S T A T E O F N E W Y O R K
________________________________________________________________________
3027
2025-2026 Regular Sessions
I N A S S E M B L Y
January 23, 2025
___________
Introduced by M. of A. SAYEGH, SMULLEN, DeSTEFANO, BUTTENSCHON, 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 43 of part XX of chapter 56 of the laws of 2024, 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
development infrastructure program, high technology manufacturing
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01168-02-5
A. 3027 2
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, athletic facilities for professional football in Orchard Park,
New York, Rush - NY, New York AI Consortium, New York Creates UEV Tool,
and other state costs associated with such projects. The aggregate prin-
cipal amount of bonds authorized to be issued pursuant to this section
shall not exceed twenty billion eight hundred seventy-eight million one
hundred ninety-four thousand dollars $20,878,194,000, 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-
A. 3027 3
ture in the city of Auburn and town of Owasco, a life sciences laborato-
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, athletic facilities for professional football in
Orchard Park, New York, Rush - NY, New York AI Consortium, New York
Creates UEV Tool, 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.