Legislation

Search OpenLegislation Statutes
This entry was published on 2021-04-23
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 56-A
State-supported debt; 2022
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 56-a. State-supported debt; 2022. 1. In light of the continuing
adverse impact that the COVID-19 pandemic is expected to have on the
health and welfare of individuals in the state as well as to the
financial condition of the state during the state's 2022 fiscal year,
and notwithstanding any other provision of law to the contrary, the
dormitory authority of the state of New York, the urban development
corporation, and the New York state thruway authority are each
authorized to issue state-supported debt pursuant to article 5-B,
article 5-C and article 5-F of the state finance law to assist the state
to manage its financing needs during its 2022 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 (i) 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 and section 92-z of the state
finance law, or (ii) an authorized purpose within the meaning of
subdivision 2 of section 69-m of the state finance law for all purposes
of article 5-F of the state finance law and section 92-h of the state
finance law, as the case may be. Furthermore, any bonds issued directly
by the state during the state's 2022 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 2022 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.