N.Y. Urban Development Corporation Act 174/68 § 44: Issuance of certain bonds or notes

§ 44. Issuance of certain bonds or notes. 1. Notwithstanding the

provisions of any other law to the contrary, the dormitory authority and

the corporation are hereby authorized to issue bonds or notes in one or

more series for the purpose of funding project costs for the regional

economic development council initiative, the economic transformation

program, state university of New York college for nanoscale and science

engineering, projects within the city of Buffalo or surrounding

environs, the New York works economic development fund, projects for the

retention of professional football in western New York, the empire state

economic development fund, the clarkson-trudeau partnership, the New

York genome center, the Cornell university college of veterinary

medicine, the olympic regional development authority, projects at nano

Utica, Onondaga county revitalization projects, Binghamton university

school of pharmacy, New York power electronics manufacturing consortium,

regional infrastructure projects, high tech innovation and economic

development infrastructure program, high technology manufacturing

projects in Chautauqua and Erie county, an industrial scale research and

development facility in Clinton county, upstate revitalization

initiative projects, downstate revitalization initiative, market New

York projects, fairground buildings, equipment or facilities used to

house and promote agriculture, the state fair, the empire state trail,

the moynihan station development project, the Kingsbridge armory

project, strategic economic development projects, the cultural, arts and

public spaces fund, water infrastructure in the city of Auburn and town

of Owasco, a life sciences laboratory public health initiative,

not-for-profit pounds, shelters and humane societies, arts and cultural

facilities improvement program, restore New York's communities

initiative, heavy equipment, economic development and infrastructure

projects, Roosevelt Island operating corporation capital projects, Lake

Ontario regional projects, Pennsylvania station and other transit

projects, athletic facilities for professional football in Orchard Park,

New York, Rush - NY, New York AI Consortium, New York Creates UEV Tool,

and other state costs associated with such projects. The aggregate

principal amount of bonds authorized to be issued pursuant to this

section shall not exceed twenty-six billion four hundred ninety-eight

million four hundred fifty-three thousand dollars $26,498,453,000,

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 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 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 corporation in

undertaking the financing for project costs for the regional economic

development council initiative, the economic transformation program,

state university of New York college for nanoscale and science

engineering, projects within the city of Buffalo or surrounding

environs, the New York works economic development fund, projects for the

retention of professional football in western New York, the empire state

economic development fund, the clarkson-trudeau partnership, the New

York genome center, the cornell university college of veterinary

medicine, the olympic regional development authority, projects at nano

Utica, onondaga county revitalization projects, Binghamton university

school of pharmacy, New York power electronics manufacturing consortium,

regional infrastructure projects, New York State Capital Assistance

Program for Transportation, infrastructure, and economic development,

high tech innovation and economic development infrastructure program,

high technology manufacturing projects in Chautauqua and Erie county, an

industrial scale research and development facility in Clinton county,

upstate revitalization initiative projects, downstate revitalization

initiative, market New York projects, fairground buildings, equipment or

facilities used to house and promote agriculture, the state fair, the

empire state trail, the moynihan station development project, the

Kingsbridge armory project, strategic economic development projects, the

cultural, arts and public spaces fund, water infrastructure in the city

of Auburn and town of Owasco, a life sciences laboratory public health

initiative, not-for-profit pounds, shelters and humane societies, arts

and cultural facilities improvement program, restore New York's

communities initiative, heavy equipment, economic development and

infrastructure projects, Roosevelt Island operating corporation capital

projects, Lake Ontario regional projects, Pennsylvania station and other

transit projects, athletic facilities for professional football in

Orchard Park, New York, Rush - NY, New York AI Consortium, New York

Creates UEV Tool, and other state costs associated with such projects

the director of the budget is hereby authorized to enter into one or

more service contracts with the dormitory authority and the 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 corporation agree, so as to annually provide to the dormitory

authority and 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 dormitory authority and the corporation as security for its bonds

and notes, as authorized by this section.