S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3251
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced  by M. of A. SAYEGH, ABINANTI, BYRNE, THIELE, SMULLEN, DeSTE-
   FANO, BRABENEC, SALKA, HEVESI, RA, BUTTENSCHON, COOK,  TAGUE  --  read
   once and referred to the Committee on Economic Development
 
 AN ACT to amend the New York state urban development corporation act, in
   relation  to  renaming  the  empire  state  trail the Governor Malcolm
   Wilson empire state trail
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The trail currently known as the empire state trail shall
 be designated and known as the  Governor  Malcolm  Wilson  empire  state
 trail and shall be referred to as such in all state publications, promo-
 tional materials, and websites.
   §  2.  Section  44  of  section  1 of chapter 174 of the laws of 1968,
 constituting the New York state urban development  corporation  act,  as
 amended  by  section 41 of part JJ of chapter 56 of the laws of 2020, is
 amended to read as follows:
   § 44. Issuance of certain  bonds  or  notes.  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  regional
 economic  development  council  initiative,  the economic transformation
 program, state university of New York college for nanoscale and  science
 engineering,  projects  within  the city of Buffalo or surrounding envi-
 rons, the New York works economic development  fund,  projects  for  the
 retention of professional football in western New York, the empire state
 economic  development  fund,  the  clarkson-trudeau partnership, the New
 York genome center, the cornell university college of  veterinary  medi-
 cine,  the  olympic  regional  development  authority,  projects at nano
 Utica, onondaga county revitalization  projects,  Binghamton  university
 school of pharmacy, New York power electronics manufacturing consortium,
 regional  infrastructure  projects,  high  tech  innovation and economic

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD02584-01-1

 A. 3251                             2
 
 development  infrastructure  program,  high   technology   manufacturing
 projects in Chautauqua and Erie county, an industrial scale research and
 development  facility  in  Clinton county, upstate revitalization initi-
 ative  projects,  downstate  revitalization  initiative, market New York
 projects, fairground buildings, equipment or facilities  used  to  house
 and  promote  agriculture,  the  state fair, the GOVERNOR MALCOLM WILSON
 empire state trail, the moynihan station development project, the Kings-
 bridge armory project,  strategic  economic  development  projects,  the
 cultural,  arts and public spaces fund, water infrastructure in the city
 of Auburn and town of Owasco, a life sciences laboratory  public  health
 initiative,  not-for-profit  pounds, shelters and humane societies, arts
 and cultural facilities improvement program, restore New York's communi-
 ties initiative, heavy equipment, economic development  and  infrastruc-
 ture  projects, Roosevelt Island operating corporation capital projects,
 Lake Ontario regional projects, Pennsylvania station and  other  transit
 projects and other state costs associated with such projects. The aggre-
 gate  principal amount of bonds authorized to be issued pursuant to this
 section shall not exceed ten billion three hundred  thirty-four  million
 eight  hundred  fifty-one  thousand  dollars  $10,334,851,000, 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 undertak-
 ing  the  financing for project costs for the regional economic develop-
 ment council initiative,  the  economic  transformation  program,  state
 university  of  New  York college for nanoscale and science engineering,
 projects within the city of Buffalo or  surrounding  environs,  the  New
 York  works  economic  development  fund,  projects for the retention of
 professional football in western New York,  the  empire  state  economic
 development  fund, the clarkson-trudeau partnership, the New York genome
 center, the cornell university college of veterinary medicine, the olym-
 pic regional development authority, projects  at  nano  Utica,  onondaga
 county  revitalization projects, Binghamton university school of pharma-
 cy,  New  York  power  electronics  manufacturing  consortium,  regional
 infrastructure  projects,  New York State Capital Assistance Program for
 Transportation, infrastructure,  and  economic  development,  high  tech
 innovation  and  economic development infrastructure program, high tech-
 nology manufacturing projects in Chautauqua and Erie county,  an  indus-
 trial scale research and development facility in Clinton county, upstate
 revitalization initiative projects, downstate revitalization initiative,
 market  New York projects, fairground buildings, equipment or facilities
 used to house and promote agriculture,  the  state  fair,  the  GOVERNOR
 MALCOLM  WILSON  empire  state  trail,  the moynihan station development
 project, the Kingsbridge armory project, strategic economic  development
 projects,  the  cultural, arts and public spaces fund, water infrastruc-
 ture in the city of Auburn and town of Owasco, a life sciences laborato-

 A. 3251                             3
 
 ry public health initiative, not-for-profit pounds, shelters and  humane
 societies, arts and cultural facilities improvement program, restore New
 York's communities initiative, heavy equipment, economic development and
 infrastructure  projects, Roosevelt Island operating corporation capital
 projects, Lake Ontario regional projects, Pennsylvania station and other
 transit projects and other state costs associated with such 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. This act shall take effect immediately.