N.Y. Urban Development Corporation Act 174/68 § 18: Bond authorization

§ 18. Bond authorization. The corporation shall not issue bonds and

notes in an aggregate principal amount exceeding one billion two hundred

ninety-five million dollars, excluding (1) bonds and notes issued to

refund or otherwise repay outstanding bonds and notes of the corporation

or of the New York state project finance agency, (2) notes issued by the

corporation to evidence eligible loans made to the corporation pursuant

to the New York state project finance agency act, and (3) bonds and

notes issued with the approval of the state director of the budget and

the New York state public authorities control board which are secured by

and payable solely out of a specific project, other than a residential

project, undertaken by the corporation subsequent to June first,

nineteen hundred seventy-seven, and the revenues and receipts derived

therefrom, without recourse against other assets of the corporation or

against a debt service reserve fund to which state funds are

apportionable pursuant to subdivision three of section twenty of this

act, provided that the corporation shall not issue bonds or notes

pursuant to this clause (3) if (a) (i) the arrangements under which the

project is undertaken do not provide for annual real property taxes, or

payments in lieu of real property taxes, on the real property included

in the project securing such bonds or notes which together at least

equal the average annual real property taxes which were paid with

respect to such real property for three years prior to the acquisition

of such project or any portion thereof by the corporation or a

subsidiary thereof, and (ii) after a public hearing, the local

legislative body of the city, town or village in which such project is

to be located has not consented to such arrangements, provided, however,

that in a city having a population of one million or more such consent

shall be given by the board of estimate of such city, or (b) the

aggregate principal amount of any such bonds and notes is less than

twice the amount of any moneys appropriated by the state and made

available by the corporation to the project securing such bonds and

notes, or (c) the aggregate principal amount of the bonds and notes

issued pursuant to this clause (3) will thereby exceed three hundred

seventy-nine million dollars, excluding bonds and notes issued to refund

or otherwise repay outstanding bonds and notes issued pursuant to this

clause (3), provided, however, that the corporation may provide for a

pooled financing arrangement with regard to bonds issued for the

purposes of financing the construction of the Center for Computers,

Microelectronics and Telecommunications at Columbia University, the

Center for Science and Technology at Syracuse University, the Cornell

Super Computer Center at Cornell University, the Onondaga County

Convention Center Complex, the Center for Advanced Materials Processing

at Clarkson University, the Center for Electro-Optic Imaging at

University of Rochester, the Center for Neural Science at New York

University, the Alfred University Incubator Facilities in Allegany

County and Steuben County, the Broadway Redevelopment Project, and the

Sematech Semiconductor facility, and, that the aggregate amount of bonds

which may be issued pursuant to this clause (3) shall be increased above

the amounts in the following schedule for the purposes of providing for

the costs of issuance including any debt service reserve requirements

that may be necessary in accordance with the following schedule:

Schedule

Project Amount

The Carborundum Company

Niagara Falls............................ 4,400,000

Hooker Chemicals & Plastics Corporation

Niagara Falls............................ 13,500,000

Moog, Inc.

Town of Elma............................. 8,925,000

Sybron Corporation

Rochester................................ 6,600,000

Refined Syrups & Sugars, Inc.

Yonkers.................................. 7,500,000

Sheraton Hotel

Utica.................................... 4,300,000

Urban Renewal Parcel

Office Building

Utica.................................... 5,000,000

Downtown Retail Center

Binghamton............................... 3,000,000

American Stock Exchange/Office Facility

New York City............................ -0

New Printing Plant

New York City (Bronx).................... 16,000,000

New Electronics Manufacturing Plant

New York City (Bronx).................... 8,000,000

Savin Corporation

Binghamton............................... 6,000,000

Industrial Renewal Project

New York City (Brooklyn)................. 2,700,000

Manufacturing Plant Expansion

New York City (Bronx).................... 15,000,000

Shopping Mall

City of Buffalo.......................... 2,100,000

Nettleton Shoe

Syracuse................................. 2,200,000

Batten Kill Railroad Project

Warren/Washington Counties............... 2,250,000

Carrier Corporation

Onondaga County.......................... 27,000,000

Center for Industrial Innovation

City of Troy............................. 33,000,000

Fordham Plaza

New York City (Bronx).................... 10,000,000

Freezer Queen Foods, Inc.

Buffalo.................................. 2,380,000

Chelsea Homes Project

Marlboro (Ulster County)................. 2,700,000

Columbia University

Center for Computers, Microelectronics

and Telecommunications

City of New York......................... 36,000,000

Syracuse University

Center for Science and Technology

City of Syracuse......................... 27,000,000

Cornell University

Cornell Super Computer Center

City of Ithaca........................... 5,000,000

Onondaga County Convention

Center Complex at Syracuse............... 40,000,000

Clarkson University

Center for Advance

Materials Processing..................... 23,500,000

University of Rochester

Center for Elector-Optic Imaging......... 10,000,000

New York University

Center for Neural Science................ 5,000,000

Alfred University Incubator Facilities in

Allegany County and Steuben County....... 10,000,000

Broadway Redevelopment Project

at Schenectady........................... 5,500,000

Albany International

East Greenbush (Rensselaer County)....... 2,500,000

Sematech Semi-Conductor Facility

New York State........................... 40,000,000

Stony Brook Incubator

Project.................................. 2,305,000

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Total of Schedule...................... $389,360,000

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The amounts in the above schedule are interchangeable among the

projects listed but in no case may be used to fund or initiate any other

project.