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This entry was published on 2021-04-23
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SECTION 44
Issuance of certain bonds or notes
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 44. Issuance of certain bonds or notes. 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 regional
economic development council initiative, the economic transformation
program, state university of New York college for nanoscale and science
engineering, projects within the city of Buffalo or surrounding
environs, the New York works economic development fund, projects for the
retention of professional football in western New York, the empire state
economic development fund, the clarkson-trudeau partnership, the New
York genome center, the cornell university college of veterinary
medicine, the olympic regional development authority, projects at nano
Utica, onondaga county revitalization projects, Binghamton university
school of pharmacy, New York power electronics manufacturing consortium,
regional infrastructure projects, high tech innovation and economic
development infrastructure program, high technology manufacturing
projects in Chautauqua and Erie county, an industrial scale research and
development facility in Clinton county, upstate revitalization
initiative projects, downstate revitalization initiative, market New
York projects, fairground buildings, equipment or facilities used to
house and promote agriculture, the state fair, the empire state trail,
the moynihan station development project, the Kingsbridge armory
project, strategic economic development projects, the cultural, arts and
public spaces fund, water infrastructure in the city of Auburn and town
of Owasco, a life sciences laboratory public health initiative,
not-for-profit pounds, shelters and humane societies, arts and cultural
facilities improvement program, restore New York's communities
initiative, heavy equipment, economic development and infrastructure
projects, Roosevelt Island operating corporation capital projects, Lake
Ontario regional projects, Pennsylvania station and other transit
projects 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 eleven billion two hundred seventy-nine
million two hundred two thousand dollars $11,279,202,000, 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 project costs for the regional economic
development council initiative, the economic transformation program,
state university of New York college for nanoscale and science
engineering, projects within the city of Buffalo or surrounding
environs, the New York works economic development fund, projects for the
retention of professional football in western New York, the empire state
economic development fund, the clarkson-trudeau partnership, the New
York genome center, the cornell university college of veterinary
medicine, the olympic regional development authority, projects at nano
Utica, onondaga county revitalization projects, Binghamton university
school of pharmacy, New York power electronics manufacturing consortium,
regional infrastructure projects, New York State Capital Assistance
Program for Transportation, infrastructure, and economic development,
high tech innovation and economic development infrastructure program,
high technology manufacturing projects in Chautauqua and Erie county, an
industrial scale research and development facility in Clinton county,
upstate revitalization initiative projects, downstate revitalization
initiative, market New York projects, fairground buildings, equipment or
facilities used to house and promote agriculture, the state fair, the
empire state trail, the moynihan station development project, the
Kingsbridge armory project, strategic economic development projects, the
cultural, arts and public spaces fund, water infrastructure in the city
of Auburn and town of Owasco, a life sciences laboratory public health
initiative, not-for-profit pounds, shelters and humane societies, arts
and cultural facilities improvement program, restore New York's
communities initiative, heavy equipment, economic development and
infrastructure projects, Roosevelt Island operating corporation capital
projects, Lake Ontario regional projects, Pennsylvania station and other
transit projects 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.