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A09966 Summary:

BILL NOA09966C
 
SAME ASSAME AS S08956-C
 
SPONSORMagnarelli
 
COSPNSR
 
MLTSPNSR
 
Amd §§2799-ddd, 2799-iii & 2799-jjj, Pub Auth L
 
Relates to the Syracuse regional airport authority; requires the authority to only give notice to the city of Syracuse before beginning certain projects exceeding ten million dollars.
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A09966 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         9966--C
                                                                   R. R. 429
 
                   IN ASSEMBLY
 
                                     April 26, 2022
                                       ___________
 
        Introduced  by  M.  of  A.  MAGNARELLI  -- read once and referred to the
          Committee 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 -- committee discharged, bill amended, ordered reprinted  as
          amended  and recommitted to said committee -- reported and referred to
          the Committee on Rules -- ordered to a third reading -- amended on the
          special order of third reading, ordered reprinted as amended,  retain-
          ing its place on the special order of third reading
 
        AN  ACT to amend the public authorities law, in relation to the Syracuse
          regional airport
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subdivisions 1, 2 and 6 of section 2799-ddd of the public
     2  authorities law, as added by chapter  463  of  the  laws  of  2011,  are
     3  amended to read as follows:
     4    1.  There  is  hereby created the Syracuse regional airport authority.
     5  The authority shall be a  body  corporate  and  politic  constituting  a
     6  public  benefit  corporation.    The  authority  shall consist of eleven
     7  members who shall be appointed as follows: seven shall be  appointed  by
     8  the  mayor of the city of Syracuse, one shall be appointed by the county
     9  executive of Onondaga county, one shall be appointed by the  town  board
    10  of  the town of Dewitt, one shall be appointed by the board of education
    11  of the East Syracuse Minoa Central School District,  and  one  shall  be
    12  appointed  for a period of one year, alternately, by the board of educa-
    13  tion of the North Syracuse Central School District and the town board of
    14  the town of Salina, Cicero or Clay. The member  initially  appointed  by
    15  the  county  executive and two of the members initially appointed by the
    16  mayor shall serve for a term ending December thirty-first, two  thousand
    17  fourteen.  Two  of  the  members  initially appointed by the mayor shall
    18  serve for a term ending December  thirty-first,  two  thousand  fifteen.
    19  Three  members initially appointed by the mayor, the member appointed by
    20  the town board of the town of Dewitt, and the member  appointed  by  the
    21  board  of  education of the East Syracuse Minoa Central School District,
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13333-11-2

        A. 9966--C                          2
 
     1  shall serve for  a  term  ending  December  thirty-first,  two  thousand
     2  sixteen.  The  first  member  appointed by the town board of the town of
     3  Salina, Cicero or Clay, or by the board of education of the North  Syra-
     4  cuse  Central  School  District, shall be appointed by the town board of
     5  the town of Cicero and shall serve for a term  ending  December  thirty-
     6  first,  two thousand thirteen. Following the expiration of such member's
     7  [one]  two  year  term,  the  subsequently  appointed  member  shall  be
     8  appointed  by the town board of the town of Salina.  Following the expi-
     9  ration of such member's [one] two year term, the subsequently  appointed
    10  member shall be appointed by the town board of the town of Clay. Follow-
    11  ing the expiration of such member's [one] two year term, the subsequent-
    12  ly  appointed member shall be appointed by the board of education of the
    13  North Syracuse Central  School  District.  Thereafter,  each  subsequent
    14  member  shall  be  appointed  alternately  by  each town or the board of
    15  education in the same order as the  initial  appointments.    The  mayor
    16  shall designate one of the eleven members to serve as chairperson of the
    17  authority.  With  the  exception of the member appointed by the board of
    18  education of the North Syracuse Central School District or by  the  town
    19  board of the town of Salina, Cicero or Clay, who shall serve a [one] two
    20  year  term,  and those initial appointees whose terms are three years or
    21  less, each member shall serve a term of four years.
    22    2. All members shall continue to hold office  until  their  successors
    23  are  appointed  and qualify.  Provided that upon a new mayor of the city
    24  taking office, the incoming mayor may replace the  city  appointee  with
    25  the  shortest  remaining  term  with a new appointee. Vacancies shall be
    26  filled in the  manner  provided  for  original  appointment.  Vacancies,
    27  occurring  otherwise  than  by  expiration  of  term of office, shall be
    28  filled for the unexpired terms.  Members may be removed from office  for
    29  the  same  reasons and in the same manner as may be provided by [law for
    30  the removal of officers of the city] section twenty-eight hundred  twen-
    31  ty-seven  of this chapter. The members of the authority shall receive no
    32  compensation for their services but shall be reimbursed  for  all  their
    33  actual  and  necessary expenses incurred in connection with the carrying
    34  out of the purposes of this title. The powers of the authority shall  be
    35  vested  in and be exercised by the members of the authority at a meeting
    36  duly called and held and a majority  of  directors  shall  constitute  a
    37  quorum.   No action shall be taken except pursuant to the favorable vote
    38  of at least a majority of members. The  members  of  the  authority  may
    39  delegate  to  one  or more of its members, officers, agents or employees
    40  such powers and duties as it may deem proper.
    41    6. All members of the authority will be required to  comply  with  the
    42  [city  of  Syracuse  code  of  ethics] provisions of this chapter and to
    43  complete all disclosure forms required by [said  code  of  ethics]  this
    44  chapter.
    45    §  2.    Section  2799-iii  of the public authorities law, as added by
    46  chapter 463 of the laws of 2011, is amended to read as follows:
    47    § 2799-iii.  City  [approval]  notice  required.  Notwithstanding  any
    48  inconsistent  provision  of  this  title, no project having an aggregate
    49  cost exceeding ten million dollars, including but  not  limited  to  the
    50  acquisition  of  real  property by the authority or the expansion of the
    51  authority's aviation facilities, may  be  undertaken  by  the  authority
    52  unless the authority has provided notice of such project [is approved by
    53  ordinance of] to the Syracuse common council [adopted by a majority vote
    54  and approved by] and the mayor.

        A. 9966--C                          3
 
     1    §  3. Subdivision 1 of section 2799-jjj of the public authorities law,
     2  as added by chapter 463 of the laws of  2011,  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.   The aggregate principal amount of
    10  such bonds, notes or other obligations  shall  not  exceed  [two]  three
    11  hundred   million  dollars  [($200,000,000)]  ($300,000,000),  excluding
    12  bonds, notes or other obligations issued to refund  or  otherwise  repay
    13  bonds,  notes or other obligations theretofore issued for such purposes;
    14  provided, however, that upon any such refunding or repayment  the  total
    15  aggregate  principal  amount  of outstanding bonds, notes or other obli-
    16  gations  may  be  greater  than  [two]  three  hundred  million  dollars
    17  [($200,000,000)]  ($300,000,000) only if the present value of the aggre-
    18  gate debt service of their funding or repayment bonds,  notes  or  other
    19  obligations  to  be  issued  shall  not  exceed the present value of the
    20  aggregate debt service of the bonds, notes or other obligations so to be
    21  refunded or repaid.  For purposes of this section, the present values of
    22  the aggregate debt service of the refunding or repayment bonds, notes or
    23  other obligations and of the aggregate debt service of the bonds,  notes
    24  or  other  obligations  so  refunded  or  repaid, shall be calculated by
    25  utilizing the effective interest rate  of  the  refunding  or  repayment
    26  bonds,  notes  or other obligations, which shall be that rate arrived at
    27  by doubling the semi-annual  interest  rate  (compounded  semi-annually)
    28  necessary  to  discount  the  debt  service payments on the refunding or
    29  repayment bonds, notes or other obligations from the payment dates ther-
    30  eof to the date of issue of the refunding or repayment bonds,  notes  or
    31  other  obligations  and  to  the  price  bid including estimated accrued
    32  interest or proceeds  received  by  the  authority  including  estimated
    33  accrued  interest  from the sale thereof. The authority shall have power
    34  and is hereby authorized to enter into such agreements and perform  such
    35  acts  as  may  be  required  under any applicable federal legislation to
    36  secure a federal guarantee of any bonds.
    37    § 4. This act shall take effect immediately.
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