A3302-2011 Actions

• Jun 12, 2012: reported referred to ways and means
• Jan 4, 2012: referred to corporations, authorities and commissions
• Jun 6, 2011: print number 3302a
• Jun 6, 2011: amend and recommit to ways and means
• Jun 6, 2011: reported referred to ways and means
• Jan 24, 2011: referred to corporations, authorities and commissions

A3302-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         3302
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 January 24, 2011
 
 Introduced  by  M.  of  A.  BRENNAN,  MILLMAN, LANCMAN, MAISEL, PHEFFER,
 BARRON, PERRY, COOK, WEPRIN -- Multi-Sponsored by -- M. of  A.  GLICK,
 GOTTFRIED,  MENG  -- read once and referred to the Committee on Corpo
 rations, Authorities and Commissions
 

AN ACT to amend the public authorities law, in relation to debt held  by
 the New York city municipal water finance authority
 

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

 

Section 1. Subdivision 3 of section 1045-d of the  public  authorities
 law,  as added by chapter 513 of the laws of 1984, is amended to read as
 follows:

 3. To borrow money and issue negotiable or non-negotiable notes, bonds
 or other obligations and to provide for the rights of the holders there
 of, PROVIDED, HOWEVER, THAT SUCH POWER TO BORROW MONEY AND ISSUE NEGOTI
 ABLE OR NON-NEGOTIABLE NOTES, BONDS OR OTHER OBLIGATIONS SHALL BE LIMIT
 ED TO THE LIMITATION ON THE ANNUAL INCREASE IN  DEBT  AS  SET  FORTH  IN
 SECTION ONE THOUSAND FORTY-FIVE-AA OF THIS TITLE;
 

S  2.  Sections  1045-aa and 1045-bb of the public authorities law are
 renumbered sections 1045-bb and 1045-cc and a  new  section  1045-aa  is
 added to read as follows:

 

S  1045-AA.  LIMITATION  ON DEBT INCREASE. BEGINNING WITH THE NEW YORK
 CITY FISCAL YEAR BEGINNING JULY FIRST, TWO THOUSAND  TWELVE  AND  ENDING
 JUNE THIRTIETH, TWO THOUSAND THIRTEEN, THE ANNUAL INCREASE IN TOTAL DEBT
 HELD  BY THE AUTHORITY AT ANY TIME DURING A FISCAL YEAR SHALL NOT EXCEED
 SIX PERCENT OF THE TOTAL DEBT HELD BY THE AUTHORITY DURING THE PRECEDING
 FISCAL YEAR WITHOUT THE APPROVAL BY MAJORITY VOTE OF THE NEW  YORK  CITY
 COUNCIL.
 

S  3.  The  public  authorities law is amended by adding a new section
 1045-g-1 to read as follows:

 

S 1045-G-1.   ROLE AND RESPONSIBILITIES OF  BOARD  MEMBERS.  1.  BOARD
 MEMBERS  OF  THE  WATER BOARD SHALL: (A) EXECUTE DIRECT OVERSIGHT OF THE
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06049-01-1
 
       A. 3302                             2
 BOARD'S CHIEF EXECUTIVE  AND  OTHER  MANAGEMENT  IN  THE  EFFECTIVE  AND
 ETHICAL  MANAGEMENT OF THE BOARD; (B) UNDERSTAND, REVIEW AND MONITOR THE
 IMPLEMENTATION OF FUNDAMENTAL  FINANCIAL  AND  MANAGEMENT  CONTROLS  AND
 OPERATIONAL DECISIONS OF THE BOARD; (C) ESTABLISH POLICIES REGARDING THE
 PAYMENT  OF  SALARY,  COMPENSATION  AND REIMBURSEMENTS TO, AND ESTABLISH
 RULES FOR THE TIME AND ATTENDANCE OF, THE CHIEF  EXECUTIVE  AND  MANAGE
 MENT;  (D)  ADOPT  A CODE OF ETHICS APPLICABLE TO EACH OFFICER, DIRECTOR
 AND EMPLOYEE THAT, AT A MINIMUM, INCLUDES THE STANDARDS  ESTABLISHED  IN
 SECTION  SEVENTY-FOUR  OF THE PUBLIC OFFICERS LAW; (E) ESTABLISH WRITTEN
 POLICIES AND  PROCEDURES  ON  PERSONNEL  INCLUDING  POLICIES  PROTECTING
 EMPLOYEES FROM RETALIATION FOR DISCLOSING INFORMATION CONCERNING ACTS OF
 WRONGDOING,  MISCONDUCT, MALFEASANCE, OR OTHER INAPPROPRIATE BEHAVIOR BY
 AN EMPLOYEE OR BOARD MEMBER OF THE WATER BOARD, INVESTMENTS, TRAVEL, THE
 ACQUISITION OF REAL PROPERTY AND THE DISPOSITION OF  REAL  AND  PERSONAL
 PROPERTY  AND THE PROCUREMENT OF GOODS AND SERVICES; (F) ADOPT A DEFENSE
 AND INDEMNIFICATION POLICY  AND  DISCLOSE  SUCH  PLAN  TO  ANY  AND  ALL
 PROSPECTIVE BOARD MEMBERS; AND (G) AT THE TIME THAT THE MEMBER TAKES AND
 SUBSCRIBES HIS OR HER OATH OF OFFICE, EXECUTE AN ACKNOWLEDGMENT IN WHICH
 THE BOARD MEMBER ACKNOWLEDGES THAT HE OR SHE UNDERSTANDS HIS OR HER ROLE
 AND RESPONSIBILITIES IMPOSED PURSUANT TO THIS SECTION.
 2.  BOARD  MEMBERS  OF  THE  WATER BOARD, OR SUBSIDIARY THEREOF, SHALL
 ESTABLISH AN AUDIT COMMITTEE TO BE COMPRISED  OF  NOT  LESS  THAN  THREE
 INDEPENDENT  MEMBERS,  WHO SHALL CONSTITUTE A MAJORITY ON THE COMMITTEE,
 AND WHO SHALL POSSESS THE NECESSARY SKILLS TO UNDERSTAND THE DUTIES  AND
 FUNCTIONS  OF  THE AUDIT COMMITTEE; PROVIDED, HOWEVER, THAT IN THE EVENT
 THAT A BOARD HAS LESS THAN THREE  INDEPENDENT  MEMBERS,  THE  BOARD  MAY
 APPOINT  NON-INDEPENDENT  MEMBERS  TO THE AUDIT COMMITTEE, PROVIDED THAT
 THE INDEPENDENT MEMBERS MUST CONSTITUTE A MAJORITY OF THE MEMBERS OF THE
 AUDIT COMMITTEE. THE COMMITTEE SHALL RECOMMEND TO THE BOARD  THE  HIRING
 OF A CERTIFIED INDEPENDENT ACCOUNTING FIRM FOR SUCH BOARD, ESTABLISH THE
 COMPENSATION  TO BE PAID TO THE ACCOUNTING FIRM AND PROVIDE DIRECT OVER
 SIGHT OF THE PERFORMANCE OF  THE  INDEPENDENT  AUDIT  PERFORMED  BY  THE
 ACCOUNTING  FIRM HIRED FOR SUCH PURPOSES. MEMBERS OF THE AUDIT COMMITTEE
 SHALL BE FAMILIAR WITH CORPORATE FINANCIAL AND ACCOUNTING PRACTICES.
 3. BOARD MEMBERS OF THE WATER  BOARD,  OR  SUBSIDIARY  THEREOF,  SHALL
 ESTABLISH  A GOVERNANCE COMMITTEE TO BE COMPRISED OF NOT LESS THAN THREE
 INDEPENDENT MEMBERS, WHO SHALL CONSTITUTE A MAJORITY ON  THE  COMMITTEE,
 AND  WHO SHALL POSSESS THE NECESSARY SKILLS TO UNDERSTAND THE DUTIES AND
 FUNCTIONS OF THE GOVERNANCE COMMITTEE; PROVIDED, HOWEVER,  THAT  IN  THE
 EVENT  THAT  A  BOARD HAS LESS THAN THREE INDEPENDENT MEMBERS, THE BOARD
 MAY  APPOINT  NON-INDEPENDENT  MEMBERS  TO  THE  GOVERNANCE   COMMITTEE,
 PROVIDED  THAT THE INDEPENDENT MEMBERS MUST CONSTITUTE A MAJORITY OF THE
 MEMBERS OF THE GOVERNANCE COMMITTEE. IT SHALL BE THE  RESPONSIBILITY  OF
 THE  MEMBERS  OF  THE GOVERNANCE COMMITTEE TO KEEP THE BOARD INFORMED OF
 CURRENT  BEST  GOVERNANCE  PRACTICES;  TO  REVIEW  CORPORATE  GOVERNANCE
 TRENDS; TO RECOMMEND UPDATES TO THE BOARD'S CORPORATE GOVERNANCE PRINCI
 PLES;  TO  ADVISE  APPOINTING  AUTHORITIES ON THE SKILLS AND EXPERIENCES
 REQUIRED OF POTENTIAL BOARD MEMBERS; TO EXAMINE ETHICAL AND CONFLICT  OF
 INTEREST  ISSUES;  TO  PERFORM  BOARD SELF-EVALUATIONS; AND TO RECOMMEND
 BY-LAWS WHICH INCLUDE RULES AND PROCEDURES FOR CONDUCT  OF  BOARD  BUSI
 NESS.
 

S 4. This act shall take effect immediately.

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