N.Y. Urban Development Corporation Act 174/68 § 56: State-supported debt; 2021

§ 56. State-supported debt; 2021. 1. In light of the significant

impact that the global spread of the COVID-19 coronavirus disease is

having and is expected to continue to have on the health and welfare of

individuals in the state as well as on the financial condition of the

state, and notwithstanding any other provision of law to the contrary,

the dormitory authority of the state of New York and the urban

development corporation are each authorized to issue state-supported

debt pursuant to article 5-C of the state finance law to assist the

state to manage its financing needs during its 2021 fiscal year, without

regard to any restrictions, limitations and requirements contained in

article 5-B of the state finance law, other than subdivision 4 of

section 67-b of such article, and such state-supported debt shall be

deemed to be issued for an authorized purpose within the meaning of

subdivision 2 of section 68-a of the state finance law for all purposes

of article 5-C of the state finance law. Furthermore, any bonds issued

directly by the state during the state's 2021 fiscal year shall be

issued without regard to any restrictions, limitations and requirements

contained in article 5-B of the state finance law, other than

subdivision 4 of section 67-b of such article. For so long as any

state-supported debt issued during the state's 2021 fiscal year shall

remain outstanding, including any state-supported debt issued to refund

state-supported debt issued during such fiscal year, the restrictions,

limitations and requirements contained in article 5-B of the state

finance law, other than subdivision 4 of section 67-b of such article,

shall not apply.

2. Effect of inconsistent provisions. Insofar as the provisions of

this section are inconsistent with the provisions of any other law,

general, special, or local, the provisions of this act shall be

controlling.

3. Severability; construction. The provisions of this section shall be

severable, and if the application of any clause, sentence, paragraph,

subdivision, section or part of this section to any person or

circumstance shall be adjudged by any court of competent jurisdiction to

be invalid, such judgment shall not necessarily affect, impair or

invalidate the application of any such clause, sentence, paragraph,

subdivision, section, part of this section or remainder thereof, as the

case may be, to any other person or circumstance, but shall be confined

in its operation to the clause, sentence, paragraph, subdivision,

section or part thereof directly involved in the controversy in which

such judgment shall have been rendered.