Bill Text: NY A09579 | 2013-2014 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to the issuances of bonds and notes of the upper Mohawk valley regional water finance authority and amends the maximum aggregate principal amount limitation from one hundred million dollars to one hundred fifty million dollars.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2014-10-21 - signed chap.408 [A09579 Detail]

Download: New_York-2013-A09579-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9579
                                 I N  A S S E M B L Y
                                      May 9, 2014
                                      ___________
       Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
         tee on Corporations, Authorities and Commissions
       AN  ACT to amend the public authorities law, in relation to the issuance
         of bonds and notes of the upper Mohawk valley regional  water  finance
         authority  and to amend the maximum aggregate principal amount limita-
         tion
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subdivision 1 of section 1226-l of the public authorities
    2  law, as added by chapter 647 of the laws of 1994, 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] NO BONDS, NOTES OR OTHER OBLI-
   10  GATIONS SHALL BE ISSUED IF SUCH ISSUANCE WOULD CAUSE THE aggregate prin-
   11  cipal amount of such bonds,  notes  or  other  obligations  [shall  not]
   12  OUTSTANDING  TO exceed one hundred FIFTY million dollars ([$100,000,000]
   13  $150,000,000), excluding bonds, notes or  other  obligations  issued  to
   14  refund  or otherwise repay bonds, notes or other obligations theretofore
   15  issued for such purposes[; provided, however, that upon any such refund-
   16  ing or repayment the total aggregate  principal  amount  of  outstanding
   17  bonds,  notes  or  other  obligations  may  be  greater than one hundred
   18  million dollars ($100,000,000) only if the present value of  the  aggre-
   19  gate  debt  service  of the refunding or repayment bonds, notes or other
   20  obligations to be issued shall not  exceed  the  present  value  of  the
   21  aggregate debt service of the bonds, notes or other obligations so to be
   22  refunded  or  repaid.  For  purposes  hereof,  the present values of the
   23  aggregate debt service of the refunding or  repayment  bonds,  notes  or
   24  other  obligations and of the aggregate debt service of the bonds, notes
   25  or other obligations so refunded  or  repaid,  shall  be  calculated  by
   26  utilizing  the  effective  interest  rate  of the refunding or repayment
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15009-01-4
       A. 9579                             2
    1  bonds, notes or other obligations, which shall be that rate  arrived  at
    2  by  doubling  the  semi-annual  interest rate (compounded semi-annually)
    3  necessary to discount the debt service  payments  on  the  refunding  or
    4  repayment bonds, notes or other obligations from the payment dates ther-
    5  eof  to  the date of issue of the refunding or repayment bonds, notes or
    6  other obligations and to  the  price  bid  including  estimated  accrued
    7  interest  or  proceeds  received  by  the  authority including estimated
    8  accrued interest from the sale thereof]. ANY BONDS, NOTES OR OTHER OBLI-
    9  GATIONS ISSUED TO FINANCE OR REFINANCE WATER FACILITIES WHICH HAVE  BEEN
   10  DETERMINED  BY  THE  WATER  BOARD  TO BE REASONABLY NECESSARY TO SERVICE
   11  MANUFACTURING FACILITIES CONSTRUCTED OR TO BE CONSTRUCTED IN THE SERVICE
   12  AREA AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN, SHALL ALSO BE  EXCLUDED
   13  FROM THE CALCULATION OF OUTSTANDING PRINCIPAL AMOUNT; PROVIDED THAT SUCH
   14  BONDS,  NOTES  OR  OTHER  OBLIGATIONS  SHALL  REQUIRE  STATE COMPTROLLER
   15  APPROVAL PRIOR TO ISSUANCE. The authority shall have power and is hereby
   16  authorized to enter into such agreements and perform such acts as may be
   17  required under any applicable federal legislation to  secure  a  federal
   18  guarantee of any bonds.
   19    S 2. This act shall take effect immediately.