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.