S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8079
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 31, 2019
                                ___________
 
 Introduced  by  M.  of A. SAYEGH, BYRNE -- read once and referred to the
   Committee on Economic Development
 
 AN ACT to amend the New York state urban development corporation act, in
   relation to renaming the  empire  state  trail  the  Governor  Malcolm
   Wilson empire state trail

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The trail currently known as the empire state  trail  shall
 be  designated  and  known  as  the Governor Malcolm Wilson empire state
 trail and shall be referred to as such in all state publications, promo-
 tional materials, and websites.
   § 2. Section 44 of section 1 of chapter  174  of  the  laws  of  1968,
 constituting  the  New  York state urban development corporation act, as
 amended by section 37 of part BBB of chapter 59 of the laws of 2018,  is
 amended to read as follows:
   §  44.  Issuance  of  certain  bonds  or notes. 1. Notwithstanding the
 provisions of any other law to the contrary, the dormitory authority and
 the corporation are hereby authorized to issue bonds or notes in one  or
 more  series  for  the purpose of funding project costs for the regional
 economic development council  initiative,  the  economic  transformation
 program,  state university of New York college for nanoscale and science
 engineering, projects within the city of Buffalo  or  surrounding  envi-
 rons,  the  New  York  works economic development fund, projects for the
 retention of professional football in western New York, the empire state
 economic development fund, the  clarkson-trudeau  partnership,  the  New
 York  genome  center, the cornell university college of veterinary medi-
 cine, the olympic  regional  development  authority,  projects  at  nano
 Utica,  onondaga  county  revitalization projects, Binghamton university
 school of pharmacy, New York power electronics manufacturing consortium,
 regional infrastructure projects,  high  tech  innovation  and  economic
 development   infrastructure   program,  high  technology  manufacturing
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD10579-01-9

 A. 8079                             2
 
 projects in Chautauqua and Erie county, an industrial scale research and
 development facility in Clinton county,  upstate  revitalization  initi-
 ative  projects,  downstate  revitalization  initiative, market New York
 projects,  fairground  buildings,  equipment or facilities used to house
 and promote agriculture, the state fair,  the  GOVERNOR  MALCOLM  WILSON
 empire state trail, the moynihan station development project, the Kings-
 bridge  armory  project,  strategic  economic  development projects, the
 cultural, arts and public spaces fund, water infrastructure in the  city
 of  Auburn  and town of Owasco, a life sciences laboratory public health
 initiative, not-for-profit pounds, shelters and humane  societies,  arts
 and cultural facilities improvement program, restore New York's communi-
 ties  initiative,  heavy equipment, economic development and infrastruc-
 ture projects, Roosevelt Island operating corporation capital  projects,
 and  other  state  costs  associated with such projects.   The aggregate
 principal amount of bonds authorized  to  be  issued  pursuant  to  this
 section  shall  not  exceed  eight  billion  three  hundred million five
 hundred ninety thousand dollars, excluding bonds issued to fund  one  or
 more debt service reserve funds, to pay costs of issuance of such bonds,
 and  bonds  or  notes  issued to refund or otherwise repay such bonds or
 notes previously issued. Such bonds and notes of the dormitory authority
 and the corporation shall not be a debt of  the  state,  and  the  state
 shall  not be liable thereon, nor shall they be payable out of any funds
 other than those appropriated by the state to  the  dormitory  authority
 and the corporation for principal, interest, and related expenses pursu-
 ant  to a service contract and such bonds and notes shall contain on the
 face thereof a statement to such effect. Except for purposes of  comply-
 ing  with  the internal revenue code, any interest income earned on bond
 proceeds shall only be used to pay debt service on such bonds.
   2. Notwithstanding any other provision of  law  to  the  contrary,  in
 order to assist the dormitory authority and the corporation in undertak-
 ing  the  financing for project costs for the regional economic develop-
 ment council initiative,  the  economic  transformation  program,  state
 university  of  New  York college for nanoscale and science engineering,
 projects within the city of Buffalo or  surrounding  environs,  the  New
 York  works  economic  development  fund,  projects for the retention of
 professional football in western New York,  the  empire  state  economic
 development  fund, the clarkson-trudeau partnership, the New York genome
 center, the cornell university college of veterinary medicine, the olym-
 pic regional development authority, projects  at  nano  Utica,  onondaga
 county  revitalization projects, Binghamton university school of pharma-
 cy,  New  York  power  electronics  manufacturing  consortium,  regional
 infrastructure  projects,  New York State Capital Assistance Program for
 Transportation, infrastructure,  and  economic  development,  high  tech
 innovation  and  economic development infrastructure program, high tech-
 nology manufacturing projects in Chautauqua and Erie county,  an  indus-
 trial scale research and development facility in Clinton county, upstate
 revitalization initiative projects, downstate revitalization initiative,
 market  New York projects, fairground buildings, equipment or facilities
 used to house and promote agriculture,  the  state  fair,  the  GOVERNOR
 MALCOLM  WILSON  empire  state  trail,  the moynihan station development
 project, the Kingsbridge armory project, strategic economic  development
 projects,  the  cultural, arts and public spaces fund, water infrastruc-
 ture in the city of Auburn and town of Owasco, a life sciences laborato-
 ry public health initiative, not-for-profit pounds, shelters and  humane
 societies, arts and cultural facilities improvement program, restore New
 York's communities initiative, heavy equipment, economic development and

 A. 8079                             3
 
 infrastructure  projects, Roosevelt Island operating corporation capital
 projects, and other state costs associated with such projects the direc-
 tor of the budget is hereby authorized to enter into one or more service
 contracts  with  the  dormitory  authority  and the corporation, none of
 which shall exceed thirty years in duration, upon such terms and  condi-
 tions  as the director of the budget and the dormitory authority and the
 corporation agree, so as to annually provide to the dormitory  authority
 and  the  corporation, in the aggregate, a sum not to exceed the princi-
 pal, interest, and related expenses required for such bonds  and  notes.
 Any service contract entered into pursuant to this section shall provide
 that  the  obligation  of  the  state to pay the amount therein provided
 shall not constitute a debt of the  state  within  the  meaning  of  any
 constitutional or statutory provision and shall be deemed executory only
 to  the  extent  of  monies  available  and  that  no liability shall be
 incurred by the state beyond the  monies  available  for  such  purpose,
 subject to annual appropriation by the legislature. Any such contract or
 any  payments  made or to be made thereunder may be assigned and pledged
 by the dormitory authority and the corporation as security for its bonds
 and notes, as authorized by this section.
   § 3. This act shall take effect immediately.