A3302A-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

A3302A-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 3302--A
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 January 24, 2011
 
 Introduced by M. of A. BRENNAN, MILLMAN, LANCMAN, MAISEL, BARRON, PERRY,
 COOK,  WEPRIN -- Multi-Sponsored by -- M. of A. GLICK, GOTTFRIED, MENG
 -- read once and referred to the Committee on  Corporations,  Authori
 ties and Commissions -- reported and referred to the Committee on Ways
 and  Means -- committee discharged, bill amended, ordered reprinted as
 amended and recommitted to said committee
 

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,  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 AUTHORI
 TY  DURING  THE  PRECEDING  FISCAL YEAR WITHOUT THE APPROVAL BY MAJORITY
 VOTE OF THE NEW YORK CITY COUNCIL.
 

S 3.  This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06049-03-1

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