Relates to the construction and financing of facilities by the dormitory authority for the Alliance of Long Island Agencies, Inc.
BILL NUMBER: S2653
TITLE OF BILL : An act to amend the public authorities law, in relation to expanding the definition of educational institution to include Alliance of Long Island Agencies, Inc.
PURPOSE : To authorize the NYS Dormitory Authority to provide financing for construction and reconstruction of educational, administrative and residential facilities in the state by the Alliance for Long Island Agencies, Inc.
SUMMARY OF PROVISIONS : The bill amends section 1676 subdivision 2 paragraph (b) and section 1680 subdivision 1 of the public authority law to include the Alliance of Long Island Agencies, Inc. among those similarly situated groups who are eligible to receive Dormitory Authority funding. It provides for an immediate effective date.
EXISTING LAW : Other similarly situated not-for-profit corporations are listed as designated agencies to receive Dormitory Authority funding.
JUSTIFICATION : The relatively small size of community agencies providing services to people with disabilities has limited the agencies' access to financing or, when financing has been available, has made it very expensive. Allowing the Alliance of Long Island Agencies, Inc., a not-for-profit corporation, to be included on the list of designated agencies to receive dormitory authority funding will enable such service providers to join together to achieve economies of scale and lower rates of financing.
By blending together agencies of diverse size and location who offer substantially similar services, the agencies will be able to acquire financing for much needed expansion, renovation and construction at more economical rates. Old debt incurred at high rates by the individual agencies can be consolidated and replaced by refinancing at much more favorable rates through Dormitory Authority support.
LEGISLATIVE HISTORY : New Bill.
FISCAL IMPLICATIONS : None.
EFFECTIVE DATE : Immediately.
STATE OF NEW YORK ________________________________________________________________________ 2653 2009-2010 Regular Sessions IN SENATE February 26, 2009 ___________Introduced by Sen. HUNTLEY -- 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 expanding the definition of educational institution to include Alliance of Long Island Agencies, Inc. THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (b) of subdivision 2 of section 1676 of the public authorities law is amended by adding a new undesignated paragraph to read as follows: NOT-FOR-PROFIT MEMBERS OF ALLIANCE OF LONG ISLAND AGENCIES, INC., FOR THE ACQUISITION, FINANCING, REFINANCING, CONSTRUCTION, RECONSTRUCTION, RENOVATION, DEVELOPMENT, IMPROVEMENT, EXPANSION AND EQUIPPING OF CERTAIN EDUCATIONAL, ADMINISTRATIVE, DAY PROGRAM AND RESIDENTIAL FACILITIES TO BE LOCATED IN THE STATE OF NEW YORK. S 2. Subdivision 1 of section 1680 of the public authorities law is amended by adding a new undesignated paragraph to read as follows: NOT-FOR-PROFIT MEMBERS OF ALLIANCE OF LONG ISLAND AGENCIES, INC., FOR THE ACQUISITION, FINANCING, REFINANCING, CONSTRUCTION, RECONSTRUCTION, RENOVATION, DEVELOPMENT, IMPROVEMENT, EXPANSION AND EQUIPPING OF CERTAIN EDUCATIONAL, ADMINISTRATIVE, DAY PROGRAM AND RESIDENTIAL FACILITIES TO BE LOCATED IN THIS STATE. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, NOT-FOR-PROFIT MEMBERS OF THE ALLIANCE OF LONG ISLAND AGENCIES, INC. SHALL HAVE FULL POWER AND AUTHORITY TO ASSIGN AND PLEDGE TO THE DORMITO- RY AUTHORITY, ANY AND ALL PUBLIC FUNDS TO BE APPORTIONED OR OTHERWISE MADE PAYABLE BY THE UNITED STATES, ANY AGENCY THEREOF, THE STATE, ANY AGENCY THEREOF, A POLITICAL SUBDIVISION, AS DEFINED IN SECTION ONE HUNDRED OF THE GENERAL MUNICIPAL LAW, ANY SOCIAL SERVICES DISTRICT IN THE STATE OR ANY OTHER GOVERNMENTAL ENTITY IN AN AMOUNT SUFFICIENT TO MAKE ALL PAYMENTS REQUIRED TO BE MADE BY SUCH MEMBERS PURSUANT TO ANYEXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09788-01-9 S. 2653 2
LEASE, SUBLEASE OR OTHER AGREEMENT ENTERED INTO BETWEEN SUCH MEMBERS AND THE DORMITORY AUTHORITY. ALL STATE AND LOCAL OFFICERS ARE HEREBY AUTHOR- IZED AND REQUIRED TO PAY ALL SUCH FUNDS SO ASSIGNED AND PLEDGED TO THE DORMITORY AUTHORITY OR, UPON THE DIRECTION OF THE DORMITORY AUTHORITY, TO ANY TRUSTEE OF ANY DORMITORY AUTHORITY BOND OR NOTE ISSUED, PURSUANT TO A CERTIFICATE FILED WITH ANY SUCH STATE OR LOCAL OFFICER BY THE DORMITORY AUTHORITY PURSUANT TO THE PROVISIONS OF THIS SECTION. S 3. Any contracts entered into by the dormitory authority pursuant to this act shall be deemed state contracts within the meaning of that term as set forth in article 15-A of the executive law, and the authority shall be deemed, for the purposes of this act, a contracting agency as the term is used in such article. S 4. The expiration and repeal of sections one, two and three of this act shall not affect or impair in any manner any bonds issued, or any loan made to any borrower, pursuant to the provisions of this act prior to the expiration of such sections. S 5. This act shall take effect immediately.