Relates to debt limitation recommendations for state authorities.
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.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.
STATE OF NEW YORK ________________________________________________________________________ 1395--B 2011-2012 Regular Sessions IN SENATE January 7, 2011 ___________Introduced by Sen. PERKINS -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- reported favorably from said committee and committed to the Committee on Finance -- 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 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 TWELVE 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. LBD04146-04-1