A4685-2011 Actions

• Feb 4, 2011: referred to corporations, authorities and commissions

A4685-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         4685
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 February 4, 2011
 
 Introduced  by  M.  of  A.  SCHROEDER  --  read once and referred to the
 Committee on Corporations, Authorities and Commissions
 

AN ACT to amend the public authorities law,  in  relation  to  the  Erie
 county fiscal stability authority's borrowing determinations
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1. Paragraph (i) of subdivision  2  of  section  3959  of  the
 public  authorities law, as added by chapter 182 of the laws of 2005, is
 amended to read as follows:

 (i) shall, with respect to any proposed borrowing by or on  behalf  of
 the county or any covered organization on or after July first, two thou
 sand  five,  review  the  terms of and comment, within thirty days after
 notification by the county or covered organization of a proposed borrow
 ing, on the prudence of each proposed issuance of bonds or notes  to  be
 issued by the county or covered organization and no such borrowing shall
 be  made  unless  first reviewed[,] AND commented upon [and approved] by
 the authority. The authority shall  comment  within  thirty  days  after
 notification by the county or covered organization of a proposed borrow
 ing  to  the  county  executive,  the  comptroller, the legislature, the
 director of the budget, the chair of the state senate finance committee,
 the chair of the state assembly ways and means committee and  the  state
 comptroller  [and  indicate  approval  or  disapproval  of  the proposed
 borrowing]. WITH RESPECT TO ANY PROPOSED BORROWING BY  THE  COUNTY,  THE
 APPROVAL OF SUCH BORROWING BY THE AUTHORITY SHALL NOT BE REQUIRED IN THE
 EVENT  THAT THE COUNTY'S RATINGS FROM AT LEAST TWO NATIONALLY RECOGNIZED
 RATING AGENCIES ARE INVESTMENT GRADE AT THE TIME OF SUCH  BORROWING.  NO
 SUCH  PROPOSED  BORROWING  BY  THE  COUNTY  SHALL  BE  MADE UNLESS FIRST
 APPROVED BY THE AUTHORITY IN THE EVENT THAT THE  COUNTY  DOES  NOT  HAVE
 RATINGS  FROM  AT  LEAST TWO NATIONALLY RECOGNIZED RATING AGENCIES WHICH
 ARE INVESTMENT GRADE AT THE TIME OF SUCH BORROWING. Notwithstanding  the
 foregoing,  neither  the  county  nor  any covered organization shall be
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06760-01-1
 
       A. 4685                             2
 prohibited from issuing bonds or  notes  to  pay  outstanding  bonds  or
 notes;  and, provided further, revenue anticipation notes issued in July
 two thousand five, shall be excluded from this requirement;
 

S 2. This act shall take effect immediately.

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