§ 1680-n. Acquisition of state buildings and other facilities. 1.\nNotwithstanding the provisions of any other law to the contrary, the\nauthority and the urban development corporation are hereby authorized to\nissue bonds or notes in one or more series for the purpose of funding\nproject costs for the acquisition of state buildings and other\nfacilities. The aggregate principal amount of bonds authorized to be\nissued pursuant to this section shall not exceed one hundred sixty-five\nmillion dollars, excluding bonds issued to fund one or more debt service\nreserve funds, to pay costs of issuance of such bonds, and bonds or\nnotes issued to refund or otherwise repay such bonds or notes previously\nissued. Such bonds and notes of the authority and the urban development\ncorporation shall n
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§ 1680-n. Acquisition of state buildings and other facilities. 1.\nNotwithstanding the provisions of any other law to the contrary, the\nauthority and the urban development corporation are hereby authorized to\nissue bonds or notes in one or more series for the purpose of funding\nproject costs for the acquisition of state buildings and other\nfacilities. The aggregate principal amount of bonds authorized to be\nissued pursuant to this section shall not exceed one hundred sixty-five\nmillion dollars, excluding bonds issued to fund one or more debt service\nreserve funds, to pay costs of issuance of such bonds, and bonds or\nnotes issued to refund or otherwise repay such bonds or notes previously\nissued. Such bonds and notes of the authority and the urban development\ncorporation shall not be a debt of the state, and the state shall not be\nliable thereon, nor shall they be payable out of any funds other than\nthose appropriated by the state to the authority and the urban\ndevelopment corporation for principal, interest, and related expenses\npursuant to a service contract and such bonds and notes shall contain on\nthe face thereof a statement to such effect. Except for purposes of\ncomplying with the internal revenue code, any interest income earned on\nbond proceeds shall only be used 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 of the acquisition of state buildings and\nother facilities, the director of the budget is hereby authorized to\nenter into one or more service contracts with the authority and the\nurban development corporation, none of which shall exceed twenty-two\nyears in duration, upon such terms and conditions as the director of the\nbudget and the authority and the urban development corporation agree, so\nas to annually provide to the authority and the urban development\ncorporation, in the aggregate, a sum not to exceed the principal,\ninterest, and related expenses required for such bonds and notes. Any\nservice contract entered into pursuant to this section shall provide\nthat the obligation of the state to pay the amount therein provided\nshall not constitute a debt of the state within the meaning of any\nconstitutional or statutory provision and shall be deemed executory only\nto the extent of monies available and that no liability shall be\nincurred by the state beyond the monies available for such purpose,\nsubject to annual appropriation by the legislature. Any such contract or\nany payments made or to be made thereunder may be assigned and pledged\nby the authority and the urban development corporation as security for\nits bonds and notes, as authorized by this section.\n