§ 1680-m. Cultural education facilities.
1.Notwithstanding the\nprovisions of any other law to the contrary, the authority and the urban\ndevelopment corporation are hereby authorized to issue bonds or notes in\none or more series for the purpose of funding project costs for\nconstruction and rehabilitation associated with the cultural education\nfacilities, including but not limited to acquisition costs and other\nstate costs associated with such capital projects, and the St. Regis\nMohawk elementary school. The aggregate principal amount of bonds\nauthorized to be issued pursuant to this section shall not exceed\nseventy-nine million dollars, excluding bonds issued to fund one or more\ndebt service reserve funds, to pay costs of issuance of such bonds, and\nbonds or notes issued to re
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§ 1680-m. Cultural education facilities. 1. Notwithstanding the\nprovisions of any other law to the contrary, the authority and the urban\ndevelopment corporation are hereby authorized to issue bonds or notes in\none or more series for the purpose of funding project costs for\nconstruction and rehabilitation associated with the cultural education\nfacilities, including but not limited to acquisition costs and other\nstate costs associated with such capital projects, and the St. Regis\nMohawk elementary school. The aggregate principal amount of bonds\nauthorized to be issued pursuant to this section shall not exceed\nseventy-nine million dollars, excluding bonds issued to fund one or more\ndebt service reserve funds, to pay costs of issuance of such bonds, and\nbonds or notes issued to refund or otherwise repay such bonds or notes\npreviously issued. Such bonds and notes of the authority and the urban\ndevelopment corporation shall not be a debt of the state, and the state\nshall not be liable thereon, nor shall they be payable out of any funds\nother than those appropriated by the state to the authority for\nprincipal, interest, and related expenses pursuant to a service contract\nand such bonds and notes shall contain on the face thereof a statement\nto such effect. Except for purposes of complying with the internal\nrevenue code, any interest income earned on bond proceeds shall only be\nused to pay debt service on such bonds.\n 2. Notwithstanding any other provision of law to the contrary, in\norder to assist the authority and the urban development corporation in\nundertaking the financing for construction and rehabilitation associated\nwith the cultural education facilities, including but not limited to\nacquisition costs and other state costs associated with such capital\nprojects, and the St. Regis Mohawk elementary school, the director of\nthe budget is hereby authorized to enter into one or more service\ncontracts with the authority and the urban development corporation, none\nof which shall exceed thirty years in duration, upon such terms and\nconditions as the director of the budget and the authority and the urban\ndevelopment corporation agree, so as to annually provide to the\nauthority and the urban development corporation, in the aggregate, a sum\nnot to exceed the principal, interest, and related expenses required for\nsuch bonds and notes. Any service contract entered into pursuant to this\nsection shall provide that the obligation of the state to pay the amount\ntherein provided shall not constitute a debt of the state within the\nmeaning of any constitutional or statutory provision and shall be deemed\nexecutory only to the extent of monies available and that no liability\nshall be incurred by the state beyond the monies available for such\npurpose, subject to annual appropriation by the legislature. Any such\ncontract or any payments made or to be made thereunder may be assigned\nand pledged by the authority and the urban development corporation as\nsecurity for its bonds and notes, as authorized by this section.\n