STATE OF NEW YORK
________________________________________________________________________
10514
IN ASSEMBLY
May 31, 2016
___________
Introduced by M. of A. MORELLE, BRONSON -- read once and referred to the
Committee on Local Governments
AN ACT authorizing the financing of and providing for a period of proba-
ble usefulness to the pre-payment of certain service contract obli-
gations
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The county of Monroe is hereby authorized to finance by the
2 issuance of bonds of the county, the pre-payment of the following
3 service contract obligations in amounts sufficient to redeem bonds
4 issued by the following local development corporations, including inci-
5 dental expenses in connection therewith:
6 (a) Energy Supply Agreement between the county and Monroe Newpower
7 Corporation dated December 31, 2012, as amended.
8 (b) Security and Safety Systems Services Agreement between the county
9 and Monroe Security & Safety Systems Local Development Corporation dated
10 January 10, 2010, as amended.
11 (c) Master Systems and Service Agreement between the county and
12 Upstate Telecommunications Corporation dated February 7, 2005, as
13 amended (collectively, the "Service Contract Obligations"; each a
14 "Service Contract Obligation").
15 § 2. The financing of any one Service Contract Obligation shall be a
16 specific object or purpose of the county. The financing of two or more
17 Service Contract Obligations shall be a class of objects or purposes of
18 the county.
19 § 3. The period of probable usefulness for the financing of a Service
20 Contract Obligation shall be twenty years.
21 § 4. Such bonds of the county may be sold at public sale in accordance
22 with the provisions of Title 4 of the local finance law. The cost of
23 underwriting shall be deemed an incidental expense for purposes of this
24 act. In anticipation of the sale and issuance of such bonds, bond antic-
25 ipation notes are hereby authorized to be issued at public or private
26 sale.
27 § 5. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15631-01-6
