N.Y. Public Authorities Law § 1680-p: Longitudinal data system

§ 1680-p. Longitudinal data system. 1. Notwithstanding the provisions

of any other law to the contrary, the authority is hereby authorized to

issue bonds or notes in one or more series for the purpose of funding

project costs for the implementation of a state longitudinal data

system. The aggregate principal amount of bonds authorized to be issued

pursuant to this section shall not exceed twenty million four hundred

thousand 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. Such bonds and notes of the authority 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 the authority for principal, interest, and related expenses

pursuant to a service contract 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 other provision of law to the contrary, in

order to assist the authority in undertaking the financing of

construction of a state longitudinal data system but not limited to the

development and purchase of computer hardware, software, and related

equipment, such amount shall include expenses made by the State

University of New York, the City University of New York and the

department of education, the director of the budget is hereby authorized

to enter into one or more service contracts with the authority, none of

which shall exceed thirty years in duration, upon such terms and

conditions as the director of the budget and the authority agree, so as

to annually provide to the authority, in the aggregate, a sum not to

exceed the principal, interest, and related expenses required for such

bonds and notes. Any service contract entered into pursuant to this

section 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

executory only to the extent of monies available and that no liability

shall be incurred by the state beyond the monies available for such

purpose, subject to annual appropriation by the legislature. Any such

contract or any payments made or to be made thereunder may be assigned

and pledged by the authority as security for its bonds and notes, as

authorized by this section.