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This entry was published on 2022-04-29
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SECTION 58
Gateway project
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
* § 58. Gateway project. 1. Findings and declaration of need. The
state of New York finds and determines that providing funding for the
passenger rail transportation project commonly known as the gateway
project, is needed to preserve and improve the functionality and
strengthen the resiliency of long-distance and commuter rail
infrastructure between the state of New York and the state of New
Jersey.

2. Definitions. When used in this section:

"Commission" shall mean the gateway development commission, a bi-state
commission and a body corporate and politic established by the state of
New Jersey and the state of New York, acting in the public interest and
exercising essential governmental functions in accordance with the
Gateway development commission act, and any successor thereto.

"Federal transportation loan" shall mean one or more loans made to the
commission to finance the Hudson tunnel project under or pursuant to any
U.S. Department of Transportation program or act, including but not
limited to the Railroad Rehabilitation & Improvement Financing Program
or the Transportation Infrastructure Finance and Innovation Act, which
loan or loans are related to the state capital commitment.

"Gateway development commission act" shall mean chapter 108 of the
laws of New York, 2019, as amended.

"Gateway project" shall mean the Hudson tunnel project.

"Hudson tunnel project" shall mean the project consisting of
construction of a tunnel connecting the states of New York and New
Jersey and the completion of certain ancillary facilities including
construction of concrete casing at Hudson Yards in Manhattan, New York
and the rehabilitation of the existing North River Tunnels.

"State capital commitment" shall mean an aggregate principal amount
not to exceed $2,350,000,000, plus any interest costs, including
capitalized interest, and related expenses and fees payable by the state
of New York to the commission under one or more service contracts or
other agreements pursuant to this section, as well as any expenses of
the state incurred in connection therewith.

"Related expenses and fees" shall mean commitment fees and other
ancillary costs, expenses and fees incurred, and to become due and
payable, by the commission in connection with the Federal transportation
loan.

3. Notwithstanding any other provision of law to the contrary, in
order to provide for the payment for the state capital commitment, the
director of the budget is hereby authorized to enter into one or more
service contracts or other agreements with the commission, none of which
shall exceed the maximum duration of the Federal transportation loan,
upon such terms and conditions as the director of the budget and
commission agree, so as to provide to the commission, for each state
fiscal year, a sum not to exceed the amount required for the payment of
the state capital commitment for such fiscal year. Any such service
contract or other agreement 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, that no liability shall be incurred by the state beyond the
monies available for such purpose, and that such obligation is subject
to annual appropriation by the legislature. Any such service contract or
other agreement and any payments made or to be made thereunder may be
assigned and pledged by the commission as security for the repayment by
the commission of the Federal transportation loan.

4. The director of the budget is also authorized to enter into such
other agreements and to take or cause to be taken such additional
actions as are necessary or desirable to effectuate the purposes of the
transactions contemplated by the state capital commitment provided for
herein and the service contract or other agreement authorized by
subdivision 3 of this section.

* NB There are 2 § 58's