Bill Text: NY A11182 | 2017-2018 | General Assembly | Introduced

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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 - Dead) 2018-06-13 - referred to corporations, authorities and commissions [A11182 Detail]

Download: New_York-2017-A11182-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          11182
                   IN ASSEMBLY
                                      June 13, 2018
                                       ___________
        Introduced  by  COMMITTEE  ON  RULES -- (at request of 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 l to read as follows:
    10    l.  (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-
    25  tory authority of all or a portion of the  revenues  derived  from  such
    26  facility  or facilities in an amount not less than the amount sufficient
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16221-01-8
        A. 11182                            2
     1  to make all payments required to be made by any such village pursuant to
     2  any such lease, sublease or other agreement  entered  into  between  the
     3  village  and  the dormitory authority. Any such lease, sublease or other
     4  agreement  entered  into pursuant to this paragraph may provide that the
     5  provisions thereof shall remain in force and  effect  until  the  bonds,
     6  notes  or  other  obligations  of  the dormitory authority are no longer
     7  outstanding, together with any unpaid installments of interest  and  the
     8  fees  and  expenses  of  the  dormitory  authority,  are  fully  met and
     9  discharged.
    10    (3) Any such lease, sublease or other agreement shall  not  constitute
    11  or  create  indebtedness of the village for purposes of article seven or
    12  eight of the state constitution or section 20.00 of  the  local  finance
    13  law,  shall be deemed executory only to the extent of money appropriated
    14  annually therefor by the village and shall not constitute a  contractual
    15  obligation in excess of the amounts so appropriated.
    16    (4)  Any  such  lease, sublease or other agreement entered pursuant to
    17  the provisions of this paragraph shall not be deemed to be  an  install-
    18  ment  purchase  contract,  contract for public work or purchase contract
    19  within the meaning of article five-A of the general municipal law or any
    20  other law.
    21    § 4. This act shall take effect immediately.