New York Laws
Title 4 - Dormitory Authority
1689-H - Expedited Deployment Funding.

(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 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
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 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 such bonds, notes,
or other obligations.
2. The department of state shall, from any appropriations made
available for this purpose, offer expedited deployment funding grants
pursuant to section three hundred thirty-three of the county law.
Financing for such grants authorized pursuant to this section shall only
be made upon the determination by the authority, in consultation with
and upon recommendation of the 911 board, that such grants will result
in the expedited deployment of enhanced wireless 911 service.
3. To obtain funds for the purposes of this subdivision, the authority
is hereby authorized to issue bonds or notes in an amount not to exceed
one hundred million dollars excluding bonds issued to fund 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 payment of the costs of expedited deployment
funding in accordance with the provisions of section three hundred
thirty-three of the county law.
4. In computing, for the purposes of this subdivision, the aggregate
amount of indebtedness evidenced by bonds and notes of the authority
issued pursuant to this subdivision, 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 subdivision 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 authority from the sale
thereof, in each case including estimated accrued interest.

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