N.Y. UDA Law § 49 — New York Code / Act UDA / Section 49
No title
Status: in_force

§ 49. 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 state and municipal facilities program\nand other state costs associated with such capital projects. The\naggregate principal amount of bonds authorized to be issued pursuant to\nthis section shall not exceed three billion one hundred eighty-three\nmillion five hundred thousand dollars $3,183,500,000, 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\ndormitory authority and the corporation shall not be a debt of the\nstate, and the state shall not be liable thereon, nor shall they be\npayable out of any funds other than those appropriated by the state to\nthe dormitory authority and the corporation for principal, interest, and\nrelated expenses pursuant to a service contract and such bonds and notes\nshall contain on the face thereof a statement to such effect. Except for\npurposes of complying with the internal revenue code, any interest\nincome earned on bond proceeds shall only be used to pay debt service on\nsuch 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 state and municipal\nfacilities program and other state costs associated with such capital\nprojects, the director of the budget is hereby authorized to enter into\none or more service contracts with the dormitory authority and the\ncorporation, none of which shall exceed thirty years in duration, upon\nsuch terms and conditions as the director of the budget and the\ndormitory authority and the corporation agree, so as to annually provide\nto the dormitory authority and the corporation, in the aggregate, a sum\nnot to exceed the principal, interest, and related expenses required for\nsuch bonds and notes. Any service contract entered into pursuant to this\nsection shall provide that the obligation of the state to pay the amount\ntherein provided shall not constitute a debt of the state within the\nmeaning of any constitutional or statutory provision and shall be deemed\nexecutory only to the extent of monies available and that no liability\nshall be incurred by the state beyond the monies available for such\npurpose, subject to annual appropriation by the legislature. Any such\ncontract or any payments made or to be made thereunder may be assigned\nand pledged by the dormitory authority and the corporation as security\nfor its bonds and notes, as authorized by this 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