Bill Text: NY A11217 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to increasing and extending the authority of the Nassau county interim finance authority to issue bonds and notes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2018-06-20 - REFERRED TO RULES [A11217 Detail]

Download: New_York-2017-A11217-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          11217
                   IN ASSEMBLY
                                      June 15, 2018
                                       ___________
        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Lavine) --
          read once and referred to the Committee on Ways and Means
        AN ACT to amend the public authorities law, in relation  to  the  Nassau
          county interim finance authority
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivisions 1 and 2 of section 3656 of the public authori-
     2  ties law, as amended by chapter 685 of the laws of 2003, are amended  to
     3  read as follows:
     4    1.  The  authority  shall have the power and is hereby authorized from
     5  time to time to issue bonds in such principal amounts as it  may  deter-
     6  mine  to  be necessary pursuant to section thirty-six hundred fifty-five
     7  of this title to pay any financeable  costs  and  to  fund  reserves  to
     8  secure  such  bonds,  including incidental expenses in connection there-
     9  with. Provided, however, the aggregate principal amounts of  such  bonds
    10  issued to pay the financeable costs described in paragraph (a) of subdi-
    11  vision  twelve  of  section  thirty-six  hundred fifty-one of this title
    12  shall not exceed four hundred fifteen million dollars, excluding  bonds,
    13  notes,  or  other obligations issued to refund or otherwise repay bonds,
    14  notes, or  other  obligations  theretofore  issued  for  such  purposes.
    15  Notwithstanding  the  foregoing  limit  on  the amount of bonds that the
    16  authority may issue to pay the financeable costs described in  paragraph
    17  (a)  of  subdivision  twelve  of section thirty-six hundred fifty-one of
    18  this title, the authority shall have the power to issue up to  an  addi-
    19  tional  seven  hundred ninety million dollars of bonds, excluding bonds,
    20  notes, or other obligations issued to refund or otherwise  repay  bonds,
    21  notes,  or other obligations theretofore issued for such purpose, to pay
    22  such costs if the  county's  indebtedness  to  be  refunded,  repaid  or
    23  restructured  with  the payment of such bonds was originally incurred by
    24  the county to pay tax certiorari settlements or assignments of any  kind
    25  to  which the county is a party. Provided further, the aggregate princi-
    26  pal amounts of such bonds issued to pay the financeable costs  described
    27  in  paragraph  (c)  of  subdivision twelve of section thirty-six hundred
    28  fifty-one of this title,  which  resulted  from  certiorari  proceedings
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16206-01-8
        A. 11217                            2
     1  commenced  prior  to  June  first,  two  thousand, shall not exceed four
     2  hundred million dollars, excluding bonds, notes,  or  other  obligations
     3  issued  to  refund or otherwise repay bonds, notes, or other obligations
     4  theretofore  issued for such purposes. And, provided further, the aggre-
     5  gate principal amounts of such bonds issued to pay the financeable coun-
     6  ty costs described in paragraph (c) of  subdivision  twelve  of  section
     7  thirty-six hundred fifty-one of this title, which resulted from certior-
     8  ari  proceedings  commenced  on or after June first, two thousand, shall
     9  not exceed [four] eight hundred million dollars in  the  aggregate  [for
    10  the  fiscal  years  two thousand through two thousand seven, however, of
    11  said four hundred million dollars only fifteen million  dollars  may  be
    12  issued  in  the fiscal year two thousand six and ten million dollars may
    13  be issued in the fiscal  year  two  thousand  seven],  excluding  bonds,
    14  notes,  or  other obligations issued to refund or otherwise repay bonds,
    15  notes, or other obligations theretofore issued for such purposes. Effec-
    16  tive in the year two thousand six,  upon  request  of  the  county,  the
    17  authority  shall  issue,  in  the  amount  requested,  bonds  to pay tax
    18  certiorari settlements or judgments of any kind to which the county is a
    19  party, not to exceed fifteen million dollars; and effective in the  year
    20  two  thousand  seven,  upon  request  of the county, the authority shall
    21  issue, in the amount requested, bonds to pay tax certiorari  settlements
    22  or  judgments  of any kind to which the county is a party, not to exceed
    23  ten million dollars.  Whenever this title establishes  a  limit  on  the
    24  principal  amount  of  bonds  that the authority is authorized to issue,
    25  there shall not be counted against such limit (i) amounts determined  by
    26  the  authority  as reasonable to be used to pay the cost of issuing such
    27  bonds, (ii) the amount of bonds that would constitute interest under the
    28  Internal Revenue Code of 1986, as amended, and (iii) amounts  determined
    29  by the authority as necessary to establish any reserves.
    30    The  authority  shall  have  the power from time to time to refund any
    31  bonds of the authority by the issuance of new bonds, whether  the  bonds
    32  to  be  refunded have or have not matured, and may issue bonds partly to
    33  refund bonds of the authority then outstanding and  partly  to  pay  the
    34  financeable  costs  pursuant to section thirty-six hundred fifty-five of
    35  this title. Bonds issued by the authority shall be payable solely out of
    36  particular revenues or other moneys of the authority as  may  be  desig-
    37  nated in the proceedings of the authority under which the bonds shall be
    38  authorized  to be issued, subject to any agreements entered into between
    39  the authority and the county, and subject to  any  agreements  with  the
    40  holders of outstanding bonds pledging any particular revenues or moneys;
    41  but  in no event shall transitional state aid be pledged as security for
    42  or be made available for the payment of bonds.
    43    2. The authority is authorized to issue its bonds for a period  ending
    44  not  later  than December thirty-first, two thousand [seven] twenty-one.
    45  The authority may issue bonds to refund bonds previously issued  without
    46  regard  to the limitation in the first sentence of this subdivision, but
    47  in no event shall any bonds of the authority finally mature  later  than
    48  January  thirty-first,  two  thousand [thirty-six] forty-one.   Notwith-
    49  standing any other provision of law, no  bond  of  the  authority  shall
    50  mature more than thirty years from the date of its issue.
    51    §  2. Severability. If any provision of this act or if any application
    52  thereof to any person or circumstance is held invalid, the remainder  of
    53  this  act  and  the  application  of  the provision to other persons and
    54  circumstances shall not be affected thereby.
    55    § 3. This act shall take effect immediately.