Bill Text: NY A05326 | 2019-2020 | General Assembly | Introduced


Bill Title: Provides for the financing and construction of facilities for Village of Lake Placid, Inc. by the dormitory authority.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2019-02-08 - referred to corporations, authorities and commissions [A05326 Detail]

Download: New_York-2019-A05326-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          5326
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 8, 2019
                                       ___________
        Introduced  by  M. of A. STEC -- read once and referred to the Committee
          on Corporations, Authorities and Commissions
        AN ACT to amend the public authorities law, in relation to providing for
          the financing and construction of facilities for Village of Lake Plac-
          id, Inc.
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraph  (b)  of  subdivision  2 of section 1676 of the
     2  public authorities law is amended by adding a new undesignated paragraph
     3  to read as follows:
     4    Village of Lake Placid, Inc.
     5    § 2. Subdivision 1 of section 1680 of the public  authorities  law  is
     6  amended by adding a new undesignated paragraph to read as follows:
     7    Village of Lake Placid, Inc.
     8    §  3.  Subdivision  2 of section 1680 of the public authorities law is
     9  amended by adding a new paragraph m to read as follows:
    10    m. (1) For purposes of this section, the  following  provisions  shall
    11  apply  to  the  acquisition,  construction, reconstruction, development,
    12  improvement, expansion and/or equipping of  a  facility  or  facilities,
    13  including  necessary ancillary and related facilities, and the financing
    14  and/or refinancing thereof for the Village of Lake Placid, Inc.
    15    (2) Notwithstanding any other provision of law, the  Village  of  Lake
    16  Placid,  Inc. shall have full power and authority to enter into a lease,
    17  sublease or other agreement with the dormitory authority as is necessary
    18  or useful in connection with the construction  and/or  financing  and/or
    19  refinancing  of  a  facility described in subparagraph one of this para-
    20  graph or a municipal facility and any ancillary or  related  facilities.
    21  Such lease, sublease or other agreement may provide for, including with-
    22  out limitation, the payment by the village of fees and amounts necessary
    23  to pay debt service on any obligations issued by the dormitory authority
    24  for the same, and the pledge and assignment by the village to the dormi-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08648-01-9

        A. 5326                             2
     1  tory  authority  of  all  or a portion of the revenues derived from such
     2  facility or facilities in an amount not less than the amount  sufficient
     3  to make all payments required to be made by any such village pursuant to
     4  any  such  lease,  sublease  or other agreement entered into between the
     5  village and the dormitory authority. Any such lease, sublease  or  other
     6  agreement  entered  into pursuant to this paragraph may provide that the
     7  provisions thereof shall remain in force and  effect  until  the  bonds,
     8  notes  or  other  obligations  of  the dormitory authority are no longer
     9  outstanding, together with any unpaid installments of interest  and  the
    10  fees  and  expenses  of  the  dormitory  authority,  are  fully  met and
    11  discharged.
    12    (3) Any such lease, sublease or other agreement shall  not  constitute
    13  or  create  indebtedness of the village for purposes of article seven or
    14  eight of the state constitution or section 20.00 of  the  local  finance
    15  law,  shall be deemed executory only to the extent of money appropriated
    16  annually therefor by the village and shall not constitute a  contractual
    17  obligation in excess of the amounts so appropriated.
    18    (4)  Any  such  lease, sublease or other agreement entered pursuant to
    19  the provisions of this paragraph shall not be deemed to be  an  install-
    20  ment  purchase  contract,  contract for public work or purchase contract
    21  within the meaning of article five-A of the general municipal law or any
    22  other law.
    23    § 4. This act shall take effect immediately.
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