Relates to rental payments from the NYC water board; requires the general fund of NYC to provide to the local water fund an amount equal to the amount requested by NYC pursuant to the base rental sum of money pursuant to the lease terms; requires fifty percent of these sums shall be used to provide rebates to residential water and sewer accounts and fifty percent to pay principal and interest on certain outstanding debt.
STATE OF NEW YORK
________________________________________________________________________
3540
2015-2016 Regular Sessions
IN ASSEMBLY
January 23, 2015
___________
Introduced by M. of A. SCARBOROUGH -- read once and referred to the
Committee on Cities
AN ACT to amend the administrative code of the city of New York, in
relation to rental payments from the New York city water board
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The administrative code of the city of New York is amended
2 by adding a new section 5-511 to read as follows:
3 § 5-511 Rental payments from the New York city water board. Notwith-
4 standing any request of the city of New York for a rental payment from
5 the New York city water board established pursuant to section one thou-
6 sand forty-six of the public authorities law, the general fund of the
7 city of New York shall provide to the local water fund, established
8 pursuant to subdivision two of section one thousand forty-five-j of the
9 public authorities law and the lease agreement between the city of New
10 York and the New York city water board, an amount equal to the amount
11 requested by the city of New York pursuant to the base rental sum of
12 money pursuant to the terms of such lease. Fifty percent of such sums of
13 monies shall be used to provide rebates across the board to residential
14 water and sewer accounts and fifty percent to pay principal and interest
15 on outstanding debt issued by the city of New York before nineteen
16 hundred eighty-five for capital projects in the water and sewer system,
17 until such debt is paid, whereupon such sum shall be used to provide
18 rebates across the board to residential water and sewer accounts.
19 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05909-01-5
