§ 56-a. State-supported debt; 2022.
1.In light of the continuing\nadverse impact that the COVID-19 pandemic is expected to have on the\nhealth and welfare of individuals in the state as well as to the\nfinancial condition of the state during the state's 2022 fiscal year,\nand notwithstanding any other provision of law to the contrary, the\ndormitory authority of the state of New York, the urban development\ncorporation, and the New York state thruway authority are each\nauthorized to issue state-supported debt pursuant to article 5-B,\narticle 5-C and article 5-F of the state finance law to assist the state\nto manage its financing needs during its 2022 fiscal year, without\nregard to any restrictions, limitations and requirements contained in\narticle 5-B of the state finance law, othe
Free access — add to your briefcase to read the full text and ask questions with AI
§ 56-a. State-supported debt; 2022. 1. In light of the continuing\nadverse impact that the COVID-19 pandemic is expected to have on the\nhealth and welfare of individuals in the state as well as to the\nfinancial condition of the state during the state's 2022 fiscal year,\nand notwithstanding any other provision of law to the contrary, the\ndormitory authority of the state of New York, the urban development\ncorporation, and the New York state thruway authority are each\nauthorized to issue state-supported debt pursuant to article 5-B,\narticle 5-C and article 5-F of the state finance law to assist the state\nto manage its financing needs during its 2022 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 (i) 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 and section 92-z of the state\nfinance law, or (ii) an authorized purpose within the meaning of\nsubdivision 2 of section 69-m of the state finance law for all purposes\nof article 5-F of the state finance law and section 92-h of the state\nfinance law, as the case may be. Furthermore, any bonds issued directly\nby the state during the state's 2022 fiscal year shall be issued 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. For so long as any state-supported debt\nissued during the state's 2022 fiscal year shall remain outstanding,\nincluding any state-supported debt issued to refund state-supported debt\nissued during such fiscal year, the restrictions, limitations and\nrequirements contained in article 5-B of the state finance law, other\nthan subdivision 4 of section 67-b of such article, shall 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