Assembly Bill A9629A

2013-2014 Legislative Session

Relates to bonds of the Ogdensburg bridge authority; repealer

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2013-A9629 - Details

See Senate Version of this Bill:
S7776
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Add §736, rpld §706, Pub Auth L
Versions Introduced in 2015-2016 Legislative Session:
A5651

2013-A9629 - Summary

Relates to bonds of the Ogdensburg Bridge Authority.

2013-A9629 - Bill Text download pdf

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

                                  9629

                          I N  A S S E M B L Y

                              May 13, 2014
                               ___________

Introduced  by M. of A. RUSSELL -- read once and referred to the Commit-
  tee on Corporations, Authorities and Commissions

AN ACT to amend the public authorities law, in relation to bonds of  the
  Ogdensburg  Bridge Authority; and to repeal certain provisions of such
  law relating thereto

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

  Section 1. Section 706 of the public authorities law is REPEALED and a
new section 706 is added to read as follows:
  S  706.  BONDS OF THE AUTHORITY. 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 CORPO-
RATE  PURPOSE,  INCLUDING THE ESTABLISHMENT OF RESERVES TO SECURE BONDS,
THE PAYMENT OF PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THE  BONDS
AND  THE  PAYMENT  OF  INCIDENTAL EXPENSES IN CONNECTION THEREWITH.  THE
AGGREGATE PRINCIPAL AMOUNT OF SUCH BONDS,  NOTES  OR  OTHER  OBLIGATIONS
SHALL  NOT EXCEED TWO HUNDRED MILLION DOLLARS, EXCLUDING BONDS, NOTES OR
OTHER OBLIGATIONS ISSUED TO REFUND OR OTHERWISE REPAY  BONDS,  NOTES  OR
OTHER OBLIGATIONS THEREFORE ISSUED FOR SUCH PURPOSES; PROVIDED, HOWEVER,
THAT UPON ANY SUCH REFUNDING OR REPAYMENT OF THE TOTAL AGGREGATE PRINCI-
PAL  AMOUNT  OF  OUTSTANDING  BONDS,  NOTES  OR OTHER OBLIGATIONS MAY BE
GREATER THAN TWO HUNDRED MILLION DOLLARS ONLY IF THE  PRESENT  VALUE  OF
THE  AGGREGATE  DEBT SERVICE OF THE FUNDING 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  TO  BE
REFUNDED  OR REPAID. FOR PURPOSES OF THIS SECTION, 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 OBLIGATIONS, 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 THER-

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

2013-A9629A (ACTIVE) - Details

See Senate Version of this Bill:
S7776
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Add §736, rpld §706, Pub Auth L
Versions Introduced in 2015-2016 Legislative Session:
A5651

2013-A9629A (ACTIVE) - Summary

Relates to bonds of the Ogdensburg Bridge Authority.

2013-A9629A (ACTIVE) - Bill Text download pdf

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

                                 9629--A

                          I N  A S S E M B L Y

                              May 13, 2014
                               ___________

Introduced  by M. of A. RUSSELL -- read once and referred to the Commit-
  tee  on  Corporations,  Authorities  and  Commissions   --   committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT to amend the public authorities law, in relation to bonds of the
  Ogdensburg Bridge Authority; and to repeal section 706 of  the  public
  authorities law relating thereto

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

  Section 1. The public authorities law  is  amended  by  adding  a  new
section 736 to read as follows:
  S  736.  BONDS OF THE AUTHORITY. 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 CORPO-
RATE  PURPOSE,  INCLUDING THE ESTABLISHMENT OF RESERVES TO SECURE BONDS,
THE PAYMENT OF PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THE  BONDS
AND  THE  PAYMENT  OF  INCIDENTAL EXPENSES IN CONNECTION THEREWITH.  THE
AGGREGATE PRINCIPAL AMOUNT OF SUCH BONDS,  NOTES  OR  OTHER  OBLIGATIONS
SHALL  NOT EXCEED ONE HUNDRED MILLION DOLLARS, EXCLUDING BONDS, NOTES OR
OTHER OBLIGATIONS ISSUED TO REFUND OR OTHERWISE REPAY  BONDS,  NOTES  OR
OTHER OBLIGATIONS THEREFORE ISSUED FOR SUCH PURPOSES; PROVIDED, HOWEVER,
THAT UPON ANY SUCH REFUNDING OR REPAYMENT OF THE TOTAL AGGREGATE PRINCI-
PAL  AMOUNT  OF  OUTSTANDING  BONDS,  NOTES  OR OTHER OBLIGATIONS MAY BE
GREATER THAN ONE HUNDRED MILLION DOLLARS ONLY IF THE  PRESENT  VALUE  OF
THE  AGGREGATE  DEBT SERVICE OF THE FUNDING 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  TO  BE
REFUNDED  OR REPAID. FOR PURPOSES OF THIS SECTION, 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 OBLIGATIONS, WHICH SHALL BE THAT RATE ARRIVED AT
BY DOUBLING THE SEMI-ANNUAL  INTEREST  RATE  (COMPOUNDED  SEMI-ANNUALLY)

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

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