N.Y. Urban Development Corporation Act 174/68 § 57: No title

§ 57. 1. Notwithstanding the provisions of any other law to the

contrary, the dormitory authority and the urban development corporation

are hereby authorized to issue bonds or notes in one or more series for

the purpose of funding project costs for the Empire Station Complex

project, and such project shall be deemed a capital work or purpose for

purposes of subdivision 3 of section 67-b of the state finance law. The

aggregate principal amount of bonds authorized to be issued pursuant to

this section shall not exceed one billion three hundred million dollars

$1,300,000,000, 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 urban

development 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 urban development 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 urban development

corporation in undertaking the financing for project costs for the

Empire Station Complex project, the director of the budget is hereby

authorized to enter into one or more service contracts with the

dormitory authority and the urban development 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 urban

development corporation agree, so as to annually provide to the

dormitory authority and the urban development 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 urban development corporation as security for its bonds and notes,

as authorized by this section.