Prohibits public authorities and public benefit corporations from issuing bonds and notes for a work or purpose which extends beyond the probable life of the work project.
STATE OF NEW YORK
________________________________________________________________________
2319
2011-2012 Regular Sessions
IN SENATE
January 18, 2011
___________
Introduced by Sen. KRUGER -- read twice and ordered printed, and when
printed to be committed to the Committee on Corporations, Authorities
and Commissions
AN ACT to amend the public authorities law, in relation to bonds and
notes of public authorities and public benefit corporations
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The public authorities law is amended by adding a new
2 section 2881 to read as follows:
3 § 2881. Bonds and notes of public authorities and public benefit
4 corporations. Notwithstanding any other provision of law, on and after
5 the effective date of this section, no debt secured by a bond or note
6 for a work or purpose issued by a public authority or public benefit
7 corporation created by or pursuant to New York state law, whether such
8 authority or corporation is otherwise governed by this chapter, shall be
9 contracted for a period longer than the probable life of the work or
10 purpose for which the debt is to be contracted.
11 § 2. This act shall take effect on the ninetieth day after it shall
12 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07455-01-1
