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


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)

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.