Prohibits provision in bonds or notes issued by the Metropolitan Transportation Authority or Triborough Bridge and Tunnel Authority limiting discounts or requiring a minimum toll on the Cross Bay Veterans Memorial Bridge; applies only prospectively to resolutions passed or bonds or notes issued on or after the effective date.
STATE OF NEW YORK
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6422--A
IN SENATE(Prefiled)
January 6, 2010
___________
Introduced by Sen. ADDABBO -- read twice and ordered printed, and when
printed to be committed to the Committee on Transportation -- commit-
tee discharged, bill amended, ordered reprinted as amended and recom-
mitted to said committee
AN ACT to amend the public authorities law, in relation to prohibiting
limitations on discounts from the Cross Bay Veterans Memorial Bridge
as security for bonds and notes
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 561 of the public authorities law is amended by
2 adding a new subdivision 4-d to read as follows:
3 4-d. No resolution authorizing any bonds or notes, or the issue of any
4 bonds or notes or other instrument, including bond covenants or series,
5 by which a pledge of the authority to any bondholder or noteholder is
6 created shall contain a provision limiting the discounts or requiring a
7 minimum toll on the Cross Bay Veterans Memorial Bridge.
8 § 2. Section 1269 of the public authorities law is amended by adding a
9 new subdivision 3-a to read as follows:
10 3-a. No resolution authorizing any bonds or notes, or the issue of any
11 bonds or notes or other instrument, including bond covenants or series,
12 by which a pledge of the authority to any bondholder or noteholder is
13 created shall contain a provision limiting the discounts or requiring a
14 minimum toll on the Cross Bay Veterans Memorial Bridge.
15 § 3. This act shall take effect immediately and shall apply to any
16 resolution authorizing bonds or notes which is passed and any bonds or
17 notes which are issued on and after such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01869-03-0
