New York Laws
Title 4 - Dormitory Authority
1680-K - Financing of Department of Agriculture and Markets Facilities.

§ 1680-k. Financing of department of agriculture and markets
facilities. In order to effectuate the purpose of this title, the
dormitory authority shall have the following additional powers:

1. Subject to the provisions of chapter fifty-nine of the laws of two
thousand, but notwithstanding any provisions of law to the contrary, the
dormitory authority is hereby authorized to issue bonds or notes in one
or more series in an aggregate principal amount not to exceed forty
million nine hundred forty-five thousand dollars $40,945,000, excluding
bonds issued to finance 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 the purpose
of financing the construction of the New York state agriculture and
markets food laboratory. Eligible project costs may include, but not be
limited to the cost of design, financing, site investigations, site
acquisition and preparation, demolition, construction, rehabilitation,
acquisition of machinery and equipment, and infrastructure improvements.
Such bonds and notes of such authorized issuers shall not be a debt of
the state, and the state shall not be liable thereon, nor shall they be
payable out of any funds other than those appropriated by the state to
such authorized issuers for debt service and related expenses pursuant
to any service contract executed pursuant to subdivision two of this
section and such bonds and notes shall contain on the face thereof a
statement to such effect. Except for 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.

2. Notwithstanding any provisions of law to the contrary, in order to
assist such authorized issuers in undertaking the administration and
financing of the projects authorized pursuant to subdivision one of this
section, the director of the budget is hereby authorized to enter into
one or more service contracts with such authorized issuers, none of
which shall exceed more than twenty years in duration, upon such terms
and conditions as the director of the budget and such authorized issuers
shall agree, so as to annually provide to such authorized issuers, in
the aggregate, a sum not to exceed the annual debt service payments and
related expenses required for the bonds and notes issued pursuant to
this section. Any service contract entered into pursuant to this
subdivision shall provide that the obligation of the state to pay the
amount therein provided shall not constitute a debt of the state within
the meaning of any constitutional or statutory provision and shall be
deemed executor only to the extent of monies available and that no
liability shall be incurred by the state beyond the monies available for
such purposes, subject to annual appropriation by the legislature. Any
such contract or any payments made or to be made thereunder may be
assigned or pledged by such authorized issuers as security for its bonds
and notes, as authorized by this section.

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