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.