STATE OF NEW YORK
________________________________________________________________________
4106--B
2021-2022 Regular Sessions
IN SENATE
February 2, 2021
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Introduced by Sen. BRESLIN -- read twice and ordered printed, and when
printed to be committed to the Committee on Corporations, Authorities
and Commissions -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to amend the public authorities law, in relation to facilities
utilized by the Albany parking authority and increasing the amount of
bonds of the Albany parking authority authorized to be outstanding
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 6 of section 1493-b of the public authorities
2 law, as added by chapter 874 of the laws of 1982, is amended to read as
3 follows:
4 6. The term "project" shall mean any area or place operated or to be
5 operated by the authority for the parking or storing of motor and other
6 vehicles or any area or place which use is supported by the authority's
7 parking or storing of such vehicles and shall, without limiting the
8 foregoing, include all real and personal property, driveways, roads,
9 approaches, structures, terminals of all kinds, garages, meters, mechan-
10 ical equipment, and all appurtenances and facilities [either] proximate
11 to, on, above or under the ground which are used or usable in connection
12 with such parking or storing of such vehicles in the area of the city or
13 which facilitates increased supply or demand for parking;
14 § 2. Subdivision 1 of section 1493-i of the public authorities law, as
15 added by chapter 874 of the laws of 1982, is amended to read as follows:
16 1. The authority shall have the power and is hereby authorized from
17 time to time to issue its negotiable bonds for any purpose mentioned in
18 section fourteen hundred ninety-three-d hereof, including the acquisi-
19 tion, construction, reconstruction and repair of personal and real prop-
20 erty of all kinds deemed by the board to be necessary or desirable to
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01950-05-1
S. 4106--B 2
1 carry out such purpose, as well as to pay such expenses as may be deemed
2 by the board necessary or desirable to the financing thereof and placing
3 the project or projects in operation in the aggregate principal amount
4 of not exceeding [fifty] seventy-five million dollars outstanding at any
5 one time. The authority shall have power from time to time and whenever
6 it deems refunding expedient, to refund any bonds by the issuance of new
7 bonds, whether the bonds to be refunded have or have not matured, and
8 may issue bonds partly to refund bonds then outstanding and partly for
9 any other purpose hereinabove described. The refunding bonds may be
10 exchanged for the bonds to be refunded, with such cash adjustments as
11 may be agreed, or may be sold and the proceeds applied to the purchase
12 or payment of the bonds to be refunded. In computing the total amount of
13 bonds of the authority which may at any time be outstanding the amount
14 of the outstanding bonds to be refunded from the proceeds of the sale of
15 new bonds or by exchange for new bonds shall be excluded. Except as may
16 otherwise be expressly provided by the authority, the bonds of every
17 issue shall be general obligations of the authority payable out of any
18 moneys or revenues of the authority, subject only to any agreements with
19 the holders of particular bonds pledging any particular moneys or reven-
20 ues. Notwithstanding the fact that the bonds may be payable from a
21 special fund, if they are otherwise of such form and character as to be
22 negotiable instruments under article eight of the uniform commercial
23 code the bonds shall be and are hereby made negotiable instruments with-
24 in the meaning of and for all the purposes of article eight of the
25 uniform commercial code, subject only to the provisions of the bonds for
26 registration.
27 § 3. This act shall take effect immediately.
