§ 45. NY-SUNY 2020.
1.Notwithstanding the provisions of any other law\nto the contrary, the urban development corporation of the state of New\nYork is hereby authorized to issue bonds or notes in one or more series\nfor the purpose of funding project costs for the implementation of a\nNY-SUNY and NY-CUNY 2020 challenge grant program subject to the approval\nof a NY-SUNY and NY-CUNY 2020 plan or plans by the governor and either\nthe chancellor of the state university of New York or the chancellor of\nthe city university of New York, as applicable. The aggregate principal\namount of bonds authorized to be issued pursuant to this section shall\nnot exceed $660,000,000, excluding bonds issued to fund one or more debt\nservice reserve funds, to pay costs of issuance of such bonds, and bonds\
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§ 45. NY-SUNY 2020. 1. Notwithstanding the provisions of any other law\nto the contrary, the urban development corporation of the state of New\nYork is hereby authorized to issue bonds or notes in one or more series\nfor the purpose of funding project costs for the implementation of a\nNY-SUNY and NY-CUNY 2020 challenge grant program subject to the approval\nof a NY-SUNY and NY-CUNY 2020 plan or plans by the governor and either\nthe chancellor of the state university of New York or the chancellor of\nthe city university of New York, as applicable. The aggregate principal\namount of bonds authorized to be issued pursuant to this section shall\nnot exceed $660,000,000, excluding bonds issued to fund one or more debt\nservice reserve funds, to pay costs of issuance of such bonds, and bonds\nor notes issued to refund or otherwise repay such bonds or notes\npreviously issued. Such bonds and notes of the corporation shall not be\na 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 corporation for principal, interest, and related\nexpenses pursuant to a service contract and such bonds and notes shall\ncontain 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 law, rule, or regulation to the contrary,\nthe comptroller is hereby authorized and directed to deposit to the\ncredit of the capital projects fund, reimbursement from the proceeds of\nnotes or bonds issued by the urban development corporation of the state\nof New York for capital disbursements associated with such project\ncosts.\n 3. Notwithstanding any other provision of law to the contrary, in\norder to assist the urban development corporation in undertaking the\nfinancing for project costs for the NY-SUNY 2020 challenge grant\nprogram, the director of the budget is hereby authorized to enter into\none or more service contracts with the corporation, none of which shall\nexceed thirty years in duration, upon such terms and conditions as the\ndirector of the budget and the corporation agree, so as to annually\nprovide to 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\nto the corporation as security for its bonds and notes, as authorized by\nthis section.\n