This text of New York § 46 (No title) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 46.
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 restoring state properties damaged as a\nresult of Storm Sandy and other state costs associated with such capital\nprojects. The aggregate principal amount of bonds authorized to be\nissued pursuant to this section shall not exceed four hundred fifty\nmillion dollars, excluding bonds issued to fund one or more debt service\nreserve funds, to pay costs of issuance of such bonds, and bonds or\nnotes issued to refund or otherwise repay such bonds or notes previously\nissued. Such bonds and notes of the dormitory authority and the\ncorporation shall not be a deb
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§ 46. 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 restoring state properties damaged as a\nresult of Storm Sandy and other state costs associated with such capital\nprojects. The aggregate principal amount of bonds authorized to be\nissued pursuant to this section shall not exceed four hundred fifty\nmillion dollars, excluding bonds issued to fund one or more debt service\nreserve funds, to pay costs of issuance of such bonds, and bonds or\nnotes issued to refund or otherwise repay such bonds or notes previously\nissued. Such bonds and notes of the dormitory authority and 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 dormitory authority and the\ncorporation for principal, interest, and related expenses pursuant to a\nservice contract and such bonds and notes shall contain on the face\nthereof a statement to such effect. Except for purposes of complying\nwith the internal revenue code, any interest income earned on bond\nproceeds shall only be used to pay debt 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 restoring state\nproperties damaged as a result of Storm Sandy and other state costs\nassociated with such capital projects, the director of the budget is\nhereby authorized to enter into one or more service contracts with the\ndormitory 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