Legislation
SECTION 36
Limitation on new projects The corporation shall not expend any proceeds of the sale of assets to, or borrowings from, the New York state...
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 36. Limitation on new projects
The corporation shall not expend any proceeds of the sale of assets
to, or borrowings from, the New York state project finance agency for
the construction or development of any new project which on February
twenty-fifth, nineteen hundred seventy-five, was not under construction
by the corporation, or the subject of a contract or legally binding
commitment for the construction or financing thereof by the corporation,
except for expenditures related to the prompt and orderly termination of
the corporation's activities in relation to a project that was not under
construction or subject to such a contract or legally binding commitment
on that date.
The corporation shall not expend any proceeds of the sale of assets
to, or borrowings from, the New York state project finance agency for
the construction or development of any new project which on February
twenty-fifth, nineteen hundred seventy-five, was not under construction
by the corporation, or the subject of a contract or legally binding
commitment for the construction or financing thereof by the corporation,
except for expenditures related to the prompt and orderly termination of
the corporation's activities in relation to a project that was not under
construction or subject to such a contract or legally binding commitment
on that date.