The County Legislature authorizes the Agency to form a capital
resource corporation in accordance with NFPCL § 1411; provided,
however, that any obligations issued by the local development corporation,
and the premium (if any) and interest thereon, shall be special obligations
of the capital resource corporation and shall never be a debt of the
State of New York, Albany County, New York or any political subdivision
thereof (other than the capital resource corporation), and neither
the State of New York, Albany County, New York nor any political subdivision
thereof (other than the capital resource corporation) shall be liable
thereon.
The County Legislature approves the form and substance of the
certificate of incorporation presented and attached hereto as Schedule
A, all in substantially the form thereof presented, with
such ministerial changes, variations, omissions and insertions as
the Chair of the County Legislature shall approve.