N.Y. Urban Development Corporation Act 174/68 § 41: International computer chip research and development center

§ 41. International computer chip research and development center. 1.

Notwithstanding the provisions of any other law to the contrary, the

urban development corporation is hereby authorized to issue bonds or

notes in one or more series for the purpose of funding project costs at

the College of Nanoscale Science and Engineering of the University at

Albany - State University of New York for the development and/or

expansion of an international computer chip research and development

center, including but not limited to the construction and renovation,

purchase and installation of equipment or other state costs associated

with the project at the College of Nanoscale Science and Engineering of

the University at Albany - State University of New York. The aggregate

principal amount of bonds authorized to be issued pursuant to this

section shall not exceed three hundred million dollars, 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

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 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 corporation in undertaking the financing of the

development and/or expansion of an international computer chip research

and development center, including but not limited to the construction

and renovation, purchase and installation of equipment, or other state

costs associated with the project, the director of the budget is hereby

authorized to enter into one or more service contracts with the

corporation, none of which shall exceed thirty years in duration, upon

such terms and conditions as the director of the budget and the

corporation agree, so as to annually provide to the 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 corporation as security

for its bonds and notes, as authorized by this act.

3. The corporation, in conjunction with the College of Nanoscale

Science and Engineering of the University at Albany-State University of

New York, shall develop a program and financing plan for the project.

Upon certification by the corporation, copies of such plan shall be

filed with the director of the budget, the chair of the senate finance

committee and the chair of the assembly ways and means committee.

Further, the corporation shall provide an annual report to the director

of the budget, chair of the senate finance committee and the chair of

the assembly ways and means committee detailing the use of state

assistance for the project and the progress of the project in meeting

the performance criteria set forth on the program and financing plan.

Such report shall be submitted by March thirty-first, two thousand eight

and March thirty-first thereafter for a period not to exceed seven

years.