N.Y. Urban Development Corporation Act 174/68 § 47: No title

§ 47. 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 office of information technology

services, department of law, and other state costs associated with such

capital projects. The aggregate principal amount of bonds authorized to

be issued pursuant to this section shall not exceed two billion four

million one hundred twelve thousand dollars $2,004,112,000, 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 office of

information technology services, department of law, and other state

costs associated with such capital 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.

3. The comptroller is hereby authorized to receive from the dormitory

authority and the corporation any portion of bond proceeds paid to

provide funds for or reimburse the state for its costs associated with

such capital project costs and to credit such amounts to the capital

projects fund or any other appropriate fund.