This text of New York § 51 (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.
§ 51.
1.Notwithstanding the provisions of any other law to the\ncontrary, the dormitory authority and the urban development corporation\nare hereby authorized to issue bonds or notes in one or more series for\nthe purpose of funding project costs for the nonprofit infrastructure\ncapital investment program and other state costs associated with such\ncapital projects. The aggregate principal amount of bonds authorized to\nbe issued pursuant to this section shall not exceed one hundred seventy\nmillion dollars $170,000,000, excluding bonds issued to fund one or more\ndebt service reserve funds, to pay costs of issuance of such bonds, and\nbonds or notes issued to refund or otherwise repay such bonds or notes\npreviously issued. Such bonds and notes of the dormitory authority and\nthe urba
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§ 51. 1. Notwithstanding the provisions of any other law to the\ncontrary, the dormitory authority and the urban development corporation\nare hereby authorized to issue bonds or notes in one or more series for\nthe purpose of funding project costs for the nonprofit infrastructure\ncapital investment program and other state costs associated with such\ncapital projects. The aggregate principal amount of bonds authorized to\nbe issued pursuant to this section shall not exceed one hundred seventy\nmillion dollars $170,000,000, excluding bonds issued to fund one or more\ndebt service reserve funds, to pay costs of issuance of such bonds, and\nbonds or notes issued to refund or otherwise repay such bonds or notes\npreviously issued. Such bonds and notes of the dormitory authority and\nthe urban development corporation shall not be a debt of the state, and\nthe state shall not be liable thereon, nor shall they be payable out of\nany funds other than those appropriated by the state to the dormitory\nauthority and the urban development corporation for principal, interest,\nand related expenses pursuant to a service contract and such bonds and\nnotes shall contain on the face thereof a statement to such effect.\nExcept for purposes of complying with the internal revenue code, any\ninterest income earned on bond proceeds shall only be used to pay debt\nservice on such bonds.\n 2. Notwithstanding any other provision of law to the contrary, in\norder to assist the dormitory authority and the urban development\ncorporation in undertaking the financing for project costs for the\nnonprofit infrastructure capital investment program and other state\ncosts associated with such capital projects, the director of the budget\nis hereby authorized to enter into one or more service contracts with\nthe dormitory authority and the urban development corporation, none of\nwhich shall exceed thirty years in duration, upon such terms and\nconditions as the director of the budget and the dormitory authority and\nthe urban development corporation agree, so as to annually provide to\nthe dormitory authority and the urban development 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 dormitory authority and\nthe urban development corporation as security for its bonds and notes,\nas authorized by this section.\n