S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 9579--A

                          I N  A S S E M B L Y

                               May 9, 2014
                               ___________

Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
  tee  on  Corporations,  Authorities  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 the  issuance
  of  bonds  and notes of the upper Mohawk valley regional water finance
  authority and to amend the maximum aggregate principal amount  limita-
  tion

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

  Section 1. Subdivision 1 of section 1226-l of the  public  authorities
law,  as added by chapter 647 of the laws of 1994, is amended to read as
follows:
  1. The authority shall have the power and is  hereby  authorized  from
time  to time to issue bonds, notes or other obligations to pay the cost
of any project or for any other corporate purpose, including the  estab-
lishment  of  reserves to secure the bonds, the payment of principal of,
premium, if any, and interest on the bonds and the payment of incidental
expenses in connection therewith.
  (A) The aggregate principal amount of such bonds, notes or other obli-
gations  shall  not   exceed   one   hundred   FIFTY   million   dollars
[($100,000,000)]  ($150,000,000),  excluding bonds, notes or other obli-
gations issued to refund or otherwise repay bonds, notes or other  obli-
gations  theretofore  issued  for such purposes; provided, however, that
upon any such refunding  or  repayment  the  total  aggregate  principal
amount  of  outstanding bonds, notes or other obligations may be greater
than one hundred FIFTY million dollars  [($100,000,000)]  ($150,000,000)
only if the present value of the aggregate debt service of the refunding
or  repayment  bonds,  notes or other obligations to be issued shall not
exceed the present value of the aggregate debt  service  of  the  bonds,
notes or other obligations so to be refunded or repaid.
  (B)  PROVIDED  FURTHER  THAT NO SUCH BONDS, NOTES OR OTHER OBLIGATIONS
THAT SUCH BOARD HAS DETERMINED TO BE  REASONABLY  NECESSARY  TO  SERVICE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD15009-02-4

A. 9579--A                          2

MANUFACTURING FACILITIES CONSTRUCTED OR TO BE CONSTRUCTED IN THE SERVICE
AREA  AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN SHALL BE ISSUED IF SUCH
ISSUANCE WOULD CAUSE THE AGGREGATE PRINCIPAL AMOUNT OF SUCH BONDS, NOTES
OR  OTHER  OBLIGATIONS  OUTSTANDING  TO EXCEED ONE HUNDRED FIFTY MILLION
DOLLARS. PROVIDED, HOWEVER, THAT UPON ANY SUCH  REFUNDING  OR  REPAYMENT
THE  TOTAL  AGGREGATE  PRINCIPAL  AMOUNT  OF OUTSTANDING BONDS, NOTES OR
OTHER OBLIGATIONS MAY BE GREATER THAN ONE HUNDRED MILLION FIFTY  DOLLARS
($150,000,000)  ONLY  IF THE PRESENT VALUE OF THE AGGREGATE DEBT SERVICE
OF THE REFUNDING OR REPAYMENT BONDS, NOTES OR OTHER  OBLIGATIONS  TO  BE
ISSUED  SHALL NOT EXCEED THE PRESENT VALUE OF THE AGGREGATE DEBT SERVICE
OF THE BONDS, NOTES OR OTHER OBLIGATIONS SO TO BE REFUNDED OR REPAID.
  For purposes hereof, the present values of the aggregate debt  service
of  the  refunding or repayment bonds, notes or other obligations and of
the aggregate debt service of the bonds, notes or other  obligations  so
refunded  or  repaid,  shall  be  calculated  by utilizing the effective
interest rate of the refunding or repayment bonds, notes or other  obli-
gations, which shall be that rate arrived at by doubling the semi-annual
interest  rate (compounded semi-annually) necessary to discount the debt
service payments on the refunding or repayment  bonds,  notes  or  other
obligations  from  the payment dates thereof to the date of issue of the
refunding or repayment bonds, notes or  other  obligations  and  to  the
price  bid  including estimated accrued interest or proceeds received by
the authority including estimated accrued interest from the sale  there-
of.  The  authority  shall  have power and is hereby authorized to enter
into such agreements and perform such acts as may be required under  any
applicable  federal  legislation  to  secure  a federal guarantee of any
bonds.
  S 2. This act shall take effect immediately.