§ 56. State-supported debt; 2021.
1.In light of the significant\nimpact that the global spread of the COVID-19 coronavirus disease is\nhaving and is expected to continue to have on the health and welfare of\nindividuals in the state as well as on the financial condition of the\nstate, and notwithstanding any other provision of law to the contrary,\nthe dormitory authority of the state of New York and the urban\ndevelopment corporation are each authorized to issue state-supported\ndebt pursuant to article 5-C of the state finance law to assist the\nstate to manage its financing needs during its 2021 fiscal year, without\nregard to any restrictions, limitations and requirements contained in\narticle 5-B of the state finance law, other than subdivision 4 of\nsection 67-b of such article, a
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§ 56. State-supported debt; 2021. 1. In light of the significant\nimpact that the global spread of the COVID-19 coronavirus disease is\nhaving and is expected to continue to have on the health and welfare of\nindividuals in the state as well as on the financial condition of the\nstate, and notwithstanding any other provision of law to the contrary,\nthe dormitory authority of the state of New York and the urban\ndevelopment corporation are each authorized to issue state-supported\ndebt pursuant to article 5-C of the state finance law to assist the\nstate to manage its financing needs during its 2021 fiscal year, without\nregard to any restrictions, limitations and requirements contained in\narticle 5-B of the state finance law, other than subdivision 4 of\nsection 67-b of such article, and such state-supported debt shall be\ndeemed to be issued for an authorized purpose within the meaning of\nsubdivision 2 of section 68-a of the state finance law for all purposes\nof article 5-C of the state finance law. Furthermore, any bonds issued\ndirectly by the state during the state's 2021 fiscal year shall be\nissued without regard to any restrictions, limitations and requirements\ncontained in article 5-B of the state finance law, other than\nsubdivision 4 of section 67-b of such article. For so long as any\nstate-supported debt issued during the state's 2021 fiscal year shall\nremain outstanding, including any state-supported debt issued to refund\nstate-supported debt issued during such fiscal year, the restrictions,\nlimitations and requirements contained in article 5-B of the state\nfinance law, other than subdivision 4 of section 67-b of such article,\nshall not apply.\n 2. Effect of inconsistent provisions. Insofar as the provisions of\nthis section are inconsistent with the provisions of any other law,\ngeneral, special, or local, the provisions of this act shall be\ncontrolling.\n 3. Severability; construction. The provisions of this section shall be\nseverable, and if the application of any clause, sentence, paragraph,\nsubdivision, section or part of this section to any person or\ncircumstance shall be adjudged by any court of competent jurisdiction to\nbe invalid, such judgment shall not necessarily affect, impair or\ninvalidate the application of any such clause, sentence, paragraph,\nsubdivision, section, part of this section or remainder thereof, as the\ncase may be, to any other person or circumstance, but shall be confined\nin its operation to the clause, sentence, paragraph, subdivision,\nsection or part thereof directly involved in the controversy in which\nsuch judgment shall have been rendered.\n