N.Y. Public Authorities Law § 2435-e: Special School Deficit Program Agreements

§ 2435-e. Special School Deficit Program Agreements. (1) In order to

fulfill the purposes of this title and to provide a means by which a

special school deficit program district may receive assistance to meet

its obligations and, notwithstanding any general or special law to the

contrary, the agency and the special school deficit program district

are, subject to the provisions of subdivision (3) of this section,

hereby authorized to enter into one or more special school deficit

program agreements, which special school deficit program agreements

shall, consistent with the provisions of this title, contain such terms,

provisions and conditions as, in the judgement of the agency, shall be

necessary or desirable. Each special school deficit program agreement

shall specify the amount to be made available to the special school

deficit program district through the proceeds of an issue of special

school deficit program bonds and shall require such special school

deficit program district, subject to appropriation by the board of

education of such special school deficit program district, to make

payments to the agency in the amounts and at the times determined by the

agency to be necessary to provide for payment of such issue of special

school deficit program bonds and such other fees, charges, costs, and

other amounts as the agency shall in its judgement determine to be

necessary or desirable.

(2) Any special school deficit program agreement entered into pursuant

to subdivision one of this section shall provide that the obligations

thereunder to fund or pay the amounts therein provided for shall not

constitute a debt of the state or such special school deficit program

district within the meaning of any constitutional or statutory provision

and shall be deemed executory only to the extent of moneys available and

that no liability shall be incurred by the state or such special school

deficit program district beyond the moneys available for the purpose,

and that such obligation is subject to annual appropriation by the board

of education of such special school deficit program district.