N.Y. Public Authorities Law 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 Education Law § 273-A (State aid for library construction)section two hundred seventy-three-a of the education law, in amounts certified by such commissioner not to exceed a total principal amount of four hundred eleven million dollars $411,000,000.

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 Education Law § 273-A (State aid for library construction)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.

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 Education Law § 273-A (State aid for library construction)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.

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

Source: Section 1689-I — Library construction, https://www.­nysenate.­gov/legislation/laws/PBA/1689-I (updated May 3, 2024; accessed Dec. 21, 2024).

1675
Short title 1676
Definitions 1676‑A
Payment on authority public work projects 1677
Dormitory Authority 1678
Powers of the authority 1679
Supplemental higher education loan financing program 1679‑A
Health education assistance loan financing program 1679‑B
Equipment loans 1679‑C
The New York higher education loan program 1680
Dormitories at certain educational institutions other than state operated institutions and statutory or contract colleges under the juris... 1680‑A
Judicial facilities in certain counties 1680‑B
Court facilities and combined occupancy structures 1680‑C
Creation of the court facilities capital review board 1680‑D
Sale of bonds by the authority 1680‑E
State university athletic facilities 1680‑F
Roswell Park Cancer Institute development account 1680‑G
Child care facilities development program 1680‑H
Sale of bonds by the authority 1680‑I
Judiciary 1680‑J
New York state higher education capital matching grant board 1680‑J*2
Authorization for the issuance of bonds for the health care efficiency and affordability law for New Yorkers (HEAL NY) capital grant program 1680‑K
Financing of department of agriculture and markets facilities 1680‑L
The special disability fund financing 1680‑M
Cultural education facilities 1680‑N
Acquisition of state buildings and other facilities 1680‑O
Courthouse improvements and training facilities 1680‑P
Longitudinal data system 1680‑Q
State university of New York dormitory facilities 1680‑Q*2
Self-insured bond financing 1680‑R
Authorization for the issuance of bonds for the capital restructuring financing program, the health care facility transformation programs... 1681
Moneys of the authority 1681‑A
Distribution of board materials 1682
Bonds of the authority 1682‑A
Financial monitoring 1683
State not liable on bonds 1684
Bonds legal investments for fiduciaries 1685
Exemptions from taxation 1686
Remedies of bondholders 1686‑A
Security by authority 1687
Members and employees not to profit 1688
Visitation by regents 1689
Board of cooperative educational services school facilities 1689‑A
Public school districts 1689‑B
Sale of bonds by the authority 1689‑C
Capital facility program, authority financing of eligible projects 1689‑D
Bidding requirements 1689‑E
Biomedical facilities program, authority financing of eligible projects 1689‑F
Public school districts 1689‑G
Local government infrastructure 1689‑H
Expedited deployment funding 1689‑I
Library construction 1689‑I*2
Public school districts 1690
Contract of the state 1691
Actions against authority 1693
Title not affected if in part unconstitutional or ineffective 1694
Termination of authority
Green check means up to date. Up to date

Accessed:
Dec. 21, 2024

Last modified:
May 3, 2024

§ 1689-I’s source at nysenate​.gov

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