NY State Senate Bill 2011-S5564

Senate Bill S5564

Signed By Governor

2011-2012 Legislative Session

Relates to the power of the New York State Thruway Authority to finance certain projects in connection with the canal system

download bill text pdf

Archive: Last Bill Status - Signed by Governor

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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jul 20, 2011	signed chap.212
Jul 08, 2011	delivered to governor
Jun 16, 2011	returned to senate passed assembly ordered to third reading rules cal.370 substituted for a6444
Jun 14, 2011	referred to corporations, authorities and commissions delivered to assembly passed senate
Jun 13, 2011	ordered to third reading cal.1171
Jun 02, 2011	referred to rules

Votes

- Jun 14, 2011 - Floor Vote
  S5564
  
  58
  
  Aye
  
  4
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 14, 2011
      
      aye (58)
      
      Adams
      
      Addabbo Jr.
      
      Alesi
      
      Avella
      
      Bonacic
      
      Breslin
      
      Carlucci
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Duane
      
      Espaillat
      
      Farley
      
      Flanagan
      
      Fuschillo
      
      Gianaris
      
      Golden
      
      Griffo
      
      Grisanti
      
      Hannon
      
      Hassell-Thompson
      
      Huntley
      
      Johnson
      
      Kennedy
      
      Klein
      
      Kruger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Libous
      
      Little
      
      Marcellino
      
      Martins
      
      Maziarz
      
      McDonald
      
      Montgomery
      
      Nozzolio
      
      O'Mara
      
      Oppenheimer
      
      Parker
      
      Peralta
      
      Perkins
      
      Ranzenhofer
      
      Ritchie
      
      Robach
      
      Saland
      
      Sampson
      
      Savino
      
      Serrano
      
      Seward
      
      Skelos
      
      Smith
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Valesky
      
      Young
      
      Zeldin
      
      nay (4)
      
      Ball
      
      Gallivan
      
      Krueger
      
      Rivera
  Jun 13, 2011 - Rules Committee Vote
  S5564
  
  20
  
  Aye
  
  1
  
  Nay
  
  3
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 13, 2011
      
      aye (20)
      
      Alesi
      
      Breslin
      
      Dilan
      
      Farley
      
      Hannon
      
      Hassell-Thompson
      
      Johnson
      
      Larkin
      
      Libous
      
      Marcellino
      
      Maziarz
      
      Montgomery
      
      Nozzolio
      
      Parker
      
      Perkins
      
      Sampson
      
      Seward
      
      Skelos
      
      Smith
      
      Stewart-Cousins
      
      nay (1)
      
      Krueger
      
      aye wr (3)
      
      Duane
      
      LaValle
      
      Saland

2011-S5564 (ACTIVE) - Details

See Assembly Version of this Bill:: A6444
Law Section:: Public Authorities Law
Laws Affected:: Amd §383, Pub Auth L

2011-S5564 (ACTIVE) - Summary

Relates to the power of the New York State Thruway Authority to finance certain projects in connection with the canal system.

2011-S5564 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S5564

TITLE OF BILL:
An act
to amend the public authorities law, in relation
to the powers of the New York state thruway
authority to finance certain projects in
connection with the canal system including
emergency

PURPOSE:

This bill would increase the Thruway Authority's bond authorization
for Canal System purposes from $60 million to $160 million and the
Canal System emergency bond authorization from $10 million to $20
million.

SUMMARY OF PROVISIONS:

Section 1 of this bill would amend Public Authorities Law (PAL)
§383(1)(b) to increase the Thruway Authority's bond authorization for
Canal System purposes from $60 million to $160 million and would
amend PAL § 383(1)(c) to increase the Canal related emergency bond
authorization from $10 million to $20 million.

Section 2 of the bill would provide for an immediate effective date.

EXISTING LAW:

PAL § 383 currently authorizes the Thruway Authority to issue bonds,
notes or obligations not exceeding $60 million for Canal System
projects and not exceeding $10 million for Canal System projects
deemed by the Thruway Authority as necessary due to the existence of
an emergency involving danger to life, safety or property which
requires immediate action. No such emergency bonds, notes or other
obligations are authorized to be issued unless the Thruway Authority
has already exhausted the $60 million in authorization (which was
exhausted in 1996).

LEGISLATIVE HISTORY:

An identical bill (S.3621) was introduced in 2009/2010, but remained
in the Transportation Committee.

STATEMENT IN SUPPORT:

Since the legislative transfer of the Canal System from the Department
of Transportation to the Thruway Authority in 1992, the Thruway
Authority has invested more than $923.6 million in Canal operations,
maintenance, equipment and infrastructure, including nearly $70
million in bonds issued. As of 1996, the Thruway Authority exhausted
its $60 million bond authorization to support investment in the Canal
System and the $10 million emergency bond authorization is
anticipated to be exhausted in 2011. Without the ability to bond for
the Canal's capital needs, the Thruway Authority is limited to using


cash for infrastructure projects. Additional bonding authorization is
required to finance Canal System infrastructure needs.

Due to the age of the Canal System, critical capital infrastructure
repairs are required to ensure viability of its waterways and
continued economic support to the Upstate local communities it
serves. The Thruway Authority anticipates utilizing this increased
bonding authority over the next 10 years to fund capital projects
currently anticipated in its Multi-Year Capital Program as well as
provide funding for future, additional capital projects. Additional
capital investments could include embankment repairs, lock
rehabilitations, new and improved waterway access and docking
facilities as well as the repair of aging Canal maintenance facilities.

BUDGET IMPLICATIONS:
This bill would have no implications for the State Budget.

EFFECTIVE DATE:

This act shall take effect immediately; provided however, it shall be
deemed effective as a cap on the use of proceeds for canal purposes
with respect to any bonds, notes or other obligations issued pursuant
to PAL Section 365 anytime after April 1, 2011.

2011-S5564 (ACTIVE) - Bill Text download pdf

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

                                  5564

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              June 2, 2011
                               ___________

Introduced  by COMMITTEE ON RULES -- (at request of the Thruway Authori-
  ty) -- read twice and ordered printed, and when printed to be  commit-
  ted to the Committee on Rules

AN ACT to amend the public authorities law, in relation to the powers of
  the  New  York  state thruway authority to finance certain projects in
  connection with the canal system including emergency

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

  Section  1.  Section  383  of  the public authorities law, as added by
chapter 766 of the laws of 1992, is amended to read as follows:
  S 383. Additional powers of the authority to finance certain  projects
in connection with the New York state canal system. 1.  (a) The authori-
ty  is hereby authorized, as an additional corporate purpose thereof, to
issue its bonds, notes and other obligations in conformity with applica-
ble provisions of the uniform commercial code for purposes of  financing
the construction, reconstruction, development and improvement of the New
York state canal system.
  (b) The authority may issue bonds, notes or other obligations pursuant
to  paragraph  (a)  of this subdivision in an aggregate principal amount
not exceeding ONE HUNDRED sixty million dollars plus a principal  amount
of bonds, notes or other obligations issued (i) to fund any related debt
service  reserve fund, (ii) to provide capitalized interest for a period
not exceeding six months, except that where the proceeds of such  bonds,
notes  or other obligations are expended on a revenue-producing project,
such period shall be that allowable under  the  United  States  internal
revenue  code  of  nineteen  hundred eighty-six, as amended, in order to
preserve the exclusion of interest on such bonds, notes or  other  obli-
gations  from  federal  income  taxation,  and (iii) to provide fees and
other charges and expenses, including underwriters'  discounts,  related
to the issuance of such bonds, notes and other obligations and the main-
tenance  of such reserves, all as determined by the authority, excluding

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09724-01-1

S. 5564                             2

bonds, notes and other obligations issued to refund  outstanding  bonds,
notes and other obligations issued pursuant to this section.
  (c)  The  authority,  in  addition to the bonds, notes and other obli-
gations authorized pursuant to paragraph (b) of  this  subdivision,  may
issue  bonds,  notes  or  other obligations pursuant to paragraph (a) of
this subdivision in an aggregate principal  amount  not  exceeding  [ten
million]  TWENTY  MILLION  dollars  for  the  purpose of funding capital
construction and reconstruction projects on the  New  York  state  canal
system  which are deemed by the authority as necessary due to the exist-
ence of an emergency involving danger to life, safety or property  which
requires  immediate action. Provided, however, that no such bonds, notes
or other obligations shall be issued pursuant to  this  paragraph  until
the  authority has exhausted its authorization pursuant to paragraph (b)
of this subdivision.
  (d) In computing the total principal amount of bonds, notes and  other
obligations  that  may  at any time be issued for any purpose under this
section, the amount of  the  bonds,  notes  or  other  obligations  that
constitutes  interest  under  the United States internal revenue code of
nineteen hundred eighty-six, as amended, shall be excluded.
  2. All of the provisions of this title relating to  bonds,  notes  and
other  obligations,  which are not inconsistent with this section, shall
apply to obligations authorized  by  this  section,  including  but  not
limited to the power to issue renewal notes or refunding bonds thereof.
  S 2. This act shall take effect immediately.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.