§ 41. International computer chip research and development center. 1.
Notwithstanding the provisions of any other law to the contrary, the
urban development corporation is hereby authorized to issue bonds or
notes in one or more series for the purpose of funding project costs at
the College of Nanoscale Science and Engineering of the University at
Albany - State University of New York for the development and/or
expansion of an international computer chip research and development
center, including but not limited to the construction and renovation,
purchase and installation of equipment or other state costs associated
with the project at the College of Nanoscale Science and Engineering of
the University at Albany - State University of New York. The aggregate
principal amount of bonds authorized to be issued pursuant to this
section shall not exceed three hundred million 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
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 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 corporation in undertaking the financing of the
development and/or expansion of an international computer chip research
and development center, including but not limited to the construction
and renovation, purchase and installation of equipment, or other state
costs associated with the project, the director of the budget is hereby
authorized to enter into one or more service contracts with the
corporation, none of which shall exceed thirty years in duration, upon
such terms and conditions as the director of the budget and the
corporation agree, so as to annually provide to 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 corporation as security
for its bonds and notes, as authorized by this act.

3. The corporation, in conjunction with the College of Nanoscale
Science and Engineering of the University at Albany-State University of
New York, shall develop a program and financing plan for the project.
Upon certification by the corporation, copies of such plan shall be
filed with the director of the budget, the chair of the senate finance
committee and the chair of the assembly ways and means committee.
Further, the corporation shall provide an annual report to the director
of the budget, chair of the senate finance committee and the chair of
the assembly ways and means committee detailing the use of state
assistance for the project and the progress of the project in meeting
the performance criteria set forth on the program and financing plan.
Such report shall be submitted by March thirty-first, two thousand eight
and March thirty-first thereafter for a period not to exceed seven
years.