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A09579 Summary:

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A09579 Floor Votes:

A09579 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         9579--A
 
                   IN ASSEMBLY
 
                                       May 9, 2014
                                       ___________
 
        Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
          tee  on  Corporations,  Authorities  and  Commissions  -- reported and
          referred to the Committee on Ways and Means --  committee  discharged,
          bill  amended,  ordered  reprinted  as amended and recommitted to said
          committee
 
        AN ACT to amend the public authorities law, in relation to the  issuance

          of  bonds  and notes of the upper Mohawk valley regional water finance
          authority and to amend the maximum aggregate principal amount  limita-
          tion
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision 1 of section 1226-l of the  public  authorities
     2  law,  as added by chapter 647 of the laws of 1994, is amended to read as
     3  follows:
     4    1. The authority shall have the power and is  hereby  authorized  from
     5  time  to time to issue bonds, notes or other obligations to pay the cost
     6  of any project or for any other corporate purpose, including the  estab-
     7  lishment  of  reserves to secure the bonds, the payment of principal of,
     8  premium, if any, and interest on the bonds and the payment of incidental
     9  expenses in connection therewith.

    10    (a) The aggregate principal amount of such bonds, notes or other obli-
    11  gations  shall  not   exceed   one   hundred   fifty   million   dollars
    12  [($100,000,000)]  ($150,000,000),  excluding bonds, notes or other obli-
    13  gations issued to refund or otherwise repay bonds, notes or other  obli-
    14  gations  theretofore  issued  for such purposes; provided, however, that
    15  upon any such refunding  or  repayment  the  total  aggregate  principal
    16  amount  of  outstanding bonds, notes or other obligations may be greater
    17  than one hundred fifty million dollars  [($100,000,000)]  ($150,000,000)
    18  only if the present value of the aggregate debt service of the refunding
    19  or  repayment  bonds,  notes or other obligations to be issued shall not
    20  exceed the present value of the aggregate debt  service  of  the  bonds,

    21  notes or other obligations so to be refunded or repaid.
    22    (b)  Provided  further  that no such bonds, notes or other obligations
    23  that such board has determined to be  reasonably  necessary  to  service
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15009-02-4
        A. 9579--A                          2
 
     1  manufacturing facilities constructed or to be constructed in the service
     2  area  after January first, two thousand fourteen shall be issued if such
     3  issuance would cause the aggregate principal amount of such bonds, notes
     4  or  other  obligations  outstanding  to exceed one hundred fifty million

     5  dollars. Provided, however, that upon any such  refunding  or  repayment
     6  the  total  aggregate  principal  amount  of outstanding bonds, notes or
     7  other obligations may be greater than one hundred million fifty  dollars
     8  ($150,000,000)  only  if the present value of the aggregate debt service
     9  of the refunding or repayment bonds, notes or other  obligations  to  be
    10  issued  shall not exceed the present value of the aggregate debt service
    11  of the bonds, notes or other obligations so to be refunded or repaid.
    12    For purposes hereof, the present values of the aggregate debt  service
    13  of  the  refunding or repayment bonds, notes or other obligations and of
    14  the aggregate debt service of the bonds, notes or other  obligations  so
    15  refunded  or  repaid,  shall  be  calculated  by utilizing the effective

    16  interest rate of the refunding or repayment bonds, notes or other  obli-
    17  gations, which shall be that rate arrived at by doubling the semi-annual
    18  interest  rate (compounded semi-annually) necessary to discount the debt
    19  service payments on the refunding or repayment  bonds,  notes  or  other
    20  obligations  from  the payment dates thereof to the date of issue of the
    21  refunding or repayment bonds, notes or  other  obligations  and  to  the
    22  price  bid  including estimated accrued interest or proceeds received by
    23  the authority including estimated accrued interest from the sale  there-
    24  of.  The  authority  shall  have power and is hereby authorized to enter
    25  into such agreements and perform such acts as may be required under  any
    26  applicable  federal  legislation  to  secure  a federal guarantee of any
    27  bonds.
    28    § 2. This act shall take effect immediately.