N.Y. UDA Law § 44 — New York Code / Act UDA / Section 44
Issuance of certain bonds or notes
Status: in_force

§ 44. Issuance of certain bonds or notes. 1. Notwithstanding the\nprovisions of any other law to the contrary, the dormitory authority and\nthe corporation are hereby authorized to issue bonds or notes in one or\nmore series for the purpose of funding project costs for the regional\neconomic development council initiative, the economic transformation\nprogram, state university of New York college for nanoscale and science\nengineering, projects within the city of Buffalo or surrounding\nenvirons, the New York works economic development fund, projects for the\nretention of professional football in western New York, the empire state\neconomic development fund, the clarkson-trudeau partnership, the New\nYork genome center, the Cornell university college of veterinary\nmedicine, the olympic regional development authority, projects at nano\nUtica, Onondaga county revitalization projects, Binghamton university\nschool of pharmacy, New York power electronics manufacturing consortium,\nregional infrastructure projects, high tech innovation and economic\ndevelopment infrastructure program, high technology manufacturing\nprojects in Chautauqua and Erie county, an industrial scale research and\ndevelopment facility in Clinton county, upstate revitalization\ninitiative projects, downstate revitalization initiative, market New\nYork projects, fairground buildings, equipment or facilities used to\nhouse and promote agriculture, the state fair, the empire state trail,\nthe moynihan station development project, the Kingsbridge armory\nproject, strategic economic development projects, the cultural, arts and\npublic spaces fund, water infrastructure in the city of Auburn and town\nof Owasco, a life sciences laboratory public health initiative,\nnot-for-profit pounds, shelters and humane societies, arts and cultural\nfacilities improvement program, restore New York's communities\ninitiative, heavy equipment, economic development and infrastructure\nprojects, Roosevelt Island operating corporation capital projects, Lake\nOntario regional projects, Pennsylvania station and other transit\nprojects, athletic facilities for professional football in Orchard Park,\nNew York, Rush - NY, New York AI Consortium, New York Creates UEV Tool,\nand other state costs associated with such projects. The aggregate\nprincipal amount of bonds authorized to be issued pursuant to this\nsection shall not exceed twenty-six billion four hundred ninety-eight\nmillion four hundred fifty-three thousand dollars $26,498,453,000,\nexcluding bonds issued to fund one or more debt service reserve funds,\nto pay costs of issuance of such bonds, and bonds or notes issued to\nrefund or otherwise repay such bonds or notes previously issued. Such\nbonds and notes of the dormitory authority and the corporation shall not\nbe a debt of the state, and the state shall not be liable thereon, nor\nshall they be payable out of any funds other than those appropriated by\nthe state to the dormitory authority and the corporation for principal,\ninterest, and related expenses pursuant to a service contract and such\nbonds and notes shall contain on the face thereof a statement to such\neffect. Except for purposes of complying with the internal revenue code,\nany interest income earned on bond proceeds shall only be used to pay\ndebt service 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 regional economic\ndevelopment council initiative, the economic transformation program,\nstate university of New York college for nanoscale and science\nengineering, projects within the city of Buffalo or surrounding\nenvirons, the New York works economic development fund, projects for the\nretention of professional football in western New York, the empire state\neconomic development fund, the clarkson-trudeau partnership, the New\nYork genome center, the cornell university college of veterinary\nmedicine, the olympic regional development authority, projects at nano\nUtica, onondaga county revitalization projects, Binghamton university\nschool of pharmacy, New York power electronics manufacturing consortium,\nregional infrastructure projects, New York State Capital Assistance\nProgram for Transportation, infrastructure, and economic development,\nhigh tech innovation and economic development infrastructure program,\nhigh technology manufacturing projects in Chautauqua and Erie county, an\nindustrial scale research and development facility in Clinton county,\nupstate revitalization initiative projects, downstate revitalization\ninitiative, market New York projects, fairground buildings, equipment or\nfacilities used to house and promote agriculture, the state fair, the\nempire state trail, the moynihan station development project, the\nKingsbridge armory project, strategic economic development projects, the\ncultural, arts and public spaces fund, water infrastructure in the city\nof Auburn and town of Owasco, a life sciences laboratory public health\ninitiative, not-for-profit pounds, shelters and humane societies, arts\nand cultural facilities improvement program, restore New York's\ncommunities initiative, heavy equipment, economic development and\ninfrastructure projects, Roosevelt Island operating corporation capital\nprojects, Lake Ontario regional projects, Pennsylvania station and other\ntransit projects, athletic facilities for professional football in\nOrchard Park, New York, Rush - NY, New York AI Consortium, New York\nCreates UEV Tool, and other state costs associated with such projects\nthe director of the budget is hereby authorized to enter into one or\nmore service contracts with the dormitory authority and the corporation,\nnone of which shall exceed thirty years in duration, upon such terms and\nconditions as the director of the budget and the dormitory authority and\nthe corporation agree, so as to annually provide to the dormitory\nauthority and the corporation, in the aggregate, a sum not to exceed the\nprincipal, interest, and related expenses required for such bonds and\nnotes. Any service contract entered into pursuant to this section shall\nprovide that the obligation of the state to pay the amount therein\nprovided shall not constitute a debt of the state within the meaning of\nany constitutional or statutory provision and shall be deemed executory\nonly to the extent of monies available and that no liability shall be\nincurred by the state beyond the monies available for such purpose,\nsubject to annual appropriation by the legislature. Any such contract or\nany payments made or to be made thereunder may be assigned and pledged\nby the dormitory authority and the corporation as security for its bonds\nand notes, as authorized by this section.\n