New York Laws
Title 4 - Dormitory Authority
1689-I - Library Construction.

(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 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 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

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