Bill S2802-2011

state debt service

Makes appropriations for the support of government - State Debt Service Budget.

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Actions

  • Mar 16, 2011: SUBSTITUTED BY A4002
  • Mar 16, 2011: ORDERED TO THIRD READING CAL.230
  • Feb 1, 2011: REFERRED TO FINANCE

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Memo

BILL NUMBER:S2802

TITLE OF BILL: An act making appropriations for the legal requirements of the state debt service and lease purchase payments and other special contractual obligations

Summary: This bill would make appropriations for the legal requirements (payments of principle, interest, related expenses and interest rate exchange and similar agreements) of the state debt service for general obligation bonds, lease purchase payments and other special contractual obligations.

Justification: Annually the State legislature considers a bill of appropriations for debt service so that the State may meet its obligations to make payments on outstanding bonds and new State-supported bond issuances. The State's good faith debt payments have garnered favorable credit ratings by Standard & Poor's (AA), Fitch (PA) and Moody's (Aa2) for the State's general obligation debt. Favorable ratings are determined by on-time and consistent debt service payments, revenues that are pledged to support payments and, inter alia, the State's fiscal stability. For SFY 2011-12, the State plans to make $5.143 billion in state-supported debt service payments and an additional $586,301 million in other state debt obligations for a total of $6.623 billion in state-related debt service payments. New State-supported debt is subject to the statutory debt limitations of the Debt Reform Act of 2000.

Fiscal impact: This bill would authorize a maximum of $8.879 billion in debt service appropriations, which includes $1.5 billion in appropriations for market fluctuations in variable rate debt and interest rate exchange and similar agreements and $250 million for the Debt Reduction Reserve Fund.

Effective Date: Effective April 1st, 2011.


Text

STATE OF NEW YORK ________________________________________________________________________ S. 2802 A. 4002 S E N A T E - A S S E M B L Y February 1, 2011 ___________
IN SENATE -- A BUDGET BILL, submitted by the Governor pursuant to arti- cle seven of the Constitution -- read twice and ordered printed, and when printed to be committed to the Committee on Finance IN ASSEMBLY -- A BUDGET BILL, submitted by the Governor pursuant to article seven of the Constitution -- read once and referred to the Committee on Ways and Means AN ACT making appropriations for the legal requirements of the state debt service and lease purchase payments and other special contractual obligations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The several sums specified in this section, or so much thereof as may be sufficient to accomplish in full the purposes desig- nated by the appropriations, are hereby appropriated to be paid as here- in provided for the funds and purposes specified and are made available for the fiscal year beginning April 1, 2011. DEBT SERVICE FUND--GENERAL DEBT SERVICE FUND--311 Maintenance undistributed For the legal requirements of principal, interest, and related expenses on general obligation bonds, and lease purchase, special contractual and revenue bond obli- gations, as issued pursuant to article 5-C of the state finance law and payments for interest rate exchange and similar agreements, in accordance with the following schedule ............................................... 4,603,325,000 ============== SCHEDULE GENERAL OBLIGATION PAYMENTS
The sum of $530,000,000, or so much thereof as may be necessary, is hereby appropriated for payment by the state comptroller for general obligation bonds issued in connection with higher education construction, pure waters, environmental quality, transportation capital facilities, rail preservation, outdoor recreation devel- opment, energy conservation through improved transporta- tion, parks and recreation land acquisition, rebuild New York through transportation infrastructure renewal and accelerated capacity and transportation improvements of the nineties, clean water/clean air, and rebuild and renew New York transportation purposes, in accordance with the following sub-schedule .......................... 530,000,000 -------------- sub-schedule Debt service payments ...................................... 525,000,000 Related expenses ............................................. 5,000,000 -------------- Total of sub-schedule ...................................... 530,000,000 ============== LEASE PURCHASE PAYMENTS The several sums, or so much thereof as may be sufficient to accomplish in full the purposes designated by the appropriations, are hereby appropriated and are, subject to the issuance of certificates of approval of avail- ability by the director of the budget, available for the purpose of making payments for lease purchase obli- gations, in accordance with the following schedule ......... 2,925,000 -------------- SCHEDULE For payment to the Dormitory Authority for the Judicial Institute at Pace University, pursuant to chapter 613 of the laws of 1999, as amended ............................... 550,000 For payment of the lease purchase agreement for Hampton Plaza .............................. 700,000 For payment of the lease purchase agreement for the department of transportation region one headquarters building in the city of Schenectady .......................... 1,500,000 -------------- Total of debt service schedule ............... 2,750,000 -------------- For payment of related expenses, in accord- ance with the following schedule. SCHEDULE Urban Development Corporation ..................... 50,000 Office of General Services ....................... 125,000
-------------- Total of related expenses schedule ............... 175,000 -------------- Total of schedules ............................. 2,925,000 ============== SPECIAL CONTRACTUAL OBLIGATION PAYMENTS The several sums, or so much thereof as may be sufficient to accomplish in full the purposes designated by the appropriations, are hereby appropriated and are, subject to the issuance of certificates of approval of avail- ability by the director of the budget, available for the purpose of making payments for special contractual obli- gations, in accordance with the following schedule ..... 1,662,050,000 -------------- SCHEDULE For payment to the Triborough Bridge and Tunnel Authority and the Urban Development Corporation pursuant to the provisions of an agreement of sublease between the Triborough Bridge and Tunnel Authority and the state of New York for the Convention Center project .............................. 43,000,000 For payment to the Urban Development Corpo- ration pursuant to the provisions of an agreement or agreements entered between the State and the Urban Development Corpo- ration to pay for bonds, notes, or other obligations issued or entered into for correctional facilities ..................... 67,000,000 For payment to the Urban Development Corpo- ration pursuant to the provisions of an agreement or agreements of lease and sublease entered into between, but not limited to, the Urban Development Corpo- ration, the Office of General Services and the Department of Correctional Services for the rental of correctional facilities ... 21,000,000 For payment according to the following sub- schedule to the Urban Development Corpo- ration for project revenue bonds, pursuant to the provisions of certain agreements of lease between the entities designated on the following sub-schedule and the state of New York and the assignment of rent thereof to the Urban Development Corpo- ration ...................................... 16,000,000 sub-schedule Rensselaer Polytechnic Insti- tute (Center for Industrial Innovation) .................... 4,500,000
Syracuse University (Science and Technology Center) ......... 2,800,000 Cornell University (Supercom- puter Center) .................... 700,000 Columbia University (Telecom- munications Center) ............ 5,000,000 Clarkson University .............. 1,100,000 University Grants 95 Refunding ... 1,900,000 -------------- Total of sub-schedule ......... 16,000,000 -------------- For payment to the Dormitory Authority, for payment of bonds issued to finance the Department of Health's David Axelrod Institute for Public Health, pursuant to the provisions of an agreement between the Dormitory Authority and the Department of Health ....................................... 6,000,000 For payment to the Dormitory Authority, for payment of bonds issued to finance State Department of Education facilities, pursu- ant to an agreement between the Dormitory Authority and the State Education Depart- ment ......................................... 5,500,000 For payment to the Housing Finance Agency and the Urban Development Corporation for payment of bonds issued to finance the State's housing programs .................... 34,000,000 For payment to the Metropolitan Transporta- tion Authority, pursuant to state service contracts authorized by section 16 of chapter 314 of the laws of 1981, section 42 of chapter 929 of the laws of 1986, as amended by chapter 13 of the laws of 1987, and section 34 of part O of chapter 61 of the laws of 2000 ........................... 165,000,000 For payment to the State University Construction Fund, for payment to the Dormitory Authority, pursuant to paragraph (e) of subdivision 19 of section 1680 of the public authorities law, to pay for bonds or notes issued by such authority, pursuant to agreements between the State University Construction Fund, State University of New York and the Dormitory Authority, relating to State University education facilities. Notwithstanding the provisions of section 40 of the state finance law or any other provision of law to the contrary, this appropriation shall remain in full force and effect until April 30, 2012 ............................. 310,000,000 For payment to the State University Construction Fund, for payment to the Dormitory Authority, in accordance with
subdivision 8 of section 6304 of the education law, for bonds, notes, or other obligations issued by such authority, pursuant to an agreement or agreements among the State University of New York, various community colleges and their spon- sors, and the Dormitory Authority for educational facilities of community colleges .................................... 28,000,000 For payment to the City University Construction Fund for City University senior colleges and for community col- leges. Moneys hereby appropriated, or por- tions thereof, are for payments net of all interest and investment earnings on senior and community college payments and other excess earnings held by the City Universi- ty Construction Fund, in accordance with the following sub-schedule ................. 270,000,000 sub-schedule City University senior colleges ..................... 240,000,000 City University community colleges ...................... 30,000,000 -------------- Total of sub-schedule ........ 270,000,000 -------------- For payment to the Dormitory Authority, pursuant to the provisions of a service contract or contracts, for payment of bonds or notes issued for the financing of projects at the Albany County Airport ........ 4,000,000 For payment to the Dormitory Authority and the Urban Development Corporation for bonds issued for one or more facilities provided for the department of audit and control, the New York state and local employees' retirement system, and the New York state and local police and fire retirement system and on behalf of the departments or agencies having occupancy or use of other state facilities and park- ing facilities ............................... 1,200,000 For payment to the Dormitory Authority, for payment of bonds issued to finance eligi- ble child care facilities development projects, pursuant to an agreement or agreements between the Dormitory Authority and the state ................................ 2,000,000 For payment to the Thruway Authority, pursu- ant to section 380 of the public authori- ties law, to pay for Local Highway and
Bridge Service Contract bonds or notes issued by such authority pursuant to an agreement between the Thruway Authority and the state .............................. 205,000,000 For payment to the Environmental Facilities Corporation to pay for bonds or notes issued by such authority pursuant to an agreement between the Environmental Facil- ities Corporation and the Office of Parks, Recreation and Historic Preservation ......... 1,800,000 For payment to the Environmental Facilities Corporation, pursuant to subdivision 1 of section 1290 of the public authorities law, to pay for bonds or notes issued by such authority pursuant to a lease agree- ment between the Environmental Facilities Corporation and the Office of Parks, Recreation and Historic Preservation relating to the financing of Riverbank State Park ................................... 5,000,000 For payment to the Environmental Facilities Corporation for bonds and notes issued by such authority, pursuant to an agreement between the Environmental Facilities Corporation and the Office of Mental Health relating to the financing of a Waste water treatment facility for Pilgrim Psychiatric Center ............................. 950,000 For payment to the Environmental Facilities Corporation, for payment of bonds issued to finance eligible pipeline for jobs projects, pursuant to an agreement or agreements between the Environmental Facilities Corporation and the State ......... 1,800,000 For payment to the Environmental Facilities Corporation, for payment of bonds issued to finance environmental infrastructure projects, pursuant to an agreement or agreements between the Environmental Facilities Corporation and the State ........ 18,000,000 For payment according to the following sub- schedule for bonds issued to finance consolidated service contract refundings ... 428,000,000 -------------- sub-schedule Urban Development Corporation .. 342,000,000 Dormitory Authority ............. 86,000,000 -------------- Total of sub-schedule ........ 428,000,000 -------------- Total of debt service schedule ............. 1,633,250,000 --------------
For payment of related expenses in accord- ance with the following schedule. SCHEDULE Urban Development Corporation .................. 5,000,000 Housing Finance Agency ......................... 4,000,000 Dormitory Authority ........................... 13,000,000 Dormitory Authority Capital Expenses ........... 5,000,000 Environmental Facilities Corporation ............. 300,000 Triborough Bridge and Tunnel Authority ......... 1,000,000 Thruway Authority ................................ 500,000 -------------- Total of related expenses schedule ............ 28,800,000 -------------- Total of schedules ......................... 1,662,050,000 ============== REVENUE BOND FINANCING AGREEMENT PAYMENTS The several sums, or so much thereof as may be necessary, are hereby appropriated for payment to the dormitory authority, the environmental facilities corporation, the housing finance agency, the thruway authority, and the urban development corporation and are, subject to the issu- ance of certificates of approval of avail- ability by the director of the budget, available for the purpose of making financing agreement payments related to personal income tax revenue bond obli- gations, as authorized pursuant to article 5-C of the state finance law and in accordance with the following schedule ... 2,408,350,000 -------------- SCHEDULE Economic Development and Housing ............. 385,000,000 Education .................................... 470,000,000 Environment .................................. 105,000,000 General Purpose .............................. 940,000,000 Healthcare .................................... 15,000,000 State Facilities and Equipment ............... 200,000,000 Transportation ............................... 275,000,000 -------------- Total of schedule .......................... 2,390,000,000 -------------- For payment of related expenses in accord- ance with the following schedule. SCHEDULE Urban Development Corporation .................. 2,000,000
Housing Finance Agency ......................... 2,500,000 Dormitory Authority ........................... 12,000,000 Dormitory Authority Capital Expenses ............. 800,000 Environmental Facilities Corporation ............. 800,000 Thruway Authority ................................ 250,000 -------------- Total of schedule ............................. 18,350,000 -------------- Total of schedules ......................... 2,408,350,000 ============== Total of schedule ........................................ 4,603,325,000 ============== DEBT SERVICE FUND--HOUSING DEBT FUND--316 GENERAL OBLIGATION PAYMENTS The sum of $15,500,000, or so much thereof as may be necessary, is hereby appropriated for payment by the state comptroller of principal and interest on general obligation bonds issued in connection with state housing (low cost, middle income and urban renewal) ............... 15,500,000 ============== DEBT SERVICE FUND--HEALTH INCOME FUND--319 For debt service and related expenses in accordance with the following schedule .................................... 34,800,000 -------------- SCHEDULE The sum of $30,000,000, or so much thereof as may be necessary of operating revenues received from department of health facilities other than the New York City Veter- ans' Home, is hereby appropriated for payment by the state comptroller of all obligations under the terms of agreements between the health department and the dormi- tory authority ............................................ 30,000,000 The sum of $2,000,000, or so much thereof as may be neces- sary of operating revenues received from the New York City Veterans' Home, is hereby appropriated for payment by the state comptroller of all obligations under the terms of agreements between the health department and the dormitory authority .................................... 2,000,000 Related expenses ............................................... 800,000 Capital expenses ............................................. 2,000,000 -------------- Total of schedule ......................................... 34,800,000 ============== DEBT SERVICE FUND--STATE UNIVERSITY DORMITORY INCOME FUND--330 The sum of $105,300,000, or so much thereof as may be necessary, is hereby appropriated for payment by the
state comptroller of all obligations under the terms of agreements between the state university of New York and the dormitory authority and refunds to students for room rental and college fee overpayments, in accordance with the following schedule ................................... 105,300,000 -------------- SCHEDULE Debt service payments ....................................... 95,000,000 Related expenses ............................................... 800,000 Capital expenses ............................................. 9,500,000 -------------- Total of schedule .......................................... 105,300,000 ============== DEBT SERVICE FUND--MENTAL HEALTH SERVICES FUND--304 The sum of $353,000,000, or so much thereof as may be necessary, is hereby appropriated for payment by the state comptroller of all obligations of the dormitory authority, as successor to the facilities development corporation and the medical care facilities finance agency pursuant to chapter 83 of the laws of 1995, under the terms of any lease, sublease, or other financing agreement with the department of mental hygiene, in accordance with the following schedule ................... 353,000,000 -------------- SCHEDULE Debt service payments ...................................... 345,000,000 Related expenses ............................................. 8,000,000 -------------- Total of schedule .......................................... 353,000,000 ============== DEBT SERVICE FUND--LOCAL GOVERNMENT ASSISTANCE TAX FUND--364 The sum of $392,000,000, or so much thereof as may be necessary, is hereby appropriated for payment of all obligations, including but not limited to reserve fund credit facilities, to the local government assistance corporation pursuant to a certificate or certificates filed by the chairman of the corporation with the state comptroller and the governor, pursuant to subdivision 1 of section 3240 of the public authorities law, in accordance with the following schedule ................... 392,000,000 -------------- SCHEDULE Debt service payments ...................................... 385,000,000 Related expenses ............................................. 7,000,000 --------------
Total of schedule .......................................... 392,000,000 ============== TRUST AND AGENCY FUND--SCHOOL CAPITAL FACILITIES FINANCING RESERVE FUND--130 The sum of $30,500,000, or so much thereof as may be necessary, is hereby appropriated for payment by the state comptroller to the dormitory authority for the purpose of meeting the terms of any contractual agree- ments between the dormitory authority and participating special act school districts listed in chapter 566 of the laws of 1967, as amended, state-supported schools for blind and deaf students and children with other handicapping conditions pursuant to article 85 of the education law, and private not-for-profit schools approved by the commissioner of education pursuant to article 89 of the education law, in accordance with the following schedule ........................................ 30,500,000 -------------- SCHEDULE Debt service payments ....................................... 30,000,000 Related expenses ............................................... 250,000 Capital expenses ............................................... 250,000 -------------- Total of schedule ........................................... 30,500,000 ============== DEDICATED HIGHWAY AND BRIDGE TRUST FUND--SPECIAL OBLIGATION RESERVE AND PAYMENT ACCOUNT--072 The sum of $960,250,000, or so much thereof as may be necessary, is hereby appropriated to pay for bonds or notes as required under dedicated highway and bridge trust fund cooperative agreements under section 10-e of the highway law, in accordance with the following sched- ule ...................................................... 960,250,000 -------------- SCHEDULE Debt service payments ...................................... 960,000,000 Related expenses ............................................... 250,000 -------------- Total of schedule .......................................... 960,250,000 ============== DEBT REDUCTION RESERVE FUND - 064 The sum of $250,000,000, or so much thereof as may be necessary, is hereby appropriated from the debt reduction reserve fund for the purposes of principal, interest, and related expenses, for retiring or defeas- ing bonds previously issued, including any accrued
interest or other expenses related thereto, for any state-related bonding program or programs and for trans- fer, upon request of the director of the budget, to various capital projects funds as designated by the director of the budget for the funding of capital projects, equipment acquisitions, or similar expenses which have been authorized by law to be financed through the issuance of bonds, notes, or other obligations ....... 250,000,000 ============== CONTINGENT AND OTHER APPROPRIATIONS S 2. The several sums specified in this section, or so much thereof as may be sufficient to accomplish in full the purposes designated by the appropriations, are hereby appropriated to be paid as herein provided for the funds and purposes specified and are made available for the fiscal year beginning April 1, 2011. GENERAL FUND--STATE PURPOSES ACCOUNT--003 The sum of $20,000,000, or so much thereof as may be necessary, is hereby appropriated from the general fund to the credit of the state purposes account solely for the purpose of making payments of rebates to the federal government to maintain the exemption from federal income taxation of the interest paid to the holders of state obligations issued pursuant to sections 55 and 57 of the state finance law ......................................... 20,000,000 ============== The sum of $225,000,000, or so much thereof as may be necessary, is hereby appropriated from the general fund to the credit of the state purposes account solely for the purpose of redeeming general obligation bonds issued by the state of New York, provided, however, that the amount to be expended from this appropriation shall be limited to the amount, as determined by the comptroller, to be necessary to maintain the exemption from federal taxation of the interest paid to the holders of state obligations issued pursuant to sections 55 and 57 of the state finance law ........................................ 225,000,000 ============== ALL FUNDS For payment of principal and interest, including but not limited to reserve fund credit facilities, on variable rate obligations and interest rate exchange and similar agreements for state-supported debt or for transfer to any other appropriation, in accordance with the follow- ing schedule ........................................... 1,500,000,000 -------------- SCHEDULE Debt service payments .................................... 1,000,000,000
Related expenses ........................................... 100,000,000 Interest rate exchange and similar agreements .............. 400,000,000 -------------- Total of schedule ........................................ 1,500,000,000 ============== DEBT SERVICE FUND--GENERAL DEBT SERVICE FUND--311 SPECIAL CONTRACTUAL OBLIGATION PAYMENTS For payment to the dormitory authority, as successor to the medical care facilities finance agency pursuant to chapter 83 of the laws of 1995, for payment of principal interest, and related expenses on bonds or notes issued pursuant to the provisions of section 7-a of the New York state medical care facilities finance agency act, as amended, which provide that the service contract payments will be made to meet the debt service payments due if the funds and accounts established under the bond resolution, the secured hospital debt service reserve fund, and the secured hospital capital reserve fund are inadequate, in accordance with the following schedule ..... 84,000,000 -------------- SCHEDULE Debt service payments ....................................... 83,000,000 Related expenses ............................................. 1,000,000 -------------- Total of schedule ........................................... 84,000,000 ============== For payment to the tobacco settlement financing corpo- ration, for payment of bonds or notes issued pursuant to the provisions of part D3 of chapter 62 of the laws of 2003 which provides that contingency contract payments will be made to meet the debt service payments due if the funds and accounts established under the bond inden- tures, the debt service accounts, the debt service reserve accounts and the supplemental accounts are inad- equate, in accordance with the following schedule ........ 306,000,000 -------------- SCHEDULE Debt service payments ...................................... 305,000,000 Related expenses ............................................. 1,000,000 -------------- Total of schedule .......................................... 306,000,000 ==============

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