N.Y. UDA Law § 47 — New York Code / Act UDA / Section 47
No title
Status: in_force

§ 47. 1. Notwithstanding the provisions of any other law to the\ncontrary, the dormitory authority and the corporation are hereby\nauthorized to issue bonds or notes in one or more series for the purpose\nof funding project costs for the office of information technology\nservices, department of law, and other state costs associated with such\ncapital projects. The aggregate principal amount of bonds authorized to\nbe issued pursuant to this section shall not exceed two billion four\nmillion one hundred twelve thousand dollars $2,004,112,000, excluding\nbonds issued to fund one or more debt service reserve funds, to pay\ncosts of issuance of such bonds, and bonds or notes issued to refund or\notherwise repay such bonds or notes previously issued. Such bonds and\nnotes of the dormitory authority and the corporation shall not be a debt\nof the state, and the state shall not be liable thereon, nor shall they\nbe payable out of any funds other than those appropriated by the state\nto the dormitory authority and the corporation for principal, interest,\nand related expenses pursuant to a service contract and such bonds and\nnotes shall contain on the face thereof a statement to such effect.\nExcept for purposes of complying with the internal revenue code, any\ninterest income earned on bond proceeds shall only be used to pay debt\nservice on such bonds.\n  2. Notwithstanding any other provision of law to the contrary, in\norder to assist the dormitory authority and the corporation in\nundertaking the financing for project costs for the office of\ninformation technology services, department of law, and other state\ncosts associated with such capital projects, the director of the budget\nis hereby authorized to enter into one or more service contracts with\nthe dormitory authority and the corporation, none of which shall exceed\nthirty years in duration, upon such terms and conditions as the director\nof the budget and the dormitory authority and the corporation agree, so\nas to annually provide to the dormitory authority and the corporation,\nin the aggregate, a sum not to exceed the principal, interest, and\nrelated expenses required for such bonds and notes. Any service contract\nentered into pursuant to this section shall provide that the obligation\nof the state to pay the amount therein provided shall not constitute a\ndebt of the state within the meaning of any constitutional or statutory\nprovision and shall be deemed executory only to the extent of monies\navailable and that no liability shall be incurred by the state beyond\nthe monies available for such purpose, subject to annual appropriation\nby the legislature. Any such contract or any payments made or to be made\nthereunder may be assigned and pledged by the dormitory authority and\nthe corporation as security for its bonds and notes, as authorized by\nthis section.\n  3. The comptroller is hereby authorized to receive from the dormitory\nauthority and the corporation any portion of bond proceeds paid to\nprovide funds for or reimburse the state for its costs associated with\nsuch capital project costs and to credit such amounts to the capital\nprojects fund or any other appropriate fund.\n