Legislation

§ 47. 1. Notwithstanding the provisions of any other law to the
contrary, the dormitory authority and the corporation are hereby
authorized to issue bonds or notes in one or more series for the purpose
of funding project costs for the office of information technology
services, department of law, and other state costs associated with such
capital projects. The aggregate principal amount of bonds authorized to
be issued pursuant to this section shall not exceed two billion four
million one hundred twelve thousand dollars $2,004,112,000, 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 dormitory authority and the corporation 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 dormitory authority and the corporation 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 dormitory authority and the corporation in
undertaking the financing for project costs for the office of
information technology services, department of law, and other state
costs associated with such capital projects, the director of the budget
is hereby authorized to enter into one or more service contracts with
the dormitory authority and the corporation, none of which shall exceed
thirty years in duration, upon such terms and conditions as the director
of the budget and the dormitory authority and the corporation agree, so
as to annually provide to the dormitory authority and the corporation,
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 dormitory authority and
the corporation as security for its bonds and notes, as authorized by
this section.

3. The comptroller is hereby authorized to receive from the dormitory
authority and the corporation any portion of bond proceeds paid to
provide funds for or reimburse the state for its costs associated with
such capital project costs and to credit such amounts to the capital
projects fund or any other appropriate fund.