S1259-2013 Actions

• Jan 9, 2013: REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

S1259-2013 Memo

BILL NUMBER:S1259

TITLE OF BILL:
An act
to amend the public authorities law, in relation to debt limitation
recommendations for state authorities

PURPOSE OR GENERAL IDEA OF BILL:
This bill will alter the portion of the 2009 Public Authorities Reform
Act that deals with the setting of debt limitations by public
authorities.

SUMMARY OF SPECIFIC PROVISIONS:
Section one stipulates that within 180 days of the passage of this
statute, the Authorities Budget Office must additionally implement
debt reduction practices for all state public authorities. section
two states the effective date.

JUSTIFICATION:
The Authorities Budget Office, whose role was defined in the
groundbreaking. Public Authorities Reform Act of 2009, is an
ever-changing institution whose mission and procedural goals are
still evolving. In light of recent events, it has become clear that
the mandatory imposition of debt reduction practices for all state
authorities will invariably lead to less waste and abuse by state
authorities, and be a useful step forward in creating transparency
and efficiency within these vital government entities.

PRIOR LEGISLATIVE-HISTORY:
S.1395 of 2012 - Passed Corporations, Authorities & Commissions;
Reported to Finance
S.1395A of 2010-2011 - Passed Corporations, Authorities & Commissions;
Reported to Finance
S.8425 of 2009-2010 - Referred to Rules

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.

S1259-2013 Text

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

                                    1259

                         2013-2014 Regular Sessions

                              I N  SENATE

                                 (PREFILED)

                               January 9, 2013
                                 ___________

  Introduced  by  Sen. PERKINS -- read twice and ordered printed, and when
    printed to be committed to the Committee on Corporations,  Authorities
    and Commissions

  AN  ACT to amend the public authorities law, in relation to debt limita-
    tion recommendations for state authorities

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


    Section  1.  Paragraph (m) of subdivision 1 of section 6 of the public
  authorities law, as added by chapter 506 of the laws of 2009, is amended
  to read as follows:

    (m) WITHIN ONE HUNDRED EIGHTY DAYS OF THE EFFECTIVE DATE OF THE  CHAP-
  TER  OF  THE  LAWS OF TWO THOUSAND THIRTEEN THAT AMENDED THIS PARAGRAPH,
  issue recommendations to the legislature and governor  on  setting  debt
  limitations for authorities without statutorily required debt limits;
    S 2. This act shall take effect immediately.






   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD02706-01-3