N.Y. Public Authorities Law Section 1689-I*2
Public school districts

  • authority financing of projects under the expanding our children’s education and learning (EXCEL) program

* § 1689-i. Public school districts; authority financing of projects under the expanding our children’s education and learning (EXCEL) program.

1.

The dormitory authority is authorized to finance EXCEL projects for those school districts which are eligible to receive an apportionment for expanding our children’s education and learning (EXCEL) pursuant to subdivision fourteen of Education Law § 3641 (Special apportionments and grants-in-aid to school districts)section thirty-six hundred forty-one of the education law.

2.

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 of such EXCEL projects, the director of the budget is authorized in any state fiscal year commencing April first, two thousand six and thereafter 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.

3.

Any service contract entered into pursuant to this section 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.

4.

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.

5.

Any service contract or contracts entered into pursuant to this section 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.

6.

The commissioner of education shall certify, from time to time, to the dormitory authority, the comptroller, the director of the division of the budget, the chair of the senate finance committee and the chair of the assembly ways and means committee each school district for which he or she has determined an aid apportionment for authority financing of an EXCEL project pursuant to subdivision fourteen of Education Law § 3641 (Special apportionments and grants-in-aid to school districts)section thirty-six hundred forty-one of the education law. Such certification, which shall be made within thirty days after such determination or as soon thereafter as is practicable, shall identify the amount of aid apportionment which has been approved for such school district and shall estimate the date or dates when such project will be undertaken.

7.

On or before November fifteenth of each year and again on or after February fifteenth of each year, the dormitory authority shall submit, and thereafter may resubmit, to the director of the division of the budget, the state comptroller, the commissioner of education, the chair of the senate finance committee and the chair of the assembly ways and means committee a report setting forth the estimated amounts, if any, of all annual payments required to be appropriated to the dormitory authority pursuant to such service contracts between the dormitory authority and the director of the division of the budget pursuant to this section.

8.

To obtain funds for the purposes of this section, the authority shall have power from time to time, 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.

9.

The dormitory authority shall not issue any bonds or notes in an amount in excess of two billion six hundred million dollars for the purposes of this section, excluding a principal amount of bonds or notes issued to fund one or more debt service reserve funds, to pay for the costs of issuance of such bonds, and bonds or notes issued to refund or otherwise repay such bonds, and bonds or notes previously issued. Except for the purposes of complying with the internal revenue code, any interest income earned on bond proceeds shall only be used to pay debt service on such bonds or notes.

10.

In computing for the purposes of this subdivision, the aggregate amount of indebtedness evidenced by bonds and notes of the dormitory authority issued pursuant to this section, 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 clause 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 dormitory authority from the sale thereof, in each case including estimated accrued interest.

11.

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*2 — Public school districts; authority financing of projects under the expanding our children's education and learning (EXCEL) program, https://www.­nysenate.­gov/legislation/laws/PBA/1689-I*2 (updated Sep. 22, 2014; accessed Jul. 13, 2024).

1675
Short title
1676
Definitions
1676‑A
Payment on authority public work projects
1677
Dormitory Authority
1678
Powers of the authority
1678‑A
New York state design and construction corporation act
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

Accessed:
Jul. 13, 2024

Last modified:
Sep. 22, 2014

§ 1689-I*2’s source at nysenate​.gov

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