Bill Text: NY S09005 | 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) 2018-06-20 - RECOMMITTED TO RULES [S09005 Detail]

Download: New_York-2017-S09005-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9005
                    IN SENATE
                                      June 12, 2018
                                       ___________
        Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
        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
    27  to make all payments required to be made by any such village pursuant to
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16221-01-8
        S. 9005                             2
     1  any  such  lease,  sublease  or other agreement entered into between the
     2  village and the dormitory authority. Any such lease, sublease  or  other
     3  agreement  entered  into pursuant to this paragraph may provide that the
     4  provisions  thereof  shall  remain  in force and effect until the bonds,
     5  notes or other obligations of the  dormitory  authority  are  no  longer
     6  outstanding,  together  with any unpaid installments of interest and the
     7  fees and  expenses  of  the  dormitory  authority,  are  fully  met  and
     8  discharged.
     9    (3)  Any  such lease, sublease or other agreement shall not constitute
    10  or create indebtedness of the village for purposes of article  seven  or
    11  eight  of  the  state constitution or section 20.00 of the local finance
    12  law, shall be deemed executory only to the extent of money  appropriated
    13  annually  therefor by the village and shall not constitute a contractual
    14  obligation in excess of the amounts so appropriated.
    15    (4) Any such lease, sublease or other agreement  entered  pursuant  to
    16  the  provisions  of this paragraph shall not be deemed to be an install-
    17  ment purchase contract, contract for public work  or  purchase  contract
    18  within the meaning of article five-A of the general municipal law or any
    19  other law.
    20    § 4. This act shall take effect immediately.