Bill Text: NY A00280 | 2009-2010 | General Assembly | Amended

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Bill Title: Prohibits provision in bonds or notes issued by the Metropolitan Transportation Authority or Triborough Bridge and Tunnel Authority limiting discounts or requiring a minimum toll on the Cross Bay Veterans Memorial Bridge; applies only prospectively to resolutions passed or bonds or notes issued on or after the effective date.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2010-06-25 - print number 280a [A00280 Detail]

Download: New_York-2009-A00280-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        280--A
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 7, 2009
                                      ___________
       Introduced  by M. of A. PHEFFER -- Multi-Sponsored by -- M. of A. ALFANO
         -- read once and referred to the Committee on  Corporations,  Authori-
         ties  and Commissions -- recommitted to the Committee on Corporations,
         Authorities and Commissions in accordance with Assembly Rule 3, sec. 2
         -- committee discharged, bill amended, ordered  reprinted  as  amended
         and recommitted to said committee
       AN  ACT  to amend the public authorities law, in relation to prohibiting
         limitations on discounts from the Cross Bay Veterans  Memorial  Bridge
         as security for bonds and notes
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 561 of the public authorities  law  is  amended  by
    2  adding a new subdivision 4-d to read as follows:
    3    4-D. NO RESOLUTION AUTHORIZING ANY BONDS OR NOTES, OR THE ISSUE OF ANY
    4  BONDS  OR NOTES OR OTHER INSTRUMENT, INCLUDING BOND COVENANTS OR SERIES,
    5  BY WHICH A PLEDGE OF THE AUTHORITY TO ANY BONDHOLDER  OR  NOTEHOLDER  IS
    6  CREATED  SHALL CONTAIN A PROVISION LIMITING THE DISCOUNTS OR REQUIRING A
    7  MINIMUM TOLL ON THE CROSS BAY VETERANS MEMORIAL BRIDGE.
    8    S 2. Section 1269 of the public authorities law is amended by adding a
    9  new subdivision 3-a to read as follows:
   10    3-A. NO RESOLUTION AUTHORIZING ANY BONDS OR NOTES, OR THE ISSUE OF ANY
   11  BONDS OR NOTES OR OTHER INSTRUMENT, INCLUDING BOND COVENANTS OR  SERIES,
   12  BY  WHICH  A  PLEDGE OF THE AUTHORITY TO ANY BONDHOLDER OR NOTEHOLDER IS
   13  CREATED SHALL CONTAIN A PROVISION LIMITING THE DISCOUNTS OR REQUIRING  A
   14  MINIMUM TOLL ON THE CROSS BAY VETERANS MEMORIAL BRIDGE.
   15    S  3.  This  act  shall take effect immediately and shall apply to any
   16  resolution authorizing bonds or notes which is passed and any  bonds  or
   17  notes which are issued on and after such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01869-02-0