Bill Text: NY S06422 | 2009-2010 | General Assembly | Amended

---

Bill Title: Prohibits provision in bonds or notes issued by the Metropolitan Transportation Authority or Triborough Bridge and Tunnel Authority limiting discounts or requiring a minimum toll on the Cross Bay Veterans Memorial Bridge; applies only prospectively to resolutions passed or bonds or notes issued on or after the effective date.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-06-25 - PRINT NUMBER 6422A [S06422 Detail]

Download: New_York-2009-S06422-Amended.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        6422--A
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 6, 2010
                                      ___________
       Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
         printed to be committed to the Committee on Transportation --  commit-
         tee  discharged, bill amended, ordered reprinted as amended and recom-
         mitted to said committee
       AN ACT to amend the public authorities law, in relation  to  prohibiting
         limitations  on  discounts from the Cross Bay Veterans Memorial Bridge
         as security for bonds and notes
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  561  of the public authorities law is amended by
    2  adding a new subdivision 4-d to read as follows:
    3    4-D. NO RESOLUTION AUTHORIZING ANY BONDS OR NOTES, OR THE ISSUE OF ANY
    4  BONDS OR NOTES OR OTHER INSTRUMENT, INCLUDING BOND COVENANTS OR  SERIES,
    5  BY  WHICH  A  PLEDGE OF THE AUTHORITY TO ANY BONDHOLDER OR NOTEHOLDER IS
    6  CREATED SHALL CONTAIN A PROVISION LIMITING THE DISCOUNTS OR REQUIRING  A
    7  MINIMUM TOLL ON THE CROSS BAY VETERANS MEMORIAL BRIDGE.
    8    S 2. Section 1269 of the public authorities law is amended by adding a
    9  new subdivision 3-a to read as follows:
   10    3-A. NO RESOLUTION AUTHORIZING ANY BONDS OR NOTES, OR THE ISSUE OF ANY
   11  BONDS  OR NOTES OR OTHER INSTRUMENT, INCLUDING BOND COVENANTS OR SERIES,
   12  BY WHICH A PLEDGE OF THE AUTHORITY TO ANY BONDHOLDER  OR  NOTEHOLDER  IS
   13  CREATED  SHALL CONTAIN A PROVISION LIMITING THE DISCOUNTS OR REQUIRING A
   14  MINIMUM TOLL ON THE CROSS BAY VETERANS MEMORIAL BRIDGE.
   15    S 3. This act shall take effect immediately and  shall  apply  to  any
   16  resolution  authorizing  bonds or notes which is passed and any bonds or
   17  notes which are issued on and after such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01869-03-0