NY State Senate Bill 2013-S5843

Senate Bill S5843

2013-2014 Legislative Session

Authorizes the dormitory authority to provide financing assistance to the counties of Nassau and Suffolk

download bill text pdf

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

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
Jan 08, 2014	referred to corporations, authorities and commissions
Jun 17, 2013	referred to rules

2013-S5843 (ACTIVE) - Details

Current Committee:: Senate Corporations, Authorities And Commissions
Law Section:: Public Authorities Law
Laws Affected:: Add §1689-j, Pub Auth L; amd §1261, Tax L

2013-S5843 (ACTIVE) - Summary

Authorizes the dormitory authority to provide financing assistance to the counties of Nassau and Suffolk.

2013-S5843 (ACTIVE) - Sponsor Memo

2013-S5843 (ACTIVE) - Bill Text download pdf

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

                                  5843

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 17, 2013
                               ___________

Introduced  by COMMITTEE ON RULES -- read twice and ordered printed, and
  when printed to be committed to the Committee on Rules

AN ACT to amend the public authorities law and the tax law, in  relation
  to Nassau and Suffolk counties financing assistance

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

  Section 1. The public authorities law  is  amended  by  adding  a  new
section 1689-j to read as follows:
  S 1689-J. NASSAU AND SUFFOLK COUNTIES; AUTHORITY FINANCING ASSISTANCE.
1. THE DORMITORY AUTHORITY IS AUTHORIZED TO PROVIDE FINANCING ASSISTANCE
TO  THE COUNTIES OF NASSAU AND SUFFOLK IN ACCORDANCE WITH THE PROVISIONS
OF THIS SECTION.
  2. DEFINITIONS. FOR THE PURPOSES OF THIS  TITLE,  UNLESS  THE  CONTEXT
OTHERWISE REQUIRES:
  (A)  "COMPTROLLER" MEANS THE COMPTROLLER OF A COUNTY, OR ANY SUCCESSOR
OFFICER.
  (B) "COUNTY" MEANS NASSAU COUNTY OR SUFFOLK COUNTY.
  (C) "COUNTY EXECUTIVE" MEANS THE COUNTY EXECUTIVE OF A COUNTY.
  (D) "COUNTY PLEDGED REVENUES" MEANS A COUNTY'S TAX  REVENUES  PAID  TO
THE DORMITORY AUTHORITY PURSUANT TO THIS SECTION.
  (E)  "COUNTY  TAX REVENUES" MEANS NET COLLECTIONS SET ASIDE FOR COUNTY
PURPOSES PURSUANT TO SUBDIVISION (A) OF SECTION TWELVE HUNDRED SIXTY-TWO
OF THE TAX LAW, FROM A COUNTY'S SALES AND COMPENSATING USE TAXES IMPOSED
PURSUANT  TO  THE  AUTHORITY  OF  SUBPART  B  OF  PART  ONE  OF  ARTICLE
TWENTY-NINE OF THE TAX LAW.
  (F)  "FINANCEABLE  COSTS" OR "COSTS" MEAN COSTS TO FINANCE (I) AMOUNTS
NECESSARY TO ACCOMPLISH A REFUNDING, REPAYMENT OR RESTRUCTURING  OF  ALL
OR  A PORTION OF A COUNTY'S OUTSTANDING INDEBTEDNESS, (II) ANY OBJECT OR
PURPOSE OF A COUNTY, FOR  WHICH  A  PERIOD  OF  PROBABLE  USEFULNESS  IS
PRESCRIBED  IN  SECTION  11.00  OF  THE LOCAL FINANCE LAW, INCLUDING THE
COSTS OF ANY PRELIMINARY STUDIES, SURVEYS, MAPS,  PLANS,  ESTIMATES  AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11507-01-3

S. 5843                             2

HEARINGS,  OR  (III)  INCIDENTAL  COSTS,  INCLUDING, BUT NOT LIMITED TO,
LEGAL FEES, PRINTING OR ENGRAVING, PUBLICATION  OF  NOTICES,  TAKING  OF
TITLE,  APPORTIONMENT  OF  COSTS,  AND  CAPITALIZED  INTEREST, INSURANCE
PREMIUMS,  COSTS RELATED TO ITEMS AUTHORIZED IN SUBDIVISION FOUR OF THIS
SECTION OR ANY UNDERWRITING OR OTHER COSTS INCURRED IN  CONNECTION  WITH
THE FINANCING THEREOF.
  (G) "LEGISLATURE" MEANS THE LEGISLATURE OF A COUNTY.
  3.  DECLARATION  OF  NEED FOR FINANCING ASSISTANCE TO A COUNTY.  (A) A
COUNTY SHALL DETERMINE AND DECLARE WHETHER  IT  REQUESTS  THE  DORMITORY
AUTHORITY  TO  UNDERTAKE  A FINANCING OF COSTS FOR SUCH COUNTY. ANY SUCH
REQUEST SHALL BE MADE BY AND THROUGH THE COUNTY EXECUTIVE FOR SUCH COUN-
TY AFTER APPROVAL BY ITS LEGISLATURE.    ANY  SUCH  FINANCING  SHALL  BE
CONSISTENT WITH THE ADOPTED BUDGET OF SUCH COUNTY.
  (B)  UPON  DECLARATION  BY A COUNTY OF SUCH NEED, ITS COUNTY EXECUTIVE
SHALL REQUEST THAT THE DORMITORY AUTHORITY PROVIDE FINANCING IN  ACCORD-
ANCE  WITH THE PROVISIONS OF THIS SECTION. UPON THE RECEIPT OF A WRITTEN
REQUEST FOR FINANCING ASSISTANCE FROM SUCH COUNTY, THE DORMITORY AUTHOR-
ITY SHALL BE AUTHORIZED TO UNDERTAKE THE FINANCING  OF  COSTS  FOR  SUCH
COUNTY  OR  ANY COVERED ORGANIZATION ON OR BEFORE DECEMBER THIRTY-FIRST,
TWO THOUSAND SIXTEEN.
  (C) THE DORMITORY AUTHORITY MAY ENTER INTO AGREEMENTS WITH  A  COUNTY,
AND A COUNTY, ACTING BY ITS COUNTY EXECUTIVE, AND APPROVED BY ITS LEGIS-
LATURE,  MAY  ENTER  INTO  AGREEMENTS  WITH  THE  DORMITORY AUTHORITY IN
ACCORDANCE WITH THE PROVISIONS OF THIS SECTION AS TO  THE  FINANCING  OF
COSTS  BY  THE  DORMITORY  AUTHORITY,  THE APPLICATION OF COUNTY PLEDGED
REVENUES TO SECURE THE DORMITORY AUTHORITY'S BONDS, NOTES OR OTHER OBLI-
GATIONS, AND FURTHER ASSURANCES IN RESPECT OF THE DORMITORY  AUTHORITY'S
RECEIPT OF COUNTY PLEDGED REVENUES. NOTWITHSTANDING ANY GENERAL, SPECIAL
OR LOCAL LAW TO THE CONTRARY, SUCH AGREEMENTS AND ANY FINANCING OF COSTS
AUTHORIZED  BY  THIS  SECTION  MAY BE ENTERED INTO, OR AGREED TO, BY THE
COUNTY OF NASSAU WITHOUT APPROVAL OF THE NASSAU COUNTY  INTERIM  FINANCE
AUTHORITY.  THE  COUNTY PLEDGED REVENUES SHALL NOT BE DEEMED TO BE FUNDS
OF SUCH COUNTY.  ANY SUCH AGREEMENTS WITH SUCH COUNTY MAY BE PLEDGED  BY
THE  DORMITORY AUTHORITY TO SECURE ITS BONDS, NOTES OR OTHER OBLIGATIONS
AND SUCH PLEDGE MAY NOT BE MODIFIED THEREAFTER EXCEPT AS PROVIDED BY THE
TERMS OF THE BOND RESOLUTION OR INDENTURE PURSUANT TO WHICH SUCH  BONDS,
NOTES OR OTHER OBLIGATIONS HAVE BEEN ISSUED.
  (D)  SUCH  AGREEMENTS  BETWEEN  A  COUNTY  AND THE DORMITORY AUTHORITY
SHALL: (I) DESCRIBE THE PARTICULAR FINANCEABLE COSTS TO BE  FINANCED  IN
WHOLE  OR IN PART BY THE DORMITORY AUTHORITY; (II) DESCRIBE THE PLAN FOR
THE FINANCING OF THE COSTS; (III) SET FORTH THE METHOD BY WHICH  AND  BY
WHOM  AND  THE  TERMS  AND  CONDITIONS  UPON WHICH MONEY PROVIDED BY THE
DORMITORY AUTHORITY SHALL BE DISBURSED TO SUCH COUNTY; (IV) WHERE APPRO-
PRIATE, PROVIDE FOR THE PAYMENT OF SUCH COSTS BY SUCH COUNTY UNDER  SUCH
CONTRACTS  AS SHALL BE AWARDED BY SUCH COUNTY OR FOR SUCH COUNTY TO MAKE
A CAPITAL CONTRIBUTION OF SUCH PROCEEDS AS COUNTY FUNDS TO ANOTHER ENTI-
TY FOR THE PAYMENT OR REIMBURSEMENT OF SUCH COSTS; AND (V) REQUIRE EVERY
CONTRACT ENTERED INTO BY SUCH  COUNTY  OTHER  THAN  THE  LOAN  AGREEMENT
ENTERED  INTO  BY  SUCH  COUNTY WITH THE DORMITORY AUTHORITY, OR ANOTHER
ENTITY RECEIVING FUNDS FROM SUCH COUNTY, FOR COSTS  TO  BE  FINANCED  IN
WHOLE  OR  IN  PART  BY  THE  DORMITORY  AUTHORITY  TO BE SUBJECT TO THE
PROVISIONS OF THE COUNTY CHARTER OF SUCH  COUNTY  AND  OTHER  APPLICABLE
LAWS  GOVERNING CONTRACTS OF SUCH COUNTY OR SUCH ENTITY, AS THE CASE MAY
BE.
  4. BONDS, NOTES OR OTHER OBLIGATIONS OF THE DORMITORY  AUTHORITY.  (A)
THE  DORMITORY  AUTHORITY  SHALL HAVE THE POWER AND IS HEREBY AUTHORIZED

S. 5843                             3

FROM TIME TO TIME ON  OR  BEFORE  DECEMBER  THIRTY-FIRST,  TWO  THOUSAND
SIXTEEN  TO  ISSUE  BONDS,  NOTES OR OTHER OBLIGATIONS IN SUCH PRINCIPAL
AMOUNTS AS IT MAY DETERMINE TO  BE  NECESSARY  PURSUANT  TO  SUBDIVISION
THREE  OF THIS SECTION TO PAY ANY FINANCEABLE COSTS AND TO FUND RESERVES
TO SECURE SUCH  BONDS,  NOTES  OR  OTHER  OBLIGATIONS,  INCLUDING  COSTS
INCURRED IN CONNECTION WITH ANY FINANCING ASSISTANCE PROVIDED BY IT TO A
COUNTY;  PROVIDED,  HOWEVER,  THE  AGGREGATE  PRINCIPAL  AMOUNTS OF SUCH
BONDS, NOTES OR OTHER OBLIGATIONS WHICH MAY BE ISSUED WITH RESPECT TO  A
PARTICULAR  COUNTY SHALL NOT EXCEED FIVE HUNDRED MILLION DOLLARS AND THE
DORMITORY AUTHORITY SHALL HAVE THE POWER AND IS HEREBY  AUTHORIZED  FROM
TIME  TO  TIME  BEFORE OR AFTER SUCH DATE TO ISSUE BONDS, NOTES OR OTHER
OBLIGATIONS IN SUCH PRINCIPAL AMOUNTS AS IT MAY DETERMINE TO  BE  NECES-
SARY  TO  REFUND OR ADVANCE REFUND ANY OUTSTANDING BONDS OR NOTES OF THE
DORMITORY AUTHORITY ISSUED PURSUANT TO THIS SECTION  WITHOUT  REGARD  TO
THE  FIVE HUNDRED MILLION DOLLAR LIMITATION. BONDS, NOTES OR OTHER OBLI-
GATIONS ISSUED BY THE DORMITORY AUTHORITY (I) TO PAY REASONABLE COSTS OF
ISSUANCE, AS DETERMINED BY THE DORMITORY AUTHORITY, OR (II) TO ESTABLISH
DEBT SERVICE RESERVE FUNDS SHALL NOT COUNT AGAINST THE  ABOVE  LIMIT  ON
OUTSTANDING  BONDS, NOTES OR OTHER OBLIGATIONS OF THE DORMITORY AUTHORI-
TY, NOR SHALL ANY ACCRETION OF PRINCIPAL OF BONDS THAT WOULD  CONSTITUTE
INTEREST  UNDER  THE  INTERNAL  REVENUE  CODE OF 1986, AS AMENDED, COUNT
AGAINST SUCH LIMIT.
  (B) NO BOND OF THE DORMITORY AUTHORITY ISSUED PURSUANT TO THIS SECTION
SHALL MATURE MORE THAN THIRTY YEARS FROM THE DATE OF ITS ISSUE.
  (C) BONDS, NOTES OR  OTHER  OBLIGATIONS  OF  THE  DORMITORY  AUTHORITY
ISSUED  AS FINANCING ASSISTANCE TO A COUNTY PURSUANT TO THIS SECTION MAY
BE ISSUED, AMORTIZED,  REDEEMED  AND  REFUNDED  WITHOUT  REGARD  TO  THE
PROVISIONS  OF THE LOCAL FINANCE LAW, AND THE AUTHORITY IS AUTHORIZED TO
PLEDGE ALL OR ANY PART OF ITS COUNTY PLEDGED REVENUES OR OTHER ASSETS AS
SECURITY FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON ANY  BONDS,
NOTES OR OTHER OBLIGATIONS ISSUED BY IT PURSUANT TO THIS SECTION AND ANY
AGREEMENTS MADE IN CONNECTION THEREWITH.
  5.  INTERCEPT  OF COUNTY TAX REVENUES. (A) COMMENCING ON THE EFFECTIVE
DATE OF THIS SECTION, AND UNTIL SUCH TIME WHEN NO BONDS, NOTES OR  OTHER
OBLIGATIONS  OF  THE DORMITORY AUTHORITY ISSUED PURSUANT TO THIS SECTION
ARE OUTSTANDING, THE STATE COMPTROLLER SHALL PAY COUNTY TAX REVENUES  AT
LEAST  MONTHLY  TO  THE  DORMITORY  AUTHORITY IN ACCORDANCE WITH SECTION
TWELVE HUNDRED SIXTY-ONE OF THE TAX LAW. DURING SUCH PERIOD, THE  APPLI-
CABLE  COUNTY  SHALL IMPOSE SALES AND COMPENSATING USE TAXES PURSUANT TO
SUBDIVISION (A) OF SECTION TWELVE HUNDRED TEN OF THE TAX LAW AT  A  RATE
OF NO LESS THAN THREE PERCENT.
  (B) A COUNTY SHALL HAVE NO RIGHT, TITLE, OR INTEREST IN COUNTY PLEDGED
REVENUES.
  6. RESOURCES OF THE DORMITORY AUTHORITY. (A) SUBJECT TO THE PROVISIONS
OF ANY CONTRACT WITH HOLDERS OF BONDS, NOTES OR OTHER OBLIGATIONS, COUN-
TY  PLEDGED  REVENUES SHALL BE PAID TO THE DORMITORY AUTHORITY AND SHALL
NOT BE COMMINGLED WITH ANY OTHER MONEY.
  (B) COUNTY PLEDGED REVENUES SHALL BE APPLIED IN THE FOLLOWING ORDER OF
PRIORITY: FIRST TO PAY DEBT SERVICE  OR  FOR  SET  ASIDES  TO  PAY  DEBT
SERVICE  ON THE DORMITORY AUTHORITY'S BONDS, NOTES, OR OTHER OBLIGATIONS
ISSUED BY AUTHORITY OF SUBDIVISION FOUR  OF  THIS  SECTION,  SECOND,  TO
REPLENISH  ANY  RESERVE  FUNDS SECURING SUCH BONDS, NOTES OR OTHER OBLI-
GATIONS OF THE DORMITORY AUTHORITY IN ACCORDANCE WITH THE  PROVISION  OF
THE  BOND  RESOLUTION OF THE DORMITORY AUTHORITY, THIRD, TO PAY ANY FEES
AND EXPENSES OF THE DORMITORY AUTHORITY AND THE TRUSTEE FOR  ANY  BONDS,
NOTES AND OTHER OBLIGATIONS ISSUED BY THE DORMITORY AUTHORITY AS FINANC-

S. 5843                             4

ING  ASSISTANCE  TO  SUCH COUNTY; AND FOURTH, TO SUCH COUNTY PURSUANT TO
ANY TRANSFER AGREEMENT BETWEEN THE DORMITORY AUTHORITY AND SUCH COUNTY.
  7.  ON  A MONTHLY BASIS, THE DORMITORY AUTHORITY OR ITS DESIGNEE SHALL
PREPARE AND PROVIDE TO EACH COUNTY A DETAILED ACCOUNTING OF ALL REVENUES
RECEIVED AND PAYMENTS AND DEBT SERVICE SET ASIDES MADE, AS  ATTRIBUTABLE
TO SUCH COUNTY.  SUCH ACCOUNTING SHALL REFLECT:
  (A) THE AMOUNT OF COUNTY TAX REVENUES RECEIVED DURING SUCH MONTH;
  (B)  THE  RESPECTIVE  PORTION OF DEBT SERVICE PAID OR SET ASIDE DURING
SUCH MONTH BY THE DORMITORY AUTHORITY FOR  ITS  BONDS,  NOTES  OR  OTHER
OBLIGATIONS ISSUED AS FINANCING ASSISTANCE TO SUCH COUNTY;
  (C) THE RESPECTIVE PORTION OF RESERVE FUND REPLENISHMENT, IF ANY, MADE
OR  SET ASIDE DURING SUCH MONTH BY THE DORMITORY AUTHORITY IN CONNECTION
WITH ITS BONDS, NOTES OR OTHER OBLIGATIONS ISSUED AS  FINANCING  ASSIST-
ANCE TO SUCH COUNTY; AND
  (D) THE RESPECTIVE PORTION OF ADMINISTRATIVE EXPENSES OF THE DORMITORY
AUTHORITY PAID OR SET ASIDE DURING SUCH MONTH BY THE DORMITORY AUTHORITY
ATTRIBUTABLE TO SUCH COUNTY.
  AS  SOON  AS  PRACTICABLE AFTER EACH MONTHLY PAYMENT OR SET ASIDE, THE
DORMITORY AUTHORITY SHALL  WIRE  TRANSFER  RESPECTIVE  PAYMENTS  OF  THE
REMAINING  MONTHLY BALANCE OR REVENUES TO SUCH COUNTY IN ACCORDANCE WITH
SUCH ACCOUNTING. TO THE EXTENT THAT SUCH RESPECTIVE MONTHLY PAYMENTS  OF
THE  REMAINING BALANCE OF REVENUES RESULT IN AN OVERPAYMENT OR UNDERPAY-
MENT TO SUCH COUNTY, THE DORMITORY AUTHORITY SHALL  IN  THE  IMMEDIATELY
SUBSEQUENT MONTH, AFTER MAKING DEBT SERVICE PAYMENTS OR DEBT SERVICE SET
ASIDES,  REPLENISHING  ANY  RESERVE  FUNDS AND PAYING THE ADMINISTRATIVE
EXPENSES OF THE DORMITORY AUTHORITY FOR SUCH MONTH, MAKE  AN  ADJUSTMENT
IN  FAVOR  OF  SUCH  COUNTY,  AS THE CASE MAY BE, BEFORE DETERMINING THE
REMAINING AMOUNT OF THE BALANCE OF REVENUES FOR  SUCH  SUBSEQUENT  MONTH
AND  PAYING  SUCH  REMAINING MONTHLY BALANCE OF REVENUES TO SUCH COUNTY.
NOTHING IN THIS TITLE SHALL BE DEEMED TO RESTRICT THE STATE  COMPTROLLER
OR  THE COMMISSIONER OF TAXATION AND FINANCE FROM MAKING ADJUSTMENTS FOR
OVERPAYMENTS OR UNDERPAYMENTS PURSUANT TO THE TAX LAW.
  8. THE COMPTROLLER SHALL HAVE ACCESS TO  AND  THE  RIGHT  TO  EXAMINE,
AUDIT,  EXCERPT,  COPY OR TRANSCRIBE ANY PERTINENT TRANSACTIONS OR OTHER
RECORDS RELATING TO FINANCING ASSISTANCE  PROVIDED  IN  ACCORDANCE  WITH
THIS SECTION.
  S  2.  Subdivision  (a)  of section 1261 of the tax law, as amended by
chapter 182 of the laws of 2005, is amended to read as follows:
  (a) All taxes, penalties and interest imposed by cities,  counties  or
school  districts  under  the  authority  of section twelve hundred ten,
twelve hundred eleven, twelve hundred twelve or twelve hundred  twelve-A
of  this  article,  which  are  collected  by the commissioner, shall be
deposited daily with such responsible banks,  banking  houses  or  trust
companies,  as may be designated by the state comptroller, to the credit
of the  comptroller,  in  trust  for  the  cities,  counties  or  school
districts  imposing the tax or for (i) the Nassau county interim finance
authority or (ii) the Buffalo fiscal stability authority  or  (iii)  the
Erie  county  fiscal stability authority, created by the public authori-
ties law, OR (IV) THE DORMITORY AUTHORITY, (i) to the  extent  that  net
collections  from  taxes  imposed  by  Nassau  county are payable to the
Nassau county interim finance authority or (ii) to the extent  that  net
collections  from taxes imposed by Erie county or by the city of Buffalo
are payable to the Buffalo fiscal stability authority or  (iii)  to  the
extent  that net collections from taxes imposed by Erie county are paya-
ble to the Erie county fiscal stability authority, OR (IV) TO THE EXTENT
THAT NET COLLECTIONS FROM TAXES IMPOSED  BY  NASSAU  COUNTY  OR  SUFFOLK

S. 5843                             5

COUNTY ARE PAYABLE TO THE DORMITORY AUTHORITY, or for any public benefit
corporation to which the tax may be payable pursuant to law. Such depos-
its  and deposits received pursuant to subdivision (b) of section twelve
hundred  fifty-two  of  this article shall be kept in trust and separate
and apart from all other monies in the possession  of  the  comptroller.
The  comptroller shall require adequate security from all such deposito-
ries of such revenue collected by the commissioner, including the depos-
its received pursuant to  subdivision  (b)  of  section  twelve  hundred
fifty-two of this article. Any amount payable to such authorities pursu-
ant  to  the  public  authorities law shall, at the time it is otherwise
payable to (i) Nassau county, (ii) Erie county or the city  of  Buffalo,
[or]  (iii) Erie county, OR (IV) SUFFOLK COUNTY, respectively, as speci-
fied in this section, be paid instead to such respective authority.  Any
amount payable to a public benefit corporation pursuant to law shall, at
the time it is otherwise payable to the taxing jurisdiction as specified
in this section, be paid instead to such public benefit corporation.
  S 3. Paragraph 3 of subdivision (c) of section 1261 of the tax law, as
amended  by  section 9 of part SS1 of chapter 57 of the laws of 2008, is
amended to read as follows:
  (3) However, the taxes, penalties and interest which (i) the county of
Nassau, (ii) the county of Erie, to the extent the  county  of  Erie  is
contractually  or statutorily obligated to allocate and apply or pay net
collections to the city of Buffalo and to the extent  that  such  county
has  set  aside net collections for educational purposes attributable to
the Buffalo school district, or the city  of  Buffalo  [or],  (iii)  the
county  of  Erie  is  authorized  to  impose  pursuant to section twelve
hundred ten of this article, OR (IV) THE COUNTY OF SUFFOLK IS AUTHORIZED
TO IMPOSE PURSUANT TO SECTION TWELVE HUNDRED TEN OF THIS ARTICLE,  other
than  such taxes in the amounts described, respectively, in subdivisions
one and two of section one thousand  two  hundred  sixty-two-e  of  this
part,  during  the  period that such section authorizes Nassau county to
establish special or local assistance programs thereunder, together with
any penalties and interest related thereto, and  after  the  comptroller
has  reserved  such refund fund and such costs, shall, commencing on the
next payment date after the effective date of this sentence and of  each
month  thereafter,  until  such  date  as  (i) the Nassau county interim
finance authority shall have no obligations  outstanding,  or  (ii)  the
Buffalo  fiscal  stability  authority shall cease to exist, or (iii) the
Erie county fiscal stability authority shall cease to exist, OR (IV) THE
DORMITORY AUTHORITY SHALL HAVE NO  OBLIGATIONS  OUTSTANDING  WHICH  WERE
ISSUED TO PROVIDE FINANCIAL ASSISTANCE TO NASSAU COUNTY OR SUFFOLK COUN-
TY,  be  paid by the comptroller, respectively, to (i) the Nassau county
interim finance authority to be applied by  the  Nassau  county  interim
finance  authority, or (ii) to the Buffalo fiscal stability authority to
be applied by the Buffalo fiscal stability authority, or  (iii)  to  the
Erie  county fiscal stability authority to be applied by the Erie county
fiscal stability authority, OR (IV) TO THE  DORMITORY  AUTHORITY  TO  BE
APPLIED BY THE DORMITORY AUTHORITY, as the case may be, in the following
order  of  priority: first pursuant to the Nassau county interim finance
authority's contracts with bondholders or the Buffalo  fiscal  stability
authority's contracts with bondholders or the Erie county fiscal stabil-
ity  authority's contracts with bondholders OR THE DORMITORY AUTHORITY'S
CONTRACTS WITH BONDHOLDERS FOR OBLIGATIONS ISSUED TO  PROVIDE  FINANCIAL
ASSISTANCE TO SUFFOLK COUNTY, respectively, then to pay the Nassau coun-
ty interim finance authority's operating expenses not otherwise provided
for  or  the Buffalo fiscal stability authority's operating expenses not

S. 5843                             6

otherwise provided for or the Erie county fiscal  stability  authority's
operating expenses not otherwise provided for, respectively, and then TO
THE  DORMITORY  AUTHORITY'S  CONTRACTS  WITH BONDHOLDERS FOR OBLIGATIONS
ISSUED  TO  PROVIDE  FINANCIAL  ASSISTANCE TO NASSAU COUNTY AND THEN (i)
pursuant to the Nassau county  interim  finance  authority's  agreements
with  the  county  of  Nassau, which agreements shall require the Nassau
county interim finance authority to transfer such taxes,  penalties  and
interest  remaining after providing for contractual or other obligations
of the Nassau county interim  finance  authority,  and  subject  to  any
agreement  between  such  authority  and  the county of Nassau, AND THEN
PURSUANT TO THE DORMITORY AUTHORITY'S  AGREEMENTS  WITH  THE  COUNTY  OF
NASSAU, WHICH AGREEMENTS SHALL REQUIRE THE DORMITORY AUTHORITY TO TRANS-
FER  SUCH  TAXES,  PENALTIES  AND INTEREST REMAINING AFTER PROVIDING FOR
CONTRACTUAL OR OTHER OBLIGATIONS OF THE DORMITORY AUTHORITY, AND SUBJECT
TO ANY AGREEMENT BETWEEN SUCH AUTHORITY AND THE COUNTY OF NASSAU, to the
county of Nassau as frequently as practicable; or (ii) pursuant  to  the
Buffalo  fiscal  stability  authority's  agreements  with  the  city  of
Buffalo, which agreements shall require  the  Buffalo  fiscal  stability
authority to transfer such taxes, penalties and interest remaining after
providing  for  contractual  or  other obligations of the Buffalo fiscal
stability authority, and subject to any agreement between such authority
and the city of Buffalo, to the city of Buffalo or the city  of  Buffalo
school  district,  as  the case may be, as frequently as practicable; or
(iii) pursuant to the Erie county fiscal  stability  authority's  agree-
ments  with  the county of Erie, which agreements shall require the Erie
county fiscal stability authority to transfer such taxes, penalties  and
interest  remaining after providing for contractual or other obligations
of the Erie county fiscal stability authority, and subject to any agree-
ment between such authority and the county of Erie,  to  the  county  of
Erie  as  frequently  as  practicable; OR (IV) PURSUANT TO THE DORMITORY
AUTHORITY'S AGREEMENTS WITH THE  COUNTY  OF  SUFFOLK,  WHICH  AGREEMENTS
SHALL  REQUIRE THE DORMITORY AUTHORITY TO TRANSFER SUCH TAXES, PENALTIES
AND INTEREST REMAINING AFTER PROVIDING FOR CONTRACTUAL  OR  OTHER  OBLI-
GATIONS OF THE DORMITORY AUTHORITY, AND SUBJECT TO ANY AGREEMENT BETWEEN
SUCH  AUTHORITY  AND  THE COUNTY OF SUFFOLK, TO THE COUNTY OF SUFFOLK AS
FREQUENTLY AS PRACTICABLE. During the period  that  the  comptroller  is
required to make payments to the Nassau county interim finance authority
OR  TO  THE  DORMITORY AUTHORITY described in the previous sentence, the
county of Nassau shall have no right, title or interest in  or  to  such
taxes,  penalties  and interest required to be paid to the Nassau county
interim finance authority OR  TO  THE  DORMITORY  AUTHORITY,  except  as
provided  in  such  RESPECTIVE authority's agreements with the county of
Nassau. During the period that  the  comptroller  is  required  to  make
payments  to  the  Buffalo  fiscal  stability authority described in the
second previous sentence, the city of Buffalo and such  school  district
shall  have  no  right, title or interest in or to such taxes, penalties
and interest required to be paid to the Buffalo fiscal stability author-
ity, except as provided in such authority's agreements with the city  of
Buffalo.  During  the  period  that  the comptroller is required to make
payments to the Erie county fiscal stability authority described in  the
third  previous  sentence, the county of Erie shall have no right, title
or interest in or to such taxes, penalties and interest required  to  be
paid  to  the Erie county fiscal stability authority, except as provided
in such authority's agreements with the county of Erie. DURING THE PERI-
OD THAT THE COMPTROLLER IS REQUIRED TO MAKE PAYMENTS  TO  THE  DORMITORY
AUTHORITY  PURSUANT  TO  THE  DORMITORY  AUTHORITY'S AGREEMENTS WITH THE

S. 5843                             7

COUNTY OF SUFFOLK, THE COUNTY OF SUFFOLK SHALL HAVE NO RIGHT,  TITLE  OR
INTEREST IN OR TO SUCH TAXES, PENALTIES AND INTEREST REQUIRED TO BE PAID
TO THE DORMITORY AUTHORITY, EXCEPT AS PROVIDED IN SUCH AGREEMENTS.
  S  4.  If any section, part or provision of this act shall be adjudged
unconstitutional or invalid or ineffective by any court of  this  state,
any  party  in  interest  shall  have a direct appeal as of right to the
court of appeals of the state of New York, and such  appeal  shall  have
preference  over  all  other causes. Service upon the adverse party of a
notice of appeal shall stay the effect of the judgment or order appealed
from pending the hearing and determination of the appeal.
  S 5. Effect of inconsistent provisions. Insofar as the  provisions  of
this  act are inconsistent with the provisions of any other act, general
or special, or of any charter, local law, ordinance or resolution of any
municipality, the provisions of this act shall be  controlling.  Nothing
contained  in  this  act shall be held to supplement or otherwise expand
the powers or duties of the dormitory authority otherwise then set forth
in this act.
  S 6. If any clause, sentence, paragraph, section or part of  this  act
shall  be adjudged by any court of competent jurisdiction to be invalid,
such judgment shall not affect,  impair,  or  invalidate  the  remainder
thereof, but shall be confined in its operation to the clause, sentence,
paragraph, section, or part thereof directly involved in the controversy
in  which such judgment shall have been rendered. The provisions of this
act shall be liberally construed  to  assist  the  effectuation  of  the
public purposes furthered hereby.
  S  7.  This  act  shall take effect on the sixtieth day after it shall
have become a law.

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.