S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    55
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by M. of A. SAYEGH, THIELE, SMULLEN, DeSTEFANO, BUTTENSCHON,
   TAGUE -- read once and referred to the Committee on Economic  Develop-
   ment
 
 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 43 of part FFF of chapter 56 of the laws of 2022, 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,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD01705-01-3
 A. 55                               2
 
 regional  infrastructure  projects,  high  tech  innovation and economic
 development  infrastructure  program,  high   technology   manufacturing
 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,
 Lake  Ontario  regional projects, Pennsylvania station and other transit
 projects, athletic facilities for professional football in Orchard Park,
 New York and other state costs associated with such projects. The aggre-
 gate principal amount of bonds authorized to be issued pursuant to  this
 section  shall  not  exceed  fourteen  billion  nine hundred sixty-eight
 million four hundred two  thousand  dollars  $14,968,402,000,  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 pursuant to a service contract and such bonds and
 notes shall contain on the face thereof  a  statement  to  such  effect.
 Except  for  purposes  of  complying 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
 A. 55                               3
 
 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
 infrastructure  projects, Roosevelt Island operating corporation capital
 projects, Lake Ontario regional projects, Pennsylvania station and other
 transit projects,  athletic  facilities  for  professional  football  in
 Orchard  Park,  New  York  and  other  state  costs associated with such
 projects the director 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 conditions as the director of the budget and the dormito-
 ry 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 principal, 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.