Section 1689-I. Library construction

1.  The  dormitory  authority is
  authorized to issue  bonds,  at  the  request  of  the  commissioner  of
  education, to finance eligible library construction projects pursuant to
  section  two  hundred  seventy-three-a  of the education law, in amounts
  certified by such commissioner not to exceed a total principal amount of
  fifty-six million dollars.
    2. (a) Notwithstanding the provisions of any general or special law to
  the contrary,  and  subject  to  the  making  of  annual  appropriations
  therefor  by the legislature, in order to assist the dormitory authority
  in the financing and refinancing of such eligible  library  construction
  projects,  the director of the budget is authorized in state fiscal year
  commencing April first, two thousand six  to  enter  into  one  or  more
  service  contracts, none of which shall exceed thirty years in duration,
  with the dormitory authority, upon such terms as  the  director  of  the
  budget and the dormitory 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  dormitory 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
  dormitory 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 dormitory 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  bonds,
  notes, or other obligations.
    3.   The   commissioner   of   education   shall  issue  one  or  more
  certifications to the dormitory authority, the comptroller, the director
  of the division of the  budget,  the  chairman  of  the  senate  finance
  committee  and the chairman of the assembly ways and means committee the
  names of all public libraries and  library  systems  for  which  he  has
  approved  construction  aid  apportionments  for  authority financing of
  library  construction  projects  pursuant   to   section   two   hundred
  seventy-three-a of the education law. Such certification, which shall be
  made  within thirty days after such approval or as soon thereafter as is
  practicable, shall contain one or more projects such that the  total  of
  amounts  to  be financed shall be in excess of minimum amounts of bonds,
  in accordance with guidelines of the dormitory authority, which  may  be
  issued  so  as  to  minimize  the issuing costs of such bonds, and shall
  identify the amount of aid apportionment which  has  been  approved  for
  each  such public library and library system and shall estimate the date
  or dates when such project will be undertaken to assist the authority in
  establishing a schedule for financing  such  project.  The  commissioner
  shall notify the authority if there is a change in such dates.
    4. (a) To obtain funds for the purposes of this section, the authority
  shall  have  power  from  time  to  time,  in accordance with a schedule
  certified to the authority by the commissioner of education  identifying
  eligible  library  construction projects approved for the payment of aid
  apportionments pursuant to section two hundred  seventy-three-a  of  the

  education  law,  to  issue  negotiable  bonds or notes of the authority.
  Unless the context shall clearly indicate otherwise, whenever the  words
  "bond"  or  "bonds" are used in this section, such words shall include a
  note or notes of the authority.
    (b)  The  dormitory authority shall not issue any bonds or notes in an
  amount in excess of fourteen million dollars for the  purposes  of  this
  section.
    5. The state of New York hereby covenants with the purchasers, holders
  and  owners  from  time  to  time  of  the bonds of the authority issued
  pursuant to this section that  it  will  not  repeal,  revoke,  rescind,
  modify  or  amend  the  provisions  of  this section which relate to the
  making of annual service contract payments to the authority with respect
  to such bonds as to limit, impair or  impede  the  rights  and  remedies
  granted  to  bondholders  under  this  title  or  otherwise diminish the
  security pledged to such purchasers, holders and owners or significantly
  impair the prospect of payment of any such bond.
    * NB There are 2 § 1689-i's