New York State Assembly

 
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A07688 Summary:

A07688 Actions:

A07688 Committee Votes:

Committee:CORPORATIONS, AUTHORITIES AND COMMISSIONS   Chair:Paulin      
DATE:05/25/2021AYE/NAY:26/0  Action: Favorable refer to committee Ways and Means        
Paulin
Aye
Lemondes
Aye
Cook
Aye
Blankenbush
Aye
Galef
Aye
Friend
Aye
Rodriguez
Aye
Lalor
Aye
Quart
Aye
Palmesano
Aye
Otis
Aye
Angelino
Aye
Rozic
Aye
Jensen
Aye
Kim
Aye
Seawright
Aye
Dilan
Aye
Richardson
Aye
De La Rosa
Aye
Pheffer Amato
Aye
Vanel
Aye
Carroll
Aye
Niou
Aye
Fall
Aye
Jean-Pierre
Aye
Gonzalez-Rojas
Aye

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:05/26/2021AYE/NAY:34/0  Action: Favorable refer to committee Rules        
Weinstein
Aye
Ra
Aye
Glick
Aye
Fitzpatrick
Aye
Nolan
Excused
Hawley
Aye
Pretlow
Aye
Montesano
Aye
Perry
Aye
Blankenbush
Aye
Colton
Aye
Norris
Aye
Cook
Aye
Brabenec
Aye
Cahill
Aye
Palmesano
Aye
Aubry
Aye
Byrne
Aye
Cusick
Aye
Ashby
Aye
Benedetto
Aye
Weprin
Aye
Rodriguez
Aye
Ramos
Aye
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Dinowitz
Aye
Joyner
Aye
Magnarelli
Aye
Zebrowski
Aye
Bronson
Aye
Dilan
Aye
Seawright
Aye
Hyndman
Aye

Committee:RULES   Chair:Heastie      
DATE:06/02/2021AYE/NAY:30/0  Action: Favorable         
Heastie
Aye
Barclay
Aye
Gottfried
Aye
Hawley
Aye
Nolan
Excused
Giglio
Aye
Weinstein
Aye
Blankenbush
Aye
Pretlow
Aye
Norris
Aye
Cook
Aye
Montesano
Aye
Glick
Aye
Ra
Aye
Aubry
Aye
Brabenec
Aye
Englebright
Aye
Dinowitz
Aye
Colton
Aye
Magnarelli
Aye
Perry
Aye
Paulin
Aye
Peoples-Stokes
Aye
Benedetto
Aye
Lavine
Aye
Lupardo
Aye
Zebrowski
Aye
Thiele
Aye
Braunstein
Aye
Dickens
Aye
Davila
Aye

A07688 Floor Votes:

A07688 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7688
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 19, 2021
                                       ___________
 
        Introduced by M. of A. PAULIN -- 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  183  of  the
     4  laws of 2018, 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 [sixteen] seventeen billion [six] four 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  [sixteen]  seventeen  billion  [six]  four
    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
    25  discount the debt service payments on the refunding or repayment  bonds,
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10972-01-1
        A. 7688                             2
 
     1  notes or other obligations from the payment dates thereof to the date of
     2  issue  of  the  refunding or repayment bonds, notes or other obligations
     3  and to the price bid including estimated accrued  interest  or  proceeds
     4  received  by  the  agency  including estimated accrued interest from the
     5  sale thereof. The agency shall  not  issue  hospital  and  nursing  home
     6  project bonds at any time secured by the hospital and nursing home capi-
     7  tal  reserve fund if upon issuance, the amount in the hospital and nurs-
     8  ing home capital reserve fund will be less than the hospital and nursing
     9  home capital reserve fund requirement, unless the agency, at the time of
    10  issuance of such bonds, shall deposit in  such  reserve  fund  from  the
    11  proceeds  of  the  bonds  so to be issued, or otherwise, an amount which
    12  together with the amount then in such reserve fund,  will  be  not  less
    13  than the hospital and nursing home capital reserve fund requirement.
    14    § 2. This act shall take effect immediately.