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This entry was published on 2020-04-17
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SECTION 56
State-supported debt; 2021
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 56. State-supported debt; 2021. 1. In light of the significant
impact that the global spread of the COVID-19 coronavirus disease is
having and is expected to continue to have on the health and welfare of
individuals in the state as well as on the financial condition of the
state, and notwithstanding any other provision of law to the contrary,
the dormitory authority of the state of New York and the urban
development corporation are each authorized to issue state-supported
debt pursuant to article 5-C of the state finance law to assist the
state to manage its financing needs during its 2021 fiscal year, without
regard to any restrictions, limitations and requirements contained in
article 5-B of the state finance law, other than subdivision 4 of
section 67-b of such article, and such state-supported debt shall be
deemed to be issued for an authorized purpose within the meaning of
subdivision 2 of section 68-a of the state finance law for all purposes
of article 5-C of the state finance law. Furthermore, any bonds issued
directly by the state during the state's 2021 fiscal year shall be
issued without regard to any restrictions, limitations and requirements
contained in article 5-B of the state finance law, other than
subdivision 4 of section 67-b of such article. For so long as any
state-supported debt issued during the state's 2021 fiscal year shall
remain outstanding, including any state-supported debt issued to refund
state-supported debt issued during such fiscal year, the restrictions,
limitations and requirements contained in article 5-B of the state
finance law, other than subdivision 4 of section 67-b of such article,
shall not apply.

2. Effect of inconsistent provisions. Insofar as the provisions of
this section are inconsistent with the provisions of any other law,
general, special, or local, the provisions of this act shall be
controlling.

3. Severability; construction. The provisions of this section shall be
severable, and if the application of any clause, sentence, paragraph,
subdivision, section or part of this section to any person or
circumstance shall be adjudged by any court of competent jurisdiction to
be invalid, such judgment shall not necessarily affect, impair or
invalidate the application of any such clause, sentence, paragraph,
subdivision, section, part of this section or remainder thereof, as the
case may be, to any other person or circumstance, but shall be confined
in its operation to the clause, sentence, paragraph, subdivision,
section or part thereof directly involved in the controversy in which
such judgment shall have been rendered.