N.Y. UDA Law § 41 — New York Code / Act UDA / Section 41
International computer chip research and development center
Status: in_force

§ 41. International computer chip research and development center. 1.\nNotwithstanding the provisions of any other law to the contrary, the\nurban development corporation is hereby authorized to issue bonds or\nnotes in one or more series for the purpose of funding project costs at\nthe College of Nanoscale Science and Engineering of the University at\nAlbany - State University of New York for the development and/or\nexpansion of an international computer chip research and development\ncenter, including but not limited to the construction and renovation,\npurchase and installation of equipment or other state costs associated\nwith the project at the College of Nanoscale Science and Engineering of\nthe University at Albany - State University of New York. The aggregate\nprincipal amount of bonds authorized to be issued pursuant to this\nsection shall not exceed three hundred million dollars, excluding bonds\nissued to fund one or more debt service reserve funds, to pay costs of\nissuance of such bonds, and bonds or notes issued to refund or otherwise\nrepay such bonds or notes previously issued. Such bonds and notes of the\ncorporation shall not be a debt of the state, and the state shall not be\nliable thereon, nor shall they be payable out of any funds other than\nthose appropriated by the state to 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 corporation in undertaking the financing of the\ndevelopment and/or expansion of an international computer chip research\nand development center, including but not limited to the construction\nand renovation, purchase and installation of equipment, or other state\ncosts associated with the project, the director of the budget is hereby\nauthorized to enter into one or more service contracts with the\ncorporation, none of which shall exceed thirty years in duration, upon\nsuch terms and conditions as the director of the budget and the\ncorporation agree, so as to annually provide to the corporation, in the\naggregate, a sum not to exceed the principal, interest, and related\nexpenses required for such bonds and notes. Any service contract entered\ninto pursuant to this section shall provide that the obligation of the\nstate to pay the amount therein provided shall not constitute a debt of\nthe 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 corporation as security\nfor its bonds and notes, as authorized by this act.\n  3. The corporation, in conjunction with the College of Nanoscale\nScience and Engineering of the University at Albany-State University of\nNew York, shall develop a program and financing plan for the project.\nUpon certification by the corporation, copies of such plan shall be\nfiled with the director of the budget, the chair of the senate finance\ncommittee and the chair of the assembly ways and means committee.\nFurther, the corporation shall provide an annual report to the director\nof the budget, chair of the senate finance committee and the chair of\nthe assembly ways and means committee detailing the use of state\nassistance for the project and the progress of the project in meeting\nthe performance criteria set forth on the program and financing plan.\nSuch report shall be submitted by March thirty-first, two thousand eight\nand March thirty-first thereafter for a period not to exceed seven\nyears.\n