§ 57.
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 Empire Station Complex\nproject, and such project shall be deemed a capital work or purpose for\npurposes of subdivision 3 of section 67-b of the state finance law. The\naggregate principal amount of bonds authorized to be issued pursuant to\nthis section shall not exceed one billion three hundred million dollars\n$1,300,000,000, 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. Su
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§ 57. 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 Empire Station Complex\nproject, and such project shall be deemed a capital work or purpose for\npurposes of subdivision 3 of section 67-b of the state finance law. The\naggregate principal amount of bonds authorized to be issued pursuant to\nthis section shall not exceed one billion three hundred million dollars\n$1,300,000,000, 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 urban\ndevelopment corporation shall not be a debt of the state, and the state\nshall not be liable thereon, nor shall they be payable out of any funds\nother than those appropriated by the state to the dormitory authority\nand the urban development corporation for principal, interest, and\nrelated expenses pursuant to a service contract and such bonds and notes\nshall contain 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 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\nEmpire Station Complex project, the director of the budget is hereby\nauthorized to enter into one or more service contracts with the\ndormitory authority and the urban development corporation, none of which\nshall exceed thirty years in duration, upon such terms and conditions as\nthe director of the budget and the dormitory authority and the urban\ndevelopment corporation agree, so as to annually provide to the\ndormitory 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