Bill Text: NY S03161 | 2009-2010 | General Assembly | Introduced

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Bill Title: Relates to the Erie county fiscal stability authority's borrowing determinations.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS [S03161 Detail]

Download: New_York-2009-S03161-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3161
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                    March 12, 2009
                                      ___________
       Introduced  by  Sen.  STACHOWSKI  -- read twice and ordered printed, and
         when printed to be committed to the Committee on Corporations, Author-
         ities and Commissions
       AN ACT to amend the public authorities law,  in  relation  to  the  Erie
         county fiscal stability authority's borrowing determinations
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph (i) of subdivision  2  of  section  3959  of  the
    2  public  authorities law, as added by chapter 182 of the laws of 2005, is
    3  amended to read as follows:
    4    (i) shall, with respect to any proposed borrowing by or on  behalf  of
    5  the county or any covered organization on or after July first, two thou-
    6  sand  five,  review  the  terms of and comment, within thirty days after
    7  notification by the county or covered organization of a proposed borrow-
    8  ing, on the prudence of each proposed issuance of bonds or notes  to  be
    9  issued by the county or covered organization and no such borrowing shall
   10  be  made  unless  first reviewed[,] AND commented upon [and approved] by
   11  the authority. The authority shall  comment  within  thirty  days  after
   12  notification by the county or covered organization of a proposed borrow-
   13  ing  to  the  county  executive,  the  comptroller, the legislature, the
   14  director of the budget, the chair of the state senate finance committee,
   15  the chair of the state assembly ways and means committee and  the  state
   16  comptroller  [and  indicate  approval  or  disapproval  of  the proposed
   17  borrowing]. WITH RESPECT TO ANY PROPOSED BORROWING BY  THE  COUNTY,  THE
   18  APPROVAL OF SUCH BORROWING BY THE AUTHORITY SHALL NOT BE REQUIRED IN THE
   19  EVENT  THAT THE COUNTY'S RATINGS FROM AT LEAST TWO NATIONALLY RECOGNIZED
   20  RATING AGENCIES ARE INVESTMENT GRADE AT THE TIME OF SUCH  BORROWING.  NO
   21  SUCH  PROPOSED  BORROWING  BY  THE  COUNTY  SHALL  BE  MADE UNLESS FIRST
   22  APPROVED BY THE AUTHORITY IN THE EVENT THAT THE  COUNTY  DOES  NOT  HAVE
   23  RATINGS  FROM  AT  LEAST TWO NATIONALLY RECOGNIZED RATING AGENCIES WHICH
   24  ARE INVESTMENT GRADE AT THE TIME OF SUCH BORROWING. Notwithstanding  the
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09170-01-9
       S. 3161                             2
    1  foregoing,  neither  the  county  nor  any covered organization shall be
    2  prohibited from issuing bonds or  notes  to  pay  outstanding  bonds  or
    3  notes;  and, provided further, revenue anticipation notes issued in July
    4  two thousand five, shall be excluded from this requirement;
    5    S 2. This act shall take effect immediately.