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This entry was published on 2014-09-22
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SECTION 42
New York state modernization projects
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 42. New York state modernization projects. 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 Roosevelt
Island operating corporation related to the modernization of the aerial
tramway, critical maintenance and improvement projects on Governor's
Island, redevelopment initiatives at the Harriman research and
technology park and USA Niagara and other state costs associated with
such projects. The aggregate principal amount of bonds authorized to be
issued pursuant to this section shall not exceed fifty million four
hundred fifty thousand 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 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
undertaking the financing for the Roosevelt Island operating corporation
related to the modernization of the aerial tramway, critical maintenance
and improvement projects on Governor's Island, redevelopment initiatives
at the Harriman research and technology park and USA Niagara 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.