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A06446 Summary:

A06446 Actions:

A06446 Floor Votes:

A06446 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6446
 
                               2011-2012 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 16, 2011
                                       ___________
 
        Introduced  by M. of A. BRENNAN -- (at request of the Dormitory Authori-
          ty) -- read once  and  referred  to  the  Committee  on  Corporations,
          Authorities and Commissions
 
        AN ACT to amend the New York state medical care facilities finance agen-
          cy 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  238  of  the
     4  laws of 2009, 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 fifteen billion eight hundred million dollars,  exclud-
     8  ing  hospital  and  nursing  home project bonds and hospital and nursing
     9  home project notes issued to refund  outstanding  hospital  and  nursing
    10  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  fifteen  billion  eight  hundred  million
    14  dollars  only  if the present value of the aggregate debt service of the
    15  refunding or repayment bonds, notes or other obligations  to  be  issued
    16  shall  not exceed the present value of the aggregate debt service of the
    17  bonds, notes or other obligations so  to  be  refunded  or  repaid.  For
    18  purposes hereof, the present values of the aggregate debt service of the
    19  refunding  or  repayment  bonds,  notes  or other obligations and of the
    20  aggregate debt service of the  bonds,  notes  or  other  obligations  so
    21  refunded  or  repaid,  shall  be  calculated  by utilizing the effective
    22  interest rate of the refunding or repayment bonds, notes or other  obli-

    23  gations, which shall be that rate arrived at by doubling the semi-annual
    24  interest  rate (compounded semi-annually) necessary to discount the debt
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09163-01-1
        A. 6446                             2
 
     1  service payments on the refunding or repayment  bonds,  notes  or  other
     2  obligations  from  the payment dates thereof to the date of issue of the
     3  refunding or repayment bonds, notes or  other  obligations  and  to  the
     4  price  bid  including estimated accrued interest or proceeds received by
     5  the agency including estimated accrued interest from the  sale  thereof.
     6  The  agency  shall  not issue hospital and nursing home project bonds at

     7  any time secured by the hospital and nursing home capital  reserve  fund
     8  if  upon  issuance,  the amount in the hospital and nursing home capital
     9  reserve fund will be less than the hospital  and  nursing  home  capital
    10  reserve  fund requirement, unless the agency, at the time of issuance of
    11  such bonds, shall deposit in such reserve fund from the proceeds of  the
    12  bonds  so  to be issued, or otherwise, an amount which together with the
    13  amount then in such reserve fund, will be not less than the hospital and
    14  nursing home capital reserve fund requirement.
    15    § 2. This act shall take effect immediately.