Bill Text: NY S04037 | 2023-2024 | General Assembly | Introduced

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Bill Title: Increases the bond authority of the Livingston county water and sewer authority from $42,000,000 to $70,000,000.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2023-05-31 - SUBSTITUTED BY A4092 [S04037 Detail]

Download: New_York-2023-S04037-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4037

                               2023-2024 Regular Sessions

                    IN SENATE

                                    February 2, 2023
                                       ___________

        Introduced  by  Sen. HELMING -- read twice and ordered printed, and when
          printed to be committed to the Committee on Corporations,  Authorities
          and Commissions

        AN  ACT  to amend the public authorities law, in relation to the Living-
          ston county water and sewer authority

          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 1199-gggg of the public authori-
     2  ties law, as amended by chapter 412 of the laws of 1995, is  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, 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  [forty-two]
    11  seventy  million dollars [($42,000,000)] ($70,000,000), excluding bonds,
    12  notes or other obligations issued to refund or  otherwise  repay  bonds,
    13  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  [forty-two]  seventy  million   dollars
    17  [($42,000,000)] ($70,000,000) only if the present value of the aggregate
    18  debt  service  of the refunding or repayment bonds, notes or other obli-
    19  gations to be issued shall not exceed the present value of the aggregate
    20  debt service of the bonds, notes or other obligations so to be  refunded
    21  or repaid. For purposes hereof, the present values of the aggregate debt
    22  service  of the refunding or repayment bonds, notes or other obligations
    23  and of the aggregate debt service of the bonds,  notes  or  other  obli-
    24  gations  and  of the aggregate debt service of the bonds, notes or other

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08690-01-3
        S. 4037                             2

     1  obligations so refunded or repaid, shall be calculated by utilizing  the
     2  effective  interest  rate  of the refunding or repayment bonds, notes or
     3  other obligations, which shall be that rate arrived at by  doubling  the
     4  semi-annual   interest  rate  (compounded  semi-annually)  necessary  to
     5  discount the debt service payments on the refunding or repayment  bonds,
     6  notes or other obligations from the payment dates thereof to the date of
     7  issue  of  the  refunding or repayment bonds, notes or other obligations
     8  and to the price bid including estimated accrued  interest  or  proceeds
     9  received  by the authority including estimated accrued interest from the
    10  sale thereof. The authority shall have the power and is  hereby  author-
    11  ized  to  enter  into  such  agreements  and perform such acts as may be
    12  required under any applicable federal legislation to  secure  a  federal
    13  guarantee of any bonds.
    14    § 2. This act shall take effect immediately.