1. The Laws of New York
  2. Unconsolidated Laws
  3. Urban Development Corporation Act 174/68


Section 18 Bond authorization

Urban Development Corporation Act 174/68 (UDA)

The corporation shall not issue bonds and notes in an aggregate principal amount exceeding one billion two hundred ninety-five million dollars, excluding (1) bonds and notes issued to refund or otherwise repay outstanding bonds and notes of the corporation or of the New York state project finance agency, (2) notes issued by the corporation to evidence eligible loans made to the corporation pursuant to the New York state project finance agency act, and (3) bonds and notes issued with the approval of the state director of the budget and the New York state public authorities control board which are secured by and payable solely out of a specific project, other than a residential project, undertaken by the corporation subsequent to June first, nineteen hundred seventy-seven, and the revenues and receipts derived therefrom, without recourse against other assets of the corporation or against a debt service reserve fund to which state funds are apportionable pursuant to subdivision three of section twenty of this act, provided that the corporation shall not issue bonds or notes pursuant to this clause (3) if (a) (i) the arrangements under which the project is undertaken do not provide for annual real property taxes, or payments in lieu of real property taxes, on the real property included in the project securing such bonds or notes which together at least equal the average annual real property taxes which were paid with respect to such real property for three years prior to the acquisition of such project or any portion thereof by the corporation or a subsidiary thereof, and (ii) after a public hearing, the local legislative body of the city, town or village in which such project is to be located has not consented to such arrangements, provided, however, that in a city having a population of one million or more such consent shall be given by the board of estimate of such city, or (b) the aggregate principal amount of any such bonds and notes is less than twice the amount of any moneys appropriated by the state and made available by the corporation to the project securing such bonds and notes, or (c) the aggregate principal amount of the bonds and notes issued pursuant to this clause (3) will thereby exceed three hundred seventy-nine million dollars, excluding bonds and notes issued to refund or otherwise repay outstanding bonds and notes issued pursuant to this clause (3), provided, however, that the corporation may provide for a pooled financing arrangement with regard to bonds issued for the purposes of financing the construction of the Center for Computers, Microelectronics and Telecommunications at Columbia University, the Center for Science and Technology at Syracuse University, the Cornell Super Computer Center at Cornell University, the Onondaga County Convention Center Complex, the Center for Advanced Materials Processing at Clarkson University, the Center for Electro-Optic Imaging at University of Rochester, the Center for Neural Science at New York University, the Alfred University Incubator Facilities in Allegany County and Steuben County, the Broadway Redevelopment Project, and the Sematech Semiconductor facility, and, that the aggregate amount of bonds which may be issued pursuant to this clause (3) shall be increased above the amounts in the following schedule for the purposes of providing for the costs of issuance including any debt service reserve requirements that may be necessary in accordance with the following schedule:

   Schedule

   Project Amount The Carborundum Company Niagara Falls............................ 4,400,000 Hooker Chemicals & Plastics Corporation Niagara Falls............................ 13,500,000 Moog, Inc. Town of Elma............................. 8,925,000 Sybron Corporation Rochester................................ 6,600,000 Refined Syrups & Sugars, Inc. Yonkers.................................. 7,500,000 Sheraton Hotel Utica.................................... 4,300,000 Urban Renewal Parcel Office Building Utica.................................... 5,000,000 Downtown Retail Center Binghamton............................... 3,000,000 American Stock Exchange/Office Facility New York City............................ -0 New Printing Plant New York City (Bronx).................... 16,000,000 New Electronics Manufacturing Plant New York City (Bronx).................... 8,000,000 Savin Corporation Binghamton............................... 6,000,000 Industrial Renewal Project New York City (Brooklyn)................. 2,700,000 Manufacturing Plant Expansion New York City (Bronx).................... 15,000,000 Shopping Mall City of Buffalo.......................... 2,100,000 Nettleton Shoe Syracuse................................. 2,200,000 Batten Kill Railroad Project Warren/Washington Counties............... 2,250,000 Carrier Corporation Onondaga County.......................... 27,000,000 Center for Industrial Innovation City of Troy............................. 33,000,000 Fordham Plaza New York City (Bronx).................... 10,000,000 Freezer Queen Foods, Inc. Buffalo.................................. 2,380,000 Chelsea Homes Project Marlboro (Ulster County)................. 2,700,000 Columbia University Center for Computers, Microelectronics and Telecommunications City of New York......................... 36,000,000 Syracuse University Center for Science and Technology City of Syracuse......................... 27,000,000 Cornell University Cornell Super Computer Center City of Ithaca........................... 5,000,000 Onondaga County Convention Center Complex at Syracuse............... 40,000,000 Clarkson University Center for Advance Materials Processing..................... 23,500,000 University of Rochester Center for Elector-Optic Imaging......... 10,000,000 New York University Center for Neural Science................ 5,000,000 Alfred University Incubator Facilities in Allegany County and Steuben County....... 10,000,000 Broadway Redevelopment Project at Schenectady........................... 5,500,000 Albany International East Greenbush (Rensselaer County)....... 2,500,000 Sematech Semi-Conductor Facility New York State........................... 40,000,000 Stony Brook Incubator Project.................................. 2,305,000

   ----------- Total of Schedule...................... $389,360,000

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  The amounts in the above schedule are interchangeable among the projects listed but in no case may be used to fund or initiate any other project.