Section 1689-H. Expedited deployment funding

The  authority  is hereby
  authorized  to  finance  eligible  costs   associated   with   expedited
  deployment  funding  in  accordance with the provisions of section three
  hundred thirty-three of the county law.
    1. (a) Notwithstanding the provisions of any general or special law to
  the contrary, and subject to appropriations by the legislature, in order
  to assist the  authority  in  the  financing  and  refinancing  of  such
  eligible  costs,  the director of the budget is authorized to enter into
  one or more service contracts, none of which shall exceed  thirty  years
  in  duration, with the authority, upon such terms as the director of the
  budget and the authority agree;
    (b) Any service contract entered into pursuant  to  paragraph  (a)  of
  this  subdivision  or  any payments made or to be made thereunder may be
  assigned and pledged by the authority as security for its bonds,  notes,
  or other obligations;
    (c) Any such service contract shall provide that the obligation of the
  director  of  the  budget  or of the state to fund or to pay the amounts
  therein provided for shall not constitute a debt of the state within the
  meaning of any constitutional or statutory provision in  the  event  the
  authority  assigns  or pledges the service contract payments as security
  for its bonds, notes, or other obligations and shall be deemed executory
  only to the extent moneys are available and that no liability  shall  be
  incurred  by  the state beyond the moneys available for the purpose, and
  that  such  obligation  is  subject  to  annual  appropriation  by   the
  legislature;
    (d)  Any  service  contract or contracts entered into pursuant to this
  subdivision shall provide for state commitments to provide  annually  to
  the  authority a sum or sums, upon such terms and conditions as shall be
  deemed appropriate by the director of the budget, to fund the principal,
  interest, or other related expenses required for any such bonds,  notes,
  or other obligations.
    2.  The  department  of  state  shall,  from  any  appropriations made
  available for this purpose, offer expedited  deployment  funding  grants
  pursuant  to  section  three  hundred  thirty-three  of  the county law.
  Financing for such grants authorized pursuant to this section shall only
  be made upon the determination by the authority,  in  consultation  with
  and  upon  recommendation of the 911 board, that such grants will result
  in the expedited deployment of enhanced wireless 911 service.
    3. To obtain funds for the purposes of this subdivision, the authority
  is hereby authorized to issue bonds or notes in an amount not to  exceed
  one  hundred  million dollars excluding bonds issued to fund one or more
  debt service reserve funds, to pay costs of issuance of such bonds,  and
  bonds  or  notes issued to refund or otherwise repay such bonds or notes
  previously issued, for payment of  the  costs  of  expedited  deployment
  funding  in  accordance  with  the  provisions  of section three hundred
  thirty-three of the county law.
    4. In computing, for the purposes of this subdivision,  the  aggregate
  amount  of  indebtedness  evidenced  by bonds and notes of the authority
  issued pursuant to this subdivision, there shall be excluded the  amount
  of such indebtedness represented by such bonds or notes issued to refund
  or  otherwise repay bonds or notes, provided that the amount so excluded
  under this subdivision may exceed the principal amount of such bonds  or
  notes  that were issued to refund or otherwise repay only if the present
  value of the aggregate debt service on the refunding or repayment  bonds
  or  notes  shall  not  have  at  the time of their issuance exceeded the
  present value of the aggregate debt service of the bonds or  notes  they
  were  issued  to  refund or repay, such present value in each case being
  calculated by using the effective interest  rate  of  the  refunding  or

  repayment  bonds  or  notes,  which  shall  be  that  rate arrived at by
  doubling  the  semi-annual  interest  rate  (compounded   semi-annually)
  necessary  to  discount  the  debt  service payments on the refunding or
  repayment  bonds  or  notes from the payment date thereof to the date of
  issue of the refunding or repayment bonds or notes and to the price  bid
  therefor,  or  to  the  proceeds received by the authority from the sale
  thereof, in each case including estimated accrued interest.