N.Y. Urban Development Corporation Act 174/68 § 56-a: State-supported debt; 2022

§ 56-a. State-supported debt; 2022. 1. In light of the continuing

adverse impact that the COVID-19 pandemic is expected to have on the

health and welfare of individuals in the state as well as to the

financial condition of the state during the state's 2022 fiscal year,

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

dormitory authority of the state of New York, the urban development

corporation, and the New York state thruway authority are each

authorized to issue state-supported debt pursuant to article 5-B,

article 5-C and article 5-F of the state finance law to assist the state

to manage its financing needs during its 2022 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 (i) 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 and section 92-z of the state

finance law, or (ii) an authorized purpose within the meaning of

subdivision 2 of section 69-m of the state finance law for all purposes

of article 5-F of the state finance law and section 92-h of the state

finance law, as the case may be. Furthermore, any bonds issued directly

by the state during the state's 2022 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 2022 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.