§ 1689-H — Expedited deployment funding

§ 1689-h. Expedited deployment funding. The authority is hereby\nauthorized to finance eligible costs associated with expedited\ndeployment funding in accordance with the provisions of section three\nhundred thirty-three of the county law.\n 1. (a) Notwithstanding the provisions of any general or special law to\nthe contrary, and subject to appropriations by the legislature, in order\nto assist the authority in the financing and refinancing of such\neligible costs, the director of the budget is authorized to enter into\none or more service contracts, none of which shall exceed thirty years\nin duration, with the authority, upon such terms as the director of the\nbudget and the authority agree;\n (b) Any service contract entered into pursuant to paragraph (a) of\nthis subdivision or any payments made or to be made thereunder may be\nassigned and pledged by the authority as security for its bonds, notes,\nor other obligations;\n (c) Any such service contract shall provide that the obligation of the\ndirector of the budget or of the state to fund or to pay the amounts\ntherein provided for shall not constitute a debt of the state within the\nmeaning of any constitutional or statutory provision in the event the\nauthority assigns or pledges the service contract payments as security\nfor its bonds, notes, or other obligations and shall be deemed executory\nonly to the extent moneys are available and that no liability shall be\nincurred by the state beyond the moneys available for the purpose, and\nthat such obligation is subject to annual appropriation by the\nlegislature;\n (d) Any service contract or contracts entered into pursuant to this\nsubdivision shall provide for state commitments to provide annually to\nthe authority a sum or sums, upon such terms and conditions as shall be\ndeemed appropriate by the director of the budget, to fund the principal,\ninterest, or other related expenses required for any such bonds, notes,\nor other obligations.\n 2. The department of state shall, from any appropriations made\navailable for this purpose, offer expedited deployment funding grants\npursuant to section three hundred thirty-three of the county law.\nFinancing for such grants authorized pursuant to this section shall only\nbe made upon the determination by the authority, in consultation with\nand upon recommendation of the 911 board, that such grants will result\nin the expedited deployment of enhanced wireless 911 service.\n 3. To obtain funds for the purposes of this subdivision, the authority\nis hereby authorized to issue bonds or notes in an amount not to exceed\none hundred 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, for payment of the costs of expedited deployment\nfunding in accordance with the provisions of section three hundred\nthirty-three of the county law.\n 4. In computing, for the purposes of this subdivision, the aggregate\namount of indebtedness evidenced by bonds and notes of the authority\nissued pursuant to this subdivision, there shall be excluded the amount\nof such indebtedness represented by such bonds or notes issued to refund\nor otherwise repay bonds or notes, provided that the amount so excluded\nunder this subdivision may exceed the principal amount of such bonds or\nnotes that were issued to refund or otherwise repay only if the present\nvalue of the aggregate debt service on the refunding or repayment bonds\nor notes shall not have at the time of their issuance exceeded the\npresent value of the aggregate debt service of the bonds or notes they\nwere issued to refund or repay, such present value in each case being\ncalculated by using the effective interest rate of the refunding or\nrepayment bonds or notes, which shall be that rate arrived at by\ndoubling the semi-annual interest rate (compounded semi-annually)\nnecessary to discount the debt service payments on the refunding or\nrepayment bonds or notes from the payment date thereof to the date of\nissue of the refunding or repayment bonds or notes and to the price bid\ntherefor, or to the proceeds received by the authority from the sale\nthereof, in each case including estimated accrued interest.\n