not be liable thereon, nor shall they be\npayable out of any funds other than those appropriated by the state to\nsuch authorized issuers for debt service and related expenses pursuant\nto any service contract executed pursuant to subdivision two of this\nsection and such bonds and notes shall contain on the face thereof a\nstatement to such effect. Except for purposes of complying with the\ninternal revenue code, any interest income earned on bond proceeds shall\nonly be used to pay debt service on such bonds.\n 2. Notwithstanding any provisions of law to the contrary, in order to\nassist such authorized issuers in undertaking the administration and\nfinancing of the projects authorized pursuant to subdivision one of this\nsection, the director of the budget is hereby authorized to enter into\none or more service contracts with such authorized issuers, none of\nwhich shall exceed more than twenty years in duration, upon such terms\nand conditions as the director of the budget and such authorized issuers\nshall agree, so as to annually provide to such authorized issuers, in\nthe aggregate, a sum not to exceed the annual debt service payments and\nrelated expenses required for the bonds and notes issued pursuant to\nthis section. Any service contract entered into pursuant to this\nsubdivision shall provide that the obligation of the state to pay the\namount therein provided shall not constitute a debt of the state within\nthe meaning of any constitutional or statutory provision and shall be\ndeemed executor only to the extent of monies available and that no\nliability shall be incurred by the state beyond the monies available for\nsuch purposes, subject to annual appropriation by the legislature. Any\nsuch contract or any payments made or to be made thereunder may be\nassigned or pledged by such authorized issuers as security for its bonds\nand notes, as authorized by this section.\n