Bill Text: NY A10514 | 2015-2016 | General Assembly | Introduced

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Bill Title: Authorizes the financing of and provides for a period of probable usefulness to the pre-payment of certain service contract obligations.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Introduced - Dead) 2016-06-15 - substituted by s7514a [A10514 Detail]

Download: New_York-2015-A10514-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10514
                   IN ASSEMBLY
                                      May 31, 2016
                                       ___________
        Introduced by M. of A. MORELLE, BRONSON -- read once and referred to the
          Committee on Local Governments
        AN ACT authorizing the financing of and providing for a period of proba-
          ble  usefulness  to  the pre-payment of certain service contract obli-
          gations
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. The county of Monroe is hereby authorized to finance by the
     2  issuance  of  bonds  of  the  county,  the  pre-payment of the following
     3  service contract obligations  in  amounts  sufficient  to  redeem  bonds
     4  issued  by the following local development corporations, including inci-
     5  dental expenses in connection therewith:
     6    (a) Energy Supply Agreement between the  county  and  Monroe  Newpower
     7  Corporation dated December 31, 2012, as amended.
     8    (b)  Security and Safety Systems Services Agreement between the county
     9  and Monroe Security & Safety Systems Local Development Corporation dated
    10  January 10, 2010, as amended.
    11    (c) Master Systems  and  Service  Agreement  between  the  county  and
    12  Upstate  Telecommunications  Corporation  dated  February  7,  2005,  as
    13  amended  (collectively,  the  "Service  Contract  Obligations";  each  a
    14  "Service Contract Obligation").
    15    §  2.  The financing of any one Service Contract Obligation shall be a
    16  specific object or purpose of the county. The financing of two  or  more
    17  Service  Contract Obligations shall be a class of objects or purposes of
    18  the county.
    19    § 3. The period of probable usefulness for the financing of a  Service
    20  Contract Obligation shall be twenty years.
    21    § 4. Such bonds of the county may be sold at public sale in accordance
    22  with  the  provisions  of Title 4 of the local finance law.  The cost of
    23  underwriting shall be deemed an incidental expense for purposes of  this
    24  act. In anticipation of the sale and issuance of such bonds, bond antic-
    25  ipation  notes  are  hereby authorized to be issued at public or private
    26  sale.
    27    § 5. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15631-01-6