Bill Text: NY S04171 | 2015-2016 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Provides that bonds issued by the Long Island power authority must be authorized by a majority of the ratepayers of the authority by a public referendum after public hearing.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 0000-00-00 - [S04171 Detail]

Download: New_York-2015-S04171-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4171
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                     March 5, 2015
                                      ___________
       Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
         printed to be committed to the Committee on  Energy  and  Telecommuni-
         cations
       AN  ACT to amend the public authorities law, in relation to the authori-
         zation for bonds issued by the Long Island power 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 1020-k of the public authorities
    2  law, as added by chapter 517 of the laws of 1986, is amended and  a  new
    3  subdivision 1-a is added to read as follows:
    4    1.  [The]  EXCEPT  AS  MAY  BE OTHERWISE PROVIDED IN THIS SECTION, THE
    5  authority shall have power and is hereby authorized from time to time to
    6  issue its negotiable bonds in conformity with applicable  provisions  of
    7  the  uniform  commercial  code for any purpose authorized by this title,
    8  including without limitation (a) to acquire any real or personal proper-
    9  ty or facilities deemed necessary by the authority, (b) to pay  interest
   10  on  bonds or notes of the authority, (c) to establish reserves to secure
   11  such bonds and notes, (d) to establish or maintain such other  funds  or
   12  accounts  for  such purpose or purposes as the authority may deem neces-
   13  sary or desirable, and (e) to pay all other expenses  of  the  authority
   14  incident to the issuance of such bonds or notes.
   15    1-A.  ANY  ISSUANCE  OF BONDS BY THE AUTHORITY MUST BE AUTHORIZED BY A
   16  MAJORITY OF THE RATEPAYERS OF THE AUTHORITY BY A PUBLIC REFERENDUM AFTER
   17  AT LEAST ONE PUBLIC HEARING IN EACH OF THE AFFECTED COUNTIES.
   18    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09738-01-5