* § 1689-i. Library construction. 1. The dormitory authority is\nauthorized to issue bonds, at the request of the commissioner of\neducation, to finance eligible library construction projects pursuant to\nsection two hundred seventy-three-a of the education law, in amounts\ncertified by such commissioner not to exceed a total principal amount of\nfour hundred fifty-five million dollars $455,000,000.\n 2.
(a)Notwithstanding the provisions of any general or special law to\nthe contrary, and subject to the making of annual appropriations\ntherefor by the legislature, in order to assist the dormitory authority\nin the financing and refinancing of such eligible library construction\nprojects, the director of the budget is authorized in state fiscal year\ncommencing April first, two thousan
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* § 1689-i. Library construction. 1. The dormitory authority is\nauthorized to issue bonds, at the request of the commissioner of\neducation, to finance eligible library construction projects pursuant to\nsection two hundred seventy-three-a of the education law, in amounts\ncertified by such commissioner not to exceed a total principal amount of\nfour hundred fifty-five million dollars $455,000,000.\n 2. (a) Notwithstanding the provisions of any general or special law to\nthe contrary, and subject to the making of annual appropriations\ntherefor by the legislature, in order to assist the dormitory authority\nin the financing and refinancing of such eligible library construction\nprojects, the director of the budget is authorized in state fiscal year\ncommencing April first, two thousand six to enter into one or more\nservice contracts, none of which shall exceed thirty years in duration,\nwith the dormitory authority, upon such terms as the director of the\nbudget and the dormitory 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 dormitory authority as security for its\nbonds, notes, or 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\ndormitory authority assigns or pledges the service contract payments as\nsecurity for its bonds, notes, or other obligations and shall be deemed\nexecutory only to the extent moneys are available and that no liability\nshall be incurred by the state beyond the moneys available for the\npurpose, and that such obligation is subject to annual appropriation by\nthe legislature;\n (d) Any service contract or contracts entered into pursuant to this\nsubdivision shall provide for state commitments to provide annually to\nthe dormitory authority a sum or sums, upon such terms and conditions as\nshall be deemed appropriate by the director of the budget, to fund the\nprincipal, interest, or other related expenses required for any bonds,\nnotes, or other obligations.\n 3. The commissioner of education shall issue one or more\ncertifications to the dormitory authority, the comptroller, the director\nof the division of the budget, the chairman of the senate finance\ncommittee and the chairman of the assembly ways and means committee the\nnames of all public libraries and library systems for which he has\napproved construction aid apportionments for authority financing of\nlibrary construction projects pursuant to section two hundred\nseventy-three-a of the education law. Such certification, which shall be\nmade within thirty days after such approval or as soon thereafter as is\npracticable, shall contain one or more projects such that the total of\namounts to be financed shall be in excess of minimum amounts of bonds,\nin accordance with guidelines of the dormitory authority, which may be\nissued so as to minimize the issuing costs of such bonds, and shall\nidentify the amount of aid apportionment which has been approved for\neach such public library and library system and shall estimate the date\nor dates when such project will be undertaken to assist the authority in\nestablishing a schedule for financing such project. The commissioner\nshall notify the authority if there is a change in such dates.\n 4. To obtain funds for the purposes of this section, the authority\nshall have power from time to time, in accordance with a schedule\ncertified to the authority by the commissioner of education identifying\neligible library construction projects approved for the payment of aid\napportionments pursuant to section two hundred seventy-three-a of the\neducation law, to issue negotiable bonds or notes of the authority.\nUnless the context shall clearly indicate otherwise, whenever the words\n"bond" or "bonds" are used in this section, such words shall include a\nnote or notes of the authority.\n 5. The state of New York hereby covenants with the purchasers, holders\nand owners from time to time of the bonds of the authority issued\npursuant to this section that it will not repeal, revoke, rescind,\nmodify or amend the provisions of this section which relate to the\nmaking of annual service contract payments to the authority with respect\nto such bonds as to limit, impair or impede the rights and remedies\ngranted to bondholders under this title or otherwise diminish the\nsecurity pledged to such purchasers, holders and owners or significantly\nimpair the prospect of payment of any such bond.\n * NB There are 2 § 1689-i's\n