Senate Bill S7241A

Signed By Governor
2013-2014 Legislative Session

Relates to the issuance of bonds and notes of the upper Mohawk valley regional water finance authority and amends the aggregate limitation

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Archive: Last Bill Status Via A9579 - 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

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Bill Amendments

2013-S7241 - Details

See Assembly Version of this Bill:
A9579
Law Section:
Public Authorities Law
Laws Affected:
Amd §1226-l, Pub Auth L

2013-S7241 - Summary

Relates to the issuances of bonds and notes of the upper Mohawk valley regional water finance authority and amends the maximum aggregate principal amount limitation from one hundred million dollars to one hundred fifty million dollars.

2013-S7241 - Sponsor Memo

2013-S7241 - Bill Text download pdf

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

                                  7241

                            I N  S E N A T E

                               May 7, 2014
                               ___________

Introduced  by  Sen.  GRIFFO -- 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 the issuance
  of bonds and notes of the upper Mohawk valley regional  water  finance
  authority  and to amend the maximum aggregate principal amount limita-
  tion

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

  Section  1.  Subdivision 1 of section 1226-l of the public authorities
law, as added by chapter 647 of the laws of 1994, is amended to read  as
follows:
  1.  The  authority  shall have the power and is hereby authorized from
time to time to issue bonds, notes or other obligations to pay the  cost
of  any project or for any other corporate purpose, including the estab-
lishment of reserves to secure the bonds, the payment of  principal  of,
premium, if any, and interest on the bonds and the payment of incidental
expenses  in  connection therewith. [The] NO BONDS, NOTES OR OTHER OBLI-
GATIONS SHALL BE ISSUED IF SUCH ISSUANCE WOULD CAUSE THE aggregate prin-
cipal amount of such bonds,  notes  or  other  obligations  [shall  not]
OUTSTANDING  TO exceed one hundred FIFTY million dollars ([$100,000,000]
$150,000,000), excluding bonds, notes or  other  obligations  issued  to
refund  or otherwise repay bonds, notes or other obligations theretofore
issued for such purposes[; provided, however, that upon any such refund-
ing or repayment the total aggregate  principal  amount  of  outstanding
bonds,  notes  or  other  obligations  may  be  greater than one hundred
million dollars ($100,000,000) only if the present value of  the  aggre-
gate  debt  service  of the refunding or repayment bonds, notes or other
obligations to be issued shall not  exceed  the  present  value  of  the
aggregate debt service of the bonds, notes or other obligations so to be
refunded  or  repaid.  For  purposes  hereof,  the present values of the
aggregate debt service of the refunding or  repayment  bonds,  notes  or
other  obligations and of the aggregate debt service of the bonds, notes
or other obligations so refunded  or  repaid,  shall  be  calculated  by

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

2013-S7241A (ACTIVE) - Details

See Assembly Version of this Bill:
A9579
Law Section:
Public Authorities Law
Laws Affected:
Amd §1226-l, Pub Auth L

2013-S7241A (ACTIVE) - Summary

Relates to the issuances of bonds and notes of the upper Mohawk valley regional water finance authority and amends the maximum aggregate principal amount limitation from one hundred million dollars to one hundred fifty million dollars.

2013-S7241A (ACTIVE) - Sponsor Memo

2013-S7241A (ACTIVE) - Bill Text download pdf

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

                                 7241--A
    Cal. No. 981

                            I N  S E N A T E

                               May 7, 2014
                               ___________

Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and  Commissions -- reported favorably from said committee, ordered to
  first and second report, ordered  to  a  third  reading,  amended  and
  ordered reprinted, retaining its place in the order of third reading

AN  ACT to amend the public authorities law, in relation to the issuance
  of bonds and notes of the upper Mohawk valley regional  water  finance
  authority  and to amend the maximum aggregate principal amount limita-
  tion

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

  Section  1.  Subdivision 1 of section 1226-l of the public authorities
law, as added by chapter 647 of the laws of 1994, is amended to read  as
follows:
  1.  The  authority  shall have the power and is hereby authorized from
time to time to issue bonds, notes or other obligations to pay the  cost
of  any project or for any other corporate purpose, including the estab-
lishment of reserves to secure the bonds, the payment of  principal  of,
premium, if any, and interest on the bonds and the payment of incidental
expenses in connection therewith.
  (A) The aggregate principal amount of such bonds, notes or other obli-
gations   shall   not   exceed   one   hundred   FIFTY  million  dollars
[($100,000,000)] ($150,000,000), excluding bonds, notes or  other  obli-
gations  issued to refund or otherwise repay bonds, notes or other obli-
gations theretofore issued for such purposes;  provided,  however,  that
upon  any  such  refunding  or  repayment  the total aggregate principal
amount of outstanding bonds, notes or other obligations may  be  greater
than  one  hundred FIFTY million dollars [($100,000,000)] ($150,000,000)
only if the present value of the aggregate debt service of the refunding
or repayment bonds, notes or other obligations to be  issued  shall  not
exceed  the  present  value  of the aggregate debt service of the bonds,
notes or other obligations so to be refunded or repaid.
  (B) PROVIDED FURTHER THAT NO SUCH BONDS, NOTES  OR  OTHER  OBLIGATIONS
THAT  SUCH  BOARD  HAS  DETERMINED TO BE REASONABLY NECESSARY TO SERVICE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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