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


Section 41 International computer chip research and development center

Urban Development Corporation Act 174/68 (UDA)

1. Notwithstanding the provisions of any other law to the contrary, the urban development corporation is hereby authorized to issue bonds or notes in one or more series for the purpose of funding project costs at the College of Nanoscale Science and Engineering of the University at Albany - State University of New York for the development and/or expansion of an international computer chip research and development center, including but not limited to the construction and renovation, purchase and installation of equipment or other state costs associated with the project at the College of Nanoscale Science and Engineering of the University at Albany - State University of New York. The aggregate principal amount of bonds authorized to be issued pursuant to this section shall not exceed three hundred million dollars, 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 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 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 corporation in undertaking the financing of the development and/or expansion of an international computer chip research and development center, including but not limited to the construction and renovation, purchase and installation of equipment, or other state costs associated with the project, the director of the budget is hereby authorized to enter into one or more service contracts with the corporation, none of which shall exceed thirty years in duration, upon such terms and conditions as the director of the budget and the corporation agree, so as to annually provide to 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 corporation as security for its bonds and notes, as authorized by this act.

  3. The corporation, in conjunction with the College of Nanoscale Science and Engineering of the University at Albany-State University of New York, shall develop a program and financing plan for the project. Upon certification by the corporation, copies of such plan shall be filed with the director of the budget, the chair of the senate finance committee and the chair of the assembly ways and means committee. Further, the corporation shall provide an annual report to the director of the budget, chair of the senate finance committee and the chair of the assembly ways and means committee detailing the use of state assistance for the project and the progress of the project in meeting the performance criteria set forth on the program and financing plan. Such report shall be submitted by March thirty-first, two thousand eight and March thirty-first thereafter for a period not to exceed seven years.