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 57
No title
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 57. 1. Notwithstanding the provisions of any other law to the
contrary, the dormitory authority and the urban development corporation
are hereby authorized to issue bonds or notes in one or more series for
the purpose of funding project costs for the Empire Station Complex
project, and such project shall be deemed a capital work or purpose for
purposes of subdivision 3 of section 67-b of the state finance law. The
aggregate principal amount of bonds authorized to be issued pursuant to
this section shall not exceed one billion three hundred million dollars
$1,300,000,000, 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 urban
development 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 urban development 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 urban development
corporation in undertaking the financing for project costs for the
Empire Station Complex project, the director of the budget is hereby
authorized to enter into one or more service contracts with the
dormitory authority and the urban development 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 urban
development corporation agree, so as to annually provide to the
dormitory authority and the urban development 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 urban development corporation as security for its bonds and notes,
as authorized by this section.