N.Y. Urban Development Corporation Act 174/68 § 36: Limitation on new projects The corporation shall not expend any proceeds of the sale of assets to, or borrowings from, the New York state...

§ 36. Limitation on new projects

The corporation shall not expend any proceeds of the sale of assets

to, or borrowings from, the New York state project finance agency for

the construction or development of any new project which on February

twenty-fifth, nineteen hundred seventy-five, was not under construction

by the corporation, or the subject of a contract or legally binding

commitment for the construction or financing thereof by the corporation,

except for expenditures related to the prompt and orderly termination of

the corporation's activities in relation to a project that was not under

construction or subject to such a contract or legally binding commitment

on that date.