* § 1689-i. Public school districts; authority financing of projects\nunder the expanding our children's education and learning (EXCEL)\nprogram. 1. The dormitory authority is authorized to finance EXCEL\nprojects for those school districts which are eligible to receive an\napportionment for expanding our children's education and learning\n(EXCEL) pursuant to subdivision fourteen of section thirty-six hundred\nforty-one of the education law.\n 2. Notwithstanding the provisions of any general or special law to the\ncontrary, and subject to the making of annual appropriations therefor by\nthe legislature, in order to assist the dormitory authority in the\nfinancing of such EXCEL projects, the director of the budget is\nauthorized in any state fiscal year commencing April first, two thousand\nsix and thereafter to enter into one or more service contracts, none of\nwhich shall exceed thirty years in duration, with the dormitory\nauthority, upon such terms as the director of the budget and the\ndormitory authority agree.\n 3. Any service contract entered into pursuant to this section or any\npayments made or to be made thereunder may be assigned and pledged by\nthe dormitory authority as security for its bonds, notes, or other\nobligations.\n 4. Any such service contract shall provide that the obligation of the\ndirector of the budget or of the state to fund or to pay the amounts\ntherein provided for shall not constitute a debt of the state within the\nmeaning of any constitutional or statutory provision in the event the\ndormitory authority assigns or pledges the service contract payments as\nsecurity for its bonds, notes, or other obligations and shall be deemed\nexecutory only to the extent moneys are available and that no liability\nshall be incurred by the state beyond the moneys available for the\npurpose, and that such obligation is subject to annual appropriation by\nthe legislature.\n 5. Any service contract or contracts entered into pursuant to this\nsection shall provide for state commitments to provide annually to the\ndormitory authority a sum or sums, upon such terms and conditions as\nshall be deemed appropriate by the director of the budget, to fund the\nprincipal, interest, or other related expenses required for any bonds,\nnotes, or other obligations.\n 6. The commissioner of education shall certify, from time to time, to\nthe dormitory authority, the comptroller, the director of the division\nof the budget, the chair of the senate finance committee and the chair\nof the assembly ways and means committee each school district for which\nhe or she has determined an aid apportionment for authority financing of\nan EXCEL project pursuant to subdivision fourteen of section thirty-six\nhundred forty-one of the education law. Such certification, which shall\nbe made within thirty days after such determination or as soon\nthereafter as is practicable, shall identify the amount of aid\napportionment which has been approved for such school district and shall\nestimate the date or dates when such project will be undertaken.\n 7. On or before November fifteenth of each year and again on or after\nFebruary fifteenth of each year, the dormitory authority shall submit,\nand thereafter may resubmit, to the director of the division of the\nbudget, the state comptroller, the commissioner of education, the chair\nof the senate finance committee and the chair of the assembly ways and\nmeans committee a report setting forth the estimated amounts, if any, of\nall annual payments required to be appropriated to the dormitory\nauthority pursuant to such service contracts between the dormitory\nauthority and the director of the division of the budget pursuant to\nthis section.\n 8. To obtain funds for the purposes of this section, the authority\nshall have power from time to time, to issue negotiable bonds or notes\nof the authority. Unless the context shall clearly indicate otherwise,\nwhenever the words "bond" or "bonds" are used
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.