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S07510 Summary:

S07510 Actions:

S07510 Committee Votes:

S07510 Floor Votes:

S07510 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7510
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                      June 2, 2023
                                       ___________
 
        Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        AN ACT to amend the   New York state  medical  care  facilities  finance
          agency  act,  in  relation  to  the ability to issue certain bonds and
          notes

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph (b) of subdivision 1 of section 7 of section 1 of
     2  chapter 392 of the laws of 1973, constituting the New York state medical
     3  care  facilities  finance  agency  act, as amended by chapter 166 of the
     4  laws of 2021, is amended to read as follows:
     5    (b) The agency shall not issue hospital and nursing home project bonds
     6  and hospital and nursing home project notes in  an  aggregate  principal
     7  amount exceeding [seventeen] eighteen billion [four] two hundred million
     8  dollars,  excluding hospital and nursing home project bonds and hospital
     9  and nursing home project notes issued to refund outstanding hospital and
    10  nursing home projects bonds and hospital and nursing home project notes;
    11  provided, however, that upon any such refunding or repayment  the  total
    12  aggregate  principal  amount  of outstanding bonds, notes or other obli-
    13  gations may be greater than  [seventeen]  eighteen  billion  [four]  two
    14  hundred  million dollars only if the present value of the aggregate debt
    15  service of the refunding or repayment bonds, notes or other  obligations
    16  to  be  issued  shall not exceed the present value of the aggregate debt
    17  service of the bonds, notes or other obligations so to  be  refunded  or
    18  repaid.  For  purposes  hereof, the present values of the aggregate debt
    19  service of the refunding or repayment bonds, notes or other  obligations
    20  and  of  the  aggregate  debt service of the bonds, notes or other obli-
    21  gations so refunded or repaid, shall  be  calculated  by  utilizing  the
    22  effective  interest  rate  of the refunding or repayment bonds, notes or
    23  other obligations, which shall be that rate arrived at by  doubling  the
    24  semi-annual   interest  rate  (compounded  semi-annually)  necessary  to
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11694-01-3
        S. 7510                             2
 
     1  discount the debt service payments on the refunding or repayment  bonds,
     2  notes or other obligations from the payment dates thereof to the date of
     3  issue  of  the  refunding or repayment bonds, notes or other obligations
     4  and  to  the  price bid including estimated accrued interest or proceeds
     5  received by the agency including estimated  accrued  interest  from  the
     6  sale  thereof.  The  agency  shall  not  issue hospital and nursing home
     7  project bonds at any time secured by the hospital and nursing home capi-
     8  tal reserve fund if upon issuance, the amount in the hospital and  nurs-
     9  ing home capital reserve fund will be less than the hospital and nursing
    10  home capital reserve fund requirement, unless the agency, at the time of
    11  issuance  of  such  bonds,  shall  deposit in such reserve fund from the
    12  proceeds of the bonds so to be issued, or  otherwise,  an  amount  which
    13  together  with  the  amount  then in such reserve fund, will be not less
    14  than the hospital and nursing home capital reserve fund requirement.
    15    § 2. This act shall take effect immediately.