§ 1680-p. Longitudinal data system.
1.Notwithstanding the provisions\nof any other law to the contrary, the authority is hereby authorized to\nissue bonds or notes in one or more series for the purpose of funding\nproject costs for the implementation of a state longitudinal data\nsystem. The aggregate principal amount of bonds authorized to be issued\npursuant to this section shall not exceed twenty million four hundred\nthousand dollars, excluding bonds issued to fund one or more debt\nservice reserve funds, to pay costs of issuance of such bonds, and bonds\nor notes issued to refund or otherwise repay such bonds or notes\npreviously issued. Such bonds and notes of the authority shall not be a\ndebt of the state, and the state shall not be liable thereon, nor shall\nthey be payable out
Free access — add to your briefcase to read the full text and ask questions with AI
§ 1680-p. Longitudinal data system. 1. Notwithstanding the provisions\nof any other law to the contrary, the authority is hereby authorized to\nissue bonds or notes in one or more series for the purpose of funding\nproject costs for the implementation of a state longitudinal data\nsystem. The aggregate principal amount of bonds authorized to be issued\npursuant to this section shall not exceed twenty million four hundred\nthousand dollars, excluding bonds issued to fund one or more debt\nservice reserve funds, to pay costs of issuance of such bonds, and bonds\nor notes issued to refund or otherwise repay such bonds or notes\npreviously issued. Such bonds and notes of the authority shall not be a\ndebt of the state, and the state shall not be liable thereon, nor shall\nthey be payable out of any funds other than those appropriated by the\nstate to the authority 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 in undertaking the financing of\nconstruction of a state longitudinal data system but not limited to the\ndevelopment and purchase of computer hardware, software, and related\nequipment, such amount shall include expenses made by the State\nUniversity of New York, the City University of New York and the\ndepartment of education, the director of the budget is hereby authorized\nto enter into one or more service contracts with the authority, none of\nwhich shall exceed thirty years in duration, upon such terms and\nconditions as the director of the budget and the authority agree, so as\nto annually provide to the authority, in the aggregate, a sum not to\nexceed the principal, interest, and related expenses required for such\nbonds 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 as security for its bonds and notes, as\nauthorized by this section.\n