STATE OF NEW YORK
________________________________________________________________________
4092
2023-2024 Regular Sessions
IN ASSEMBLY
February 9, 2023
___________
Introduced by M. of A. BYRNES -- read once and referred to the Committee
on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law, in relation to the Living-
ston county water and sewer authority
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of section 1199-gggg of the public authori-
2 ties law, as amended by chapter 412 of the laws of 1995, is amended to
3 read as follows:
4 1. The authority shall have the power and is hereby authorized from
5 time to time to issue bonds, notes or other obligations to pay the cost
6 of any project or for any other corporate purpose, including the estab-
7 lishment of reserves to secure the bonds, the payment of principal of,
8 premium, if any, and interest on the bonds and the payment of incidental
9 expenses in connection therewith. The aggregate principal amount of
10 such bonds, notes or other obligations shall not exceed [forty-two]
11 seventy million dollars [($42,000,000)] ($70,000,000), excluding bonds,
12 notes or other obligations issued to refund or otherwise repay bonds,
13 notes or other obligations theretofore issued for such purposes
14 provided, however, that upon any such refunding or repayment the total
15 aggregate principal amount of outstanding bonds, notes or other obli-
16 gations may be greater than [forty-two] seventy million dollars
17 [($42,000,000)] ($70,000,000) only if the present value of the aggregate
18 debt service of the refunding or repayment bonds, notes or other obli-
19 gations to be issued shall not exceed the present value of the aggregate
20 debt service of the bonds, notes or other obligations so to be refunded
21 or repaid. For purposes hereof, the present values of the aggregate debt
22 service of the refunding or repayment bonds, notes or other obligations
23 and of the aggregate debt service of the bonds, notes or other obli-
24 gations and of the aggregate debt service of the bonds, notes or other
25 obligations so refunded or repaid, shall be calculated by utilizing the
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08690-01-3
A. 4092 2
1 effective interest rate of the refunding or repayment bonds, notes or
2 other obligations, which shall be that rate arrived at by doubling the
3 semi-annual interest rate (compounded semi-annually) necessary to
4 discount the debt service payments on the refunding or repayment bonds,
5 notes or other obligations from the payment dates thereof to the date of
6 issue of the refunding or repayment bonds, notes or other obligations
7 and to the price bid including estimated accrued interest or proceeds
8 received by the authority including estimated accrued interest from the
9 sale thereof. The authority shall have the power and is hereby author-
10 ized to enter into such agreements and perform such acts as may be
11 required under any applicable federal legislation to secure a federal
12 guarantee of any bonds.
13 § 2. This act shall take effect immediately.
