N.Y. Public Authorities Law § 1689-h: Expedited deployment funding

§ 1689-h. Expedited deployment funding. The authority is hereby

authorized to finance eligible costs associated with expedited

deployment funding in accordance with the provisions of section three

hundred thirty-three of the county law.

1. (a) Notwithstanding the provisions of any general or special law to

the contrary, and subject to appropriations by the legislature, in order

to assist the authority in the financing and refinancing of such

eligible costs, the director of the budget is authorized to enter into

one or more service contracts, none of which shall exceed thirty years

in duration, with the authority, upon such terms as the director of the

budget and the authority agree;

(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.