STATE OF NEW YORK
________________________________________________________________________
5326
2019-2020 Regular Sessions
IN ASSEMBLY
February 8, 2019
___________
Introduced by M. of A. STEC -- read once and referred to the Committee
on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law, in relation to providing for
the financing and construction of facilities for Village of Lake Plac-
id, Inc.
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 2 of section 1676 of the
2 public authorities law is amended by adding a new undesignated paragraph
3 to read as follows:
4 Village of Lake Placid, Inc.
5 § 2. Subdivision 1 of section 1680 of the public authorities law is
6 amended by adding a new undesignated paragraph to read as follows:
7 Village of Lake Placid, Inc.
8 § 3. Subdivision 2 of section 1680 of the public authorities law is
9 amended by adding a new paragraph m to read as follows:
10 m. (1) For purposes of this section, the following provisions shall
11 apply to the acquisition, construction, reconstruction, development,
12 improvement, expansion and/or equipping of a facility or facilities,
13 including necessary ancillary and related facilities, and the financing
14 and/or refinancing thereof for the Village of Lake Placid, Inc.
15 (2) Notwithstanding any other provision of law, the Village of Lake
16 Placid, Inc. shall have full power and authority to enter into a lease,
17 sublease or other agreement with the dormitory authority as is necessary
18 or useful in connection with the construction and/or financing and/or
19 refinancing of a facility described in subparagraph one of this para-
20 graph or a municipal facility and any ancillary or related facilities.
21 Such lease, sublease or other agreement may provide for, including with-
22 out limitation, the payment by the village of fees and amounts necessary
23 to pay debt service on any obligations issued by the dormitory authority
24 for the same, and the pledge and assignment by the village to the dormi-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08648-01-9
A. 5326 2
1 tory authority of all or a portion of the revenues derived from such
2 facility or facilities in an amount not less than the amount sufficient
3 to make all payments required to be made by any such village pursuant to
4 any such lease, sublease or other agreement entered into between the
5 village and the dormitory authority. Any such lease, sublease or other
6 agreement entered into pursuant to this paragraph may provide that the
7 provisions thereof shall remain in force and effect until the bonds,
8 notes or other obligations of the dormitory authority are no longer
9 outstanding, together with any unpaid installments of interest and the
10 fees and expenses of the dormitory authority, are fully met and
11 discharged.
12 (3) Any such lease, sublease or other agreement shall not constitute
13 or create indebtedness of the village for purposes of article seven or
14 eight of the state constitution or section 20.00 of the local finance
15 law, shall be deemed executory only to the extent of money appropriated
16 annually therefor by the village and shall not constitute a contractual
17 obligation in excess of the amounts so appropriated.
18 (4) Any such lease, sublease or other agreement entered pursuant to
19 the provisions of this paragraph shall not be deemed to be an install-
20 ment purchase contract, contract for public work or purchase contract
21 within the meaning of article five-A of the general municipal law or any
22 other law.
23 § 4. This act shall take effect immediately.
