Bill S6632-2013

Relates to rental payments from the NYC water board

Relates to rental payments from the NYC water board; requires the general fund of NYC to provide to the local water fund an amount equal to the amount requested by NYC pursuant to the base rental sum of money pursuant to the lease terms; requires fifty percent of these sums shall be used to provide rebates to residential water and sewer accounts and fifty percent to pay principal and interest on certain outstanding debt.

Details

Actions

  • Jun 20, 2014: COMMITTED TO RULES
  • Mar 6, 2014: ADVANCED TO THIRD READING
  • Mar 5, 2014: 2ND REPORT CAL.
  • Mar 4, 2014: 1ST REPORT CAL.238
  • Feb 19, 2014: REFERRED TO CITIES

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Cities - Mar 4, 2014
Ayes (4): Lanza, DeFrancisco, Grisanti, Breslin
Ayes W/R (1): Ball

Memo

BILL NUMBER:S6632

TITLE OF BILL: An act to amend the administrative code of the city of New York, in relation to rental payments from the New York city water board

PURPOSE:

To provide rebates to residential water and sewer accounts as well as paying off outstanding principal and interest on debt issued by the city of New York before 1985 for capital projects in the water and sewer system.

SUMMARY OF PROVISIONS:

Section 1 amends the administrative code of New York city by adding new section 5- 511 to require that the general fund of the City of New York provide to the local water fund an amount equal to the amount requested by the City of New York pursuant in the lease agreement between the City of New York and the New York City Water Board and requires that fifty percent of such a payment be used to provide rebates to residential water and sewer account and the other fifty percent be used to ameliorate outstanding debt issued by the City of New York before 1985 for capital projects pertaining to water and sewer systems, when such debt is paid of the full amount shall be used in the form of residential rebates.

Section 2 provides that this act shall take effect immediately.

JUSTIFICATION:

Currently, there is outstanding debt issued by the city of New York prior to 1985 for capital projects in the water and sewer system that has not currently been paid off. Because of the accumulation of principal and interest from this outstanding debt, the general fund must pay to the New York City Water Board. Half the sum is to be used for residential water and sewer rebates and the other half to be used to pay down debt, when such debt is paid, the sum shall be used to provide tax rebates to residential water and sewer accounts.

LEGISLATIVE HISTORY:

New Bill

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 6632 IN SENATE February 19, 2014 ___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Cities AN ACT to amend the administrative code of the city of New York, in relation to rental payments from the New York city water board THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The administrative code of the city of New York is amended by adding a new section 5-511 to read as follows: S 5-511 RENTAL PAYMENTS FROM THE NEW YORK CITY WATER BOARD. NOTWITH- STANDING ANY REQUEST OF THE CITY OF NEW YORK FOR A RENTAL PAYMENT FROM THE NEW YORK CITY WATER BOARD ESTABLISHED PURSUANT TO SECTION ONE THOU- SAND FORTY-SIX OF THE PUBLIC AUTHORITIES LAW, THE GENERAL FUND OF THE CITY OF NEW YORK SHALL PROVIDE TO THE LOCAL WATER FUND, ESTABLISHED PURSUANT TO SUBDIVISION TWO OF SECTION ONE THOUSAND FORTY-FIVE-J OF THE PUBLIC AUTHORITIES LAW AND THE LEASE AGREEMENT BETWEEN THE CITY OF NEW YORK AND THE NEW YORK CITY WATER BOARD, AN AMOUNT EQUAL TO THE AMOUNT REQUESTED BY THE CITY OF NEW YORK PURSUANT TO THE BASE RENTAL SUM OF MONEY PURSUANT TO THE TERMS OF SUCH LEASE. FIFTY PERCENT OF SUCH SUMS OF MONIES SHALL BE USED TO PROVIDE REBATES ACROSS THE BOARD TO RESIDENTIAL WATER AND SEWER ACCOUNTS AND FIFTY PERCENT TO PAY PRINCIPAL AND INTEREST ON OUTSTANDING DEBT ISSUED BY THE CITY OF NEW YORK BEFORE NINETEEN HUNDRED EIGHTY-FIVE FOR CAPITAL PROJECTS IN THE WATER AND SEWER SYSTEM, UNTIL SUCH DEBT IS PAID, WHEREUPON SUCH SUM SHALL BE USED TO PROVIDE REBATES ACROSS THE BOARD TO RESIDENTIAL WATER AND SEWER ACCOUNTS. S 2. This act shall take effect immediately.

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