Rpld & add Art 5-B SS67-a - 67-f, amd SS68-a, 68-c, 97-rrr & 24, St Fin L; amd SS51 & 365, Pub Auth L
Creates a debt management board with authority to set a limit on state debt; authorizes the use of surplus moneys to reduce outstanding state debt; limits the amount of state debt that may be incurred; limits the debt of public authorities.
STATE OF NEW YORK
________________________________________________________________________
2392--A
2011-2012 Regular Sessions
IN SENATE
January 19, 2011
___________
Introduced by Sen. LIBOUS -- read twice and ordered printed, and when
printed to be committed to the Committee on Finance -- recommitted to
the Committee on Finance in accordance with Senate Rule 6, sec. 8 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to amend the state finance law, in relation to the creation of a
debt management board, using surplus moneys to reduce outstanding
state funded debt and limiting the amount of state funded debt that
may be incurred; to amend the public authorities law, in relation to
defining and listing public authorities, limiting the debt of public
authorities, the approval by the comptroller of the terms and condi-
tions of bonds or notes issued by public authorities, the powers and
duties of the public authorities control board, and the issuance of
bonds and notes of the New York state thruway authority; and to repeal
article 5-B of the state finance law relating to limitations on state-
supported debt
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Article 5-B of the state finance law is REPEALED and a new
2 article 5-B is added to read as follows:
3 ARTICLE 5-B
4 DEBT MANAGEMENT BOARD
5 AND
6 LIMITATIONS ON STATE FUNDED DEBT
7 Section 67-a. Definitions.
8 67-b. Use of surplus moneys to reduce outstanding state funded
9 debt.
10 67-c. New York state debt management board; creation; procedure.
11 67-d. Powers and duties of the board.
12 67-e. Comptroller's duties with respect to board.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07311-02-2
S. 2392--A 2
1 67-f. Limitations on state funded debt and state debt service
2 payments.
3 § 67-a. Definitions. As used in this article and article five-C of
4 this chapter the following terms shall have the meanings set forth
5 below:
6 1. "Board" shall mean the New York state debt management board estab-
7 lished by section sixty-seven-c of this article.
8 2. "Capital purpose" shall mean any project involving:
9 (a) the acquisition, construction, demolition or replacement of a
10 fixed asset;
11 (b) the major repair or renovation of a fixed asset, which materially
12 extends its useful life or materially improves or increases its capaci-
13 ty;
14 (c) the planning or design of the acquisition, construction, demoli-
15 tion, replacement, major repair or renovation of a fixed asset, includ-
16 ing the preparation and review of plans and specifications including
17 engineering and other services, field surveys and sub-surface investi-
18 gations incidental thereto; or
19 (d) the costs of issuing debt obligations to finance a capital
20 purpose.
21 3. "Cash surplus" shall mean the amount by which general fund receipts
22 in a fiscal year exceed general fund expenditures in such fiscal year.
23 4. "Conduit debt obligations" shall mean a debt obligation issued by a
24 public authority (hereinafter referred to in this subdivision as the
25 "conduit issuer") on behalf of a third party (hereinafter referred to in
26 this subdivision as the "conduit borrower") other than the state or a
27 political subdivision of the state, where payment of the obligation is
28 to be made from funds of the conduit borrower, the security for the
29 obligation is the credit of the conduit borrower and no funds of the
30 conduit issuer, the state or a political subdivision of the state are
31 pledged to secure the obligation, whether or not the obligation of the
32 conduit issuer, the state or political subdivision of the state is
33 subject to appropriation or is otherwise contingent.
34 5. "State backed debt" shall mean any debt or obligation, other than
35 state debt, that is supported in whole or in part by any financing
36 arrangement whereby the state agrees or has in the past agreed, whether
37 by law, contract or otherwise, to make payments which will be used,
38 directly or indirectly, for the payment of principal, interest or
39 related payments on indebtedness incurred or contracted by the state
40 itself for any purpose, or by any state agency, municipality, individ-
41 ual, public authority or other public or private corporation or any
42 other entity for state capital or operating purposes or to finance
43 grants, loans or other assistance payments made or to be made by or on
44 behalf of the state for any purpose. If the state agrees to make future
45 revenues from a specific state source available for the purpose of
46 supporting debt of any municipality, individual, public authority or
47 other public or private corporation or any other entity, such debt shall
48 be considered to be a debt for the purpose of financing a state grant,
49 loan or other assistance payment and shall be a "state backed debt" for
50 the purposes of this article. The term "state backed debt" applies to
51 all debt or obligations described in this subdivision for which the
52 state agrees, or has in the past agreed, to make payments (a) whether or
53 not the obligation of the state to make payments is subject to appropri-
54 ation or is otherwise contingent, or (b) whether or not debt service is
55 to be paid from a revenue stream transferred by the state to another
56 party that is responsible for making such payments.
S. 2392--A 3
1 6. "State funded debt" shall mean the combined total of all state debt
2 and all state backed debt, except short term debt incurred in accordance
3 with section nine of article seven of the constitution, emergency debt
4 incurred in accordance with section ten of article seven of the consti-
5 tution, and refunding debt incurred in accordance with section thirteen
6 of article seven of the constitution.
7 7. "State debt" shall mean all bonds and bond anticipation notes
8 issued by the state comptroller pursuant to article five of this chap-
9 ter.
10 8. "Total personal income of the state" shall mean the most recently
11 published estimated dollar amount determined as total personal income of
12 the state by the United States department of commerce or any successor
13 agency for the four most recent successive calendar quarters for which
14 information is available prior to October thirty-first of each year.
15 Subsequent revisions of the published estimated dollar amount for such
16 calendar quarters shall not affect the validity of the determination
17 made by the board for any fiscal year.
18 § 67-b. Use of surplus moneys to reduce outstanding state funded debt.
19 At the close of each fiscal year, a portion of any cash surplus remain-
20 ing in the general fund after the transfer pursuant to section ninety-
21 two of this chapter shall be transferred to the debt reduction reserve
22 fund established by section ninety-seven-rrr of this chapter, as added
23 by section thirty-six of part B of chapter fifty-seven of the laws of
24 nineteen hundred ninety-eight. The portion to be transferred shall be
25 equal to the projected ratio of total debt service disbursements for the
26 fiscal year to total governmental funds disbursements for state agency
27 operations for the fiscal year.
28 § 67-c. New York state debt management board; creation; procedure. 1.
29 The New York state debt management board is hereby established to have
30 and exercise the powers, duties and prerogatives provided by the
31 provisions of this article and any other provision of law.
32 2. The membership of the board shall consist of three persons, includ-
33 ing the governor, the comptroller and a third person who shall be joint-
34 ly appointed by the governor and the comptroller. The term of office of
35 the members of the board shall be the same as the terms of office of the
36 governor and the comptroller. If the third member of the board resigns,
37 becomes incapacitated, is jointly removed by the governor and the comp-
38 troller or is otherwise unable to serve, the governor and the comp-
39 troller shall jointly appoint a successor to serve the remainder of the
40 unexpired term. The governor shall be the chairperson of the board.
41 The board shall act by majority of all of the members of the board,
42 except that changing the debt affordability level previously established
43 by the board shall require unanimous approval by all the members of the
44 board. Any action by the board shall be evidenced by a certification
45 thereof signed by a majority of all the members, except that all members
46 shall sign a certification of any action requiring unanimous approval.
47 Each member of the board shall be entitled to designate a representative
48 to attend meetings of the board in his or her place and to vote or
49 otherwise act on his or her behalf in his or her absence. Notice of such
50 designation shall be furnished in writing to the board by the designat-
51 ing member. A representative shall serve at the pleasure of the desig-
52 nating member during the member's term of office. A representative shall
53 not be authorized to delegate any of his or her duties or powers to any
54 other person.
S. 2392--A 4
1 3. The third member jointly appointed by the governor and the comp-
2 troller shall be a financial expert with experience in public finance,
3 economics, academics or government.
4 4. All the members of the board and their representatives shall be
5 entitled to reimbursement for their actual and necessary expenses
6 incurred in the performance of their official duties pursuant to this
7 section or any other provision of law.
8 5. The board shall meet semi-annually or more frequently at the call
9 of the chairperson. Meetings of the board shall be subject to the open
10 meetings law established by article seven of the public officers law.
11 § 67-d. Powers and duties of the board. 1. The board shall have the
12 power and the duty to (a) annually determine the total debt limit of the
13 state by calculating the dollar amount equivalent to five percent of the
14 total personal income of the state, as defined in section sixty-seven-a
15 of this article, and (b) annually prescribe a debt affordability level,
16 which on and after April first, two thousand twenty-one shall be no
17 higher than the total debt limit of the state.
18 2. On or before October thirty-first of each year, the board shall
19 determine the total debt limit of the state for the next fiscal year,
20 and report the limit to the temporary president of the senate, the
21 speaker of the assembly, the chairperson and ranking minority member of
22 the senate finance committee, and the chairperson and ranking minority
23 member of the assembly ways and means committee. On or before the same
24 date, the board shall issue a public announcement of such limit.
25 3. On or before October thirty-first of each year, the board shall
26 prescribe the debt affordability level of the state for the next fiscal
27 year, and report the level to the temporary president of the senate, the
28 speaker of the assembly, the chairperson and ranking minority member of
29 the senate finance committee, and the chairperson and ranking minority
30 member of the assembly ways and means committee. On or before the same
31 date, the board shall issue a public announcement of such level. Within
32 the limitation established by the total debt limit of the state, the
33 debt affordability level of the state shall be based upon the board's
34 evaluation of the total amount of additional debt that may be incurred
35 and the total debt service obligations and related payments that may be
36 undertaken by the state without overburdening present or future gener-
37 ations, taking into account the current and expected revenues and
38 expenses of the state, the current and expected trends affecting the
39 economy of the state, and such other factors as the board deems rele-
40 vant. In addition to the debt affordability level of the state for the
41 next fiscal year, the board's report to the legislature and announcement
42 to the public shall include the board's forecast of the debt affordabil-
43 ity levels expected for the two succeeding fiscal years. Following the
44 board's establishment of a debt affordability level of the state for a
45 fiscal year, there shall be no change in such level (other than a debt
46 affordability level forecast for a fiscal year after the next fiscal
47 year) except with the unanimous approval of the members of the board.
48 4. The board shall have the power and it shall be its duty to make
49 recommendations to the governor and the legislature of policies to
50 govern the issuance of all state funded debt and other capital financing
51 matters.
52 5. The board shall adopt policy standards relating to the issuance of
53 all state funded debt and for capital financing. Such standards shall
54 require the unanimous approval of all three members of the board, and
55 shall cover, among other items, the following:
S. 2392--A 5
1 (a) structures for state funded debt, such as rate of amortization of
2 principal, the use of premiums and capitalization of interest on state
3 funded debt;
4 (b) criteria for refunding outstanding state funded debt including,
5 but not limited to, such matters as extension of the term of outstanding
6 debt, present value savings and distribution of actual savings;
7 (c) the use of credit enhancements, derivative instruments and vari-
8 able or fixed rate debt obligations with respect to state funded debt;
9 (d) goals for the proportion of state capital spending to be financed
10 with debt and the proportion to be financed with current appropriations;
11 (e) the method of sale, such as competitive or negotiated, of state
12 funded debt obligations;
13 (f) criteria to be used in selecting state funded debt obligations to
14 be retired or defeased by the use of the portion of any cash surplus,
15 determined pursuant to section sixty-seven-b of this article, that shall
16 be dedicated to the exclusive purpose of reducing the aggregate amount
17 of outstanding state funded debt obligations;
18 (g) the definition of non-recurring revenues which shall be used for
19 the funding of capital projects which have been authorized by law to be
20 financed through the issuance of state funded debt or for the purpose of
21 retiring or defeasing bonds or notes previously issued;
22 (h) such other policy matters relating to the issuance of state funded
23 debt as the board may determine to be appropriate; and
24 (i) policy standards to be followed by state authorities, as defined
25 in section two of the public authorities law, in relation to the issu-
26 ance by such public authorities of debt obligations other than conduit
27 debt obligations. In the discretion of the comptroller, such policy
28 standards may be applied by the comptroller in the exercise of his or
29 her constitutional authority to supervise the accounts of public author-
30 ities, as defined in section two of the public authorities law, and
31 political subdivisions.
32 The board shall annually review the policy standards and adopt such
33 changes or additions as it deems advisable on or before the anniversary
34 date of its original standards.
35 § 67-e. Comptroller's duties with respect to board. The comptroller
36 shall collect and analyze data with respect to outstanding state funded
37 debt and, at least annually, on or before the one hundred fiftieth day
38 following the end of the state fiscal year, report to the board, the
39 governor, the temporary president and the minority leader of the senate,
40 and the speaker and minority leader of the assembly on the condition of
41 state funded debt. Such report shall include, but not be limited to,
42 the amount of state funded debt outstanding, the different issuers and
43 categories of such debt, and any differences in credit ratings among
44 categories and issues.
45 § 67-f. Limitations on state funded debt and state debt service
46 payments. 1. No additional state funded debt shall be incurred after
47 April first, two thousand twenty-one if the total principal amount of
48 such additional debt, together with the total principal amount of state
49 funded debt already outstanding and the total principal amount of state
50 funded debt already authorized but not yet incurred, is equal to or
51 greater than the total debt limit of the state as determined by the
52 board pursuant to section sixty-seven-d of this article.
53 2. With the exception of short term debt incurred in accordance with
54 section nine of article seven of the constitution, emergency debt
55 incurred in accordance with section ten of article seven of the consti-
S. 2392--A 6
1 tution, and refunding debt, no state funded debt shall be incurred
2 except to finance a capital purpose.
3 3.(a) All debt subject to the provisions of this section (i) shall,
4 except for refunding debt, be incurred only for a capital purpose
5 authorized by law, and (ii) shall, if incurred on or after the first day
6 of the first fiscal year beginning at least one year after the effective
7 date of an amendment to section eleven of article seven of the constitu-
8 tion, be in the form of obligations issued by the comptroller.
9 (b) On and after April first, two thousand sixteen, no debt obligation
10 subject to the provisions of this section shall be issued unless the
11 comptroller determines that such issuance is within the debt affordabil-
12 ity level for that fiscal year established by the debt management board
13 pursuant to section sixty-seven-d of this article. On or after April
14 first, two thousand twenty-one, no such debt obligation shall be issued
15 unless the comptroller determines that such issuance is within (i) the
16 limit on state debt and (ii) the debt affordability level established by
17 the board pursuant to section sixty-seven-d of this article.
18 4. No state funded debt shall be incurred in the form of an obligation
19 with a final maturity exceeding the probable life of the capital project
20 financed by such debt, as specified in section sixty-one of this chap-
21 ter. Notwithstanding any other provision of law to the contrary, no
22 state funded debt shall be incurred in the form of an obligation with a
23 final maturity of more than thirty years.
24 5. During each fiscal year beginning on or after the effective date of
25 this section, up to and including any fiscal year ending in two thousand
26 twenty no new state funded debt shall be incurred in an aggregate prin-
27 cipal amount exceeding ninety-five percent of the aggregate principal
28 amount of new state funded debt incurred in the preceding fiscal year.
29 6. No state funded debt outstanding on the effective date of this
30 subdivision shall be refunded unless (a) such refunding is conducted in
31 all respects as if section thirteen of article seven of the constitution
32 applied, and (b) any such refunding obligations issued on or after the
33 first day of the first fiscal year beginning at least one year after the
34 effective date of an amendment to section eleven of article seven of the
35 constitution imposing a limit on the total amount of state debt, are
36 issued by the comptroller. Such outstanding debt obligations and the
37 debt service expenses, direct or indirect, required for such obligations
38 shall be included in the determination of the debt limit and the debt
39 affordability level pursuant to section sixty-seven-d of this article.
40 7. Debt obligations issued to refund outstanding state funded debt,
41 regardless of whether such outstanding debt was incurred prior to the
42 effective date of this subdivision, shall not be counted for the
43 purposes of the debt limit and the debt affordability level determined
44 pursuant to section sixty-seven-d of this article if such refunding is
45 conducted in all respects as if section thirteen of article seven of the
46 constitution applied. Debt service expenses on debt that has been
47 refunded in accordance with section thirteen of article seven of the
48 constitution shall be excluded for the debt affordability level to the
49 extent that such debt service expenses are to be paid from an escrow
50 fund established with proceeds of the refunding debt, but debt service
51 expenses on the refunding debt shall be included except to the extent
52 that such debt service expenses are to be paid from such an escrow fund.
53 For the purposes of this subdivision and subdivisions six and eight of
54 this section, any refunding debt that does not extend beyond the final
55 maturity of the debt being refunded shall be deemed to be in compliance
56 with the provisions of subdivision six of section thirteen of article
S. 2392--A 7
1 seven of the constitution made applicable by this subdivision if there
2 is an actual debt service savings in every year to maturity as a result
3 of the issuance of the refunding debt.
4 8. After the effective date of this section the state shall not,
5 except as specifically authorized by a provision of the constitution
6 other than section eleven of article seven of the constitution, agree to
7 make payments, directly or indirectly, whether or not subject to appro-
8 priation, that are to be available to pay debt service on any debt
9 incurred by a municipality, individual, public authority or other public
10 or private corporation or any other entity, for any purpose, if such
11 payments are expected to be used to pay debt service only if other
12 sources available for the payment of debt service are inadequate.
13 Outstanding debt that would be prohibited by this subdivision if such
14 debt had been incurred after the effective date of this subdivision may
15 be refunded by the entity that incurred the outstanding debt provided
16 that all provisions of subdivisions six and seven of this section are
17 complied with except the requirement that such refunding debt obli-
18 gations be issued by the comptroller, and refunding debt service
19 expenses shall only be included in debt affordability determinations if
20 debt service expenses on the debt being refunded would have been
21 included.
22 § 2. Subdivision 2 of section 68-a of the state finance law, as
23 amended by section 36 of part BB of chapter 58 of the laws of 2011, is
24 amended to read as follows:
25 2. "Authorized purpose" for purposes of this article and section nine-
26 ty-two-z of this chapter shall mean any [purposes] purpose for which
27 [state-supported] state funded debt, as defined by section sixty-seven-a
28 of this chapter, may be or has been issued except debt for which the
29 state is constitutionally obligated thereunder to pay debt service and
30 related expenses, and except (a) as authorized in paragraph (b) of
31 subdivision one of section three hundred eighty-five of the public
32 authorities law, (b) as authorized for the department of health of the
33 state of New York facilities as specified in paragraph a of subdivision
34 two of section sixteen hundred eighty of the public authorities law, (c)
35 state university of New York dormitory facilities as specified in subdi-
36 vision eight of section sixteen hundred seventy-eight of the public
37 authorities law, and (d) as authorized for mental health services facil-
38 ities by section nine-a of section one of chapter three hundred ninety-
39 two of the laws of nineteen hundred seventy-three constituting the New
40 York state medical care facilities [financing] finance agency act.
41 Notwithstanding the provisions of clause (d) of this subdivision, for
42 the period April first, two thousand nine through March thirty-first,
43 two thousand twelve, mental health services facilities, as authorized by
44 section nine-a of section one of chapter three hundred ninety-two of the
45 laws of nineteen hundred seventy-three constituting the New York state
46 medical care facilities [financing] finance agency act, shall constitute
47 an authorized purpose.
48 § 3. Subdivision 6 of section 68-c of the state finance law, as added
49 by section 2 of part I of chapter 383 of the laws of 2001, is amended
50 and a new subdivision 7 is added to read as follows:
51 6. Any resolution or other agreement authorizing revenue bonds under
52 this article shall reserve the right of the state, upon amendment of
53 section eleven of article seven of the New York state constitution
54 allowing the issuance or assumption of bonds, notes or other obligations
55 secured by revenues, which may include the revenues securing revenue
56 bonds of authorized issuers (a) to assume, in whole or in part, revenue
S. 2392--A 8
1 bonds of the authorized issuers, (b) to extinguish the existing lien of
2 such resolution, or other agreement and (c) to substitute security for
3 the revenue bonds of the authorized issuers, in each case only so long
4 as such assumption, extinguishment or substitution is done in accordance
5 with such resolution or other agreement and such constitutional amend-
6 ment.
7 7. On and after the first day of the first fiscal year beginning at
8 least one year after the effective date of an amendment of section elev-
9 en of article seven of the constitution imposing a limit on the total
10 amount of state debt, no revenue bonds shall be issued.
11 § 4. Section 97-rrr of the state finance law, as amended by section 45
12 of part H of chapter 56 of the laws of 2000, is amended to read as
13 follows:
14 § 97-rrr. Debt reduction reserve fund. 1. There is hereby established
15 in the joint custody of the comptroller and the commissioner of taxation
16 and finance a fund to be known as the debt reduction reserve fund. [Such
17 fund shall be established as a capital projects fund.]
18 2. Such fund shall consist of all monies credited or transferred ther-
19 eto from the general fund or from any other fund or sources pursuant to
20 law.
21 3. The monies in such fund, following appropriation by the legislature
22 and allocation by the director of the budget, shall be available [for
23 the following purposes:
24 (a) for the payment of principal, interest, and related expenses on
25 general obligation bonds, lease purchase payments, or special contractu-
26 al obligation payments, or] only for the [purposes] purpose of retiring
27 or defeasing bonds or notes previously issued, including any accrued
28 interest thereon, for any [state-supported bonding program or programs,
29 and;
30 (b) for the funding of capital projects, equipment acquisitions, or
31 similar expenses which have been authorized by law to be financed
32 through the issuance of bonds, notes, or other obligations] state funded
33 debt.
34 § 5. Section 24 of the state finance law is amended by adding a new
35 subdivision 6 to read as follows:
36 6. The budget bills shall include an appropriation of the available
37 balance from the debt reduction reserve fund created by section ninety-
38 seven-rrr of this chapter, as added by section thirty-six of part B of
39 chapter fifty-seven of the laws of nineteen hundred ninety-eight, to be
40 used exclusively for the purpose of retiring or defeasing state funded
41 debt obligations in accordance with the criteria established by the New
42 York state debt management board.
43 § 6. Subdivision 1 of section 51 of the public authorities law, as
44 added by chapter 838 of the laws of 1983, paragraph k as added by chap-
45 ter 506 of the laws of 1995, paragraph l as added by chapter 468 of the
46 laws of 2004, paragraph m as added by section 10 of part E of chapter
47 494 of the laws of 2009 and paragraph n as added by chapter 533 of the
48 laws of 2010, is amended to read as follows:
49 1. [The] Subject to (a) the comptrollers' constitutional authority to
50 supervise the accounts of public authorities, (b) the comptroller's
51 statutory authority to approve the terms and conditions of debt obli-
52 gations issued by public authorities, and (c) the policy standards
53 established by the New York state debt management board pursuant to
54 section sixty-seven-d of the state finance law in relation to public
55 authority debt, the New York state public authorities control board
56 shall have the power and it shall be its duty to receive applications
S. 2392--A 9
1 for approval of the financing and construction of any project proposed
2 by any [of the following state public benefit corporations:
3 a. New York state environmental facilities corporation
4 b. New York state housing finance agency
5 c. New York state medical care facilities finance agency
6 d. Dormitory authority
7 e. New York state urban development corporation
8 f. Job development authority
9 g. Battery park city authority
10 h. New York state project finance agency
11 i. State of New York mortgage agency
12 j. New York state energy research and development authority
13 k. Long Island Power Authority
14 l. Albany Convention Center Authority
15 m. State of New York Municipal Bond Bank Agency for bonds issued
16 pursuant to section two thousand four hundred thirty-six-b of this chap-
17 ter
18 n. North Country Power Authority] Class A or Class B public authority,
19 as defined in section two of this chapter.
20 Any application made concerning a project shall include the terms,
21 conditions and dates of the repayment of state appropriations authorized
22 by law pursuant to a repayment agreement, and a current listing of all
23 outstanding debt and debt service obligations of the applicant. Any
24 subsidiary of, or corporation with the same members or directors as, a
25 public benefit corporation subject to the provisions of this section
26 shall also be subject to the provisions of this section. All applica-
27 tions and submissions to the board required to be made by a subsidiary
28 shall be made on behalf of such subsidiary by the public benefit corpo-
29 ration which created the subsidiary. No public benefit corporation
30 subject to the provisions of this section shall make any commitment,
31 enter into any agreement or incur any indebtedness for the purpose of
32 acquiring, constructing, or financing any project unless prior approval
33 has been received from the board by such public benefit corporation as
34 provided herein.
35 § 7. Section 51 of the public authorities law is amended by adding a
36 new subdivision 6 to read as follows:
37 6. Not later than ninety days after the end of each fiscal year, the
38 board shall submit to the governor, the comptroller, the temporary pres-
39 ident and the minority leader of the senate, and the speaker and the
40 minority leader of the assembly an annual report detailing: (a) the
41 aggregate amount of debt approved by the board during such fiscal year;
42 (b) a list of the individual projects approved by the board for each
43 public authority during such fiscal year; and
44 (c) the total amount of new debt obligations the board has approved
45 during such fiscal year for issuance by each public authority.
46 The board shall publish such report by posting such report on the
47 board's internet website. Each such report posted on the board's inter-
48 net website shall be maintained on such website for at least twelve
49 months or until the next such report is posted on such website, whichev-
50 er is later. The board shall issue a news release announcing such report
51 to newspapers of general circulation and radio and television news
52 bureaus within the state.
53 § 8. Subdivision 2 of section 365 of the public authorities law, as
54 separately amended by sections 349 and 381 of chapter 190 of the laws of
55 1990, is amended to read as follows:
S. 2392--A 10
1 2. The notes and bonds shall be authorized by resolution of the board,
2 shall bear such date or dates and mature at such time or times, in the
3 case of notes and any renewals thereof within five years after their
4 respective dates and in the case of bonds not exceeding forty years from
5 their respective dates, as such resolution or resolutions may provide.
6 The notes and bonds shall bear interest at such rate or rates, be in
7 such denominations, be in such form, either coupon or registered, carry
8 such registration privileges, be executed in such manner, be payable in
9 such medium of payment, at such place or places, and be subject to such
10 terms of redemption as such resolution or resolutions may provide. Bonds
11 and notes shall be sold by the authority, at public or private sale, at
12 such price or prices as the authority may determine. Bonds and notes of
13 the authority shall not be sold by the authority at private sale unless
14 such sale and the terms thereof have been approved in writing by the
15 comptroller, where such sale is not to the comptroller, or by the direc-
16 tor of the budget, where such sale is to the comptroller. [Bonds and
17 notes sold at public sale shall be sold by the comptroller, as agent of
18 the authority, in such manner as the authority, with the approval of the
19 comptroller, shall determine.]
20 § 9. This act shall take effect immediately; provided, however, that
21 paragraph a of subdivision 3 and subdivision 6 of section 67-f of the
22 state finance law, as added by section one of this act, and section
23 three of this act, shall take effect on the same date as a concurrent
24 resolution of the Senate and Assembly entitled "proposing amendments to
25 article 7 of the constitution, in relation to the authorization of debt
26 in times of public emergency, a limit on the total amount of state debt,
27 the establishment of a debt management board and refunding of state
28 debts", takes effect.
