N.Y.
Public Authorities Law Section 1689-G
Local government infrastructure
- authority financing of eligible wireless 911 capital equipment
1.
Definition. For the purposes of this section “eligible wireless 911 capital equipment” shall include, but not be limited to, radio equipment, computer equipment, dispatch equipment, including consoles and monitors, telecommunications switches and any other equipment necessary and attendant to a 911 wireless telecommunications system.2.
Notwithstanding any other provision of law to the contrary, the authority is hereby authorized to issue bonds, notes or other obligations in one or more series including bonds, notes or other obligations issued to finance one or more debt service reserve funds, to pay the cost of issuance of such bonds, notes or other obligations, and bonds, notes or other obligations issued to refund or otherwise repay such bonds, notes or other obligations previously issued, for the purpose of financing the costs of eligible wireless 911 capital equipment for any political subdivisions eligible to receive aid pursuant to a chapter of the laws of two thousand two. Such bonds, notes or other obligations issued by the authority shall not be a debt of the state or the political subdivision, and the state and the political subdivision shall not be liable thereon, nor shall they be payable out of any funds other than those made available by an eligible political subdivision subject to annual appropriation by the political subdivision as provided in subdivision three of this section or state aid pledged and assigned by a political subdivision to the authority for debt service payments and related expenses pursuant to any financing agreement entered into pursuant to subdivision three of this section.3.
Notwithstanding any other provision of law to the contrary, in order to assist the authority in undertaking the administration and financing of wireless 911 capital equipment authorized pursuant to subdivision two of this section, an eligible political subdivision is hereby authorized to enter into one or more financing agreements with the authority none of which shall exceed ten years in duration, upon such terms and conditions as the authority and an eligible political subdivision agree, so as to annually provide to the authority, in the aggregate, a sum not to exceed the annual debt service payments and related expenses required for the bonds, notes or other obligations issued pursuant to this section. Any financing agreement entered into pursuant to this subdivision shall not constitute debt of an eligible political subdivision within the meaning of any constitutional or statutory provisions and shall be deemed executory only to the extent of moneys available for such purposes, subject to annual appropriations of the eligible political subdivision. Any such financing agreement or any payments made or to be made thereunder may be assigned or pledged by the authority as security for its bonds, notes or other obligations authorized by this section. The provisions of General Municipal Law § 109-B (Installment contracts)section one hundred nine-b of the general municipal law shall not be applicable to any financing agreement entered into between an eligible political subdivision and the authority for the issuance of any bonds, notes, or other obligations for any eligible 911 wireless capital equipment which may be financed pursuant to this section. Notwithstanding the foregoing, any political subdivision entering into an agreement with the authority shall be subject to the provisions of subdivision five and paragraph (c) of subdivision 6 of General Municipal Law § 109-B (Installment contracts)section one hundred nine-b of the general municipal law.4.
Whenever the authority enters into a financing agreement with an eligible political subdivision, each eligible political subdivision is hereby authorized, in connection with the financing agreement, to assign and pledge to the authority, a sufficient portion of any and all public funds to be apportioned or otherwise to be made payable to the eligible political subdivision by the state of New York, for payments required under the financing agreement between the eligible political subdivision and the authority.5.
All local and state officers are hereby authorized and required to pay all funds so assigned and pledged pursuant to subdivisions three and four of this section to the authority or, upon the direction of the authority, to any trustee of any authority bond, note or other obligation issued pursuant to a certificate filed by the authority pursuant to the provisions of this section.6.
The authority shall submit annually to the governor, and the chairs of the assembly ways and means and senate finance committees a report which shall include but not be limited to, detailed information on the financing activity pursuant to this section, and a detailed summary of the financing agreements entered into with any political subdivision.
Source:
Section 1689-G — Local government infrastructure; authority financing of eligible wireless 911 capital equipment, https://www.nysenate.gov/legislation/laws/PBA/1689-G (updated Sep. 22, 2014; accessed Oct. 26, 2024).
