Bill S7606-2009

Extends certain provisions of the state finance law and other laws and relates to voting by the NY local government assistance corporation

Extends certain provisions of the state finance law and other laws and relates to voting by the NY local government assistance corporation authorizing the issuance of bonds or notes.

Details

  • Same as:
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  • Law:

Actions

  • Apr 26, 2010: SUBSTITUTED BY A10848
  • Apr 26, 2010: ORDERED TO THIRD READING CAL.425
  • Apr 26, 2010: REPORTED AND COMMITTED TO RULES
  • Apr 26, 2010: REFERRED TO FINANCE

Votes

VOTE: COMMITTEE VOTE: - Rules - Apr 26, 2010
Ayes (14): Smith, Espada, Stachowski, Montgomery, Duane, Hassell-Thompson, Krueger, Parker, Serrano, Stewart-Cousins, Dilan, Klein, Valesky, Hannon
Ayes W/R (2): Johnson O, Padavan
Nays (7): Skelos, Volker, Farley, LaValle, Seward, Larkin, Saland

Memo

 BILL NUMBER:  S7606

TITLE OF BILL :

An act to amend part RR of chapter 57 of the laws of 2008 providing for the administration of certain funds and accounts related to the 2008-2009 budget, in relation to effectiveness of certain provisions thereof; and to amend the public authorities law, in relation to voting of directors of the local government assistance corporation, and providing for the repeal of certain provisions upon expiration thereof

PURPOSE :

This bill extends a provision of law that expired and became inoperative on March 31, 2010, and amends Public Authorities Law relating to voting requirements of the Local Government Assistance Corporation (LGAC).

SUMMARY OF PROVISIONS :

This bill amends § 51 of part RR of Chapter 57 of the Laws of 2008, to extend for one year provisions in existing law relating to the treatment of refundings with variable rate obligations or swaps.

Additionally, this bill amends Public Authorities Law § 3234(5) to allow for the issuance of refunding bonds with a unanimous vote of all Directors in office.

STATEMENT IN SUPPORT AND BUDGETARY IMPLICATIONS :

If both provisions are not adopted in this bill, LGAC will not be able to issue fixed rate bonds to refund variable rate bonds resulting in additional portfolio risk and potential future costs. These provisions need to be included in this bill to allow for notices to be sent to bondholders by April 30th of this year.

EFFECTIVE DATE : Immediately, with provisions.

Text

STATE OF NEW YORK ________________________________________________________________________ S. 7606 A. 10848 S E N A T E - A S S E M B L Y April 26, 2010 ___________
IN SENATE -- Introduced by COMMITTEE ON RULES -- (at request of the Governor) -- read twice and ordered printed, and when printed to be committed to the Committee on Finance IN ASSEMBLY -- Introduced by COMMITTEE ON RULES -- (at request of the Governor) -- read once and referred to the Committee on Ways and Means AN ACT to amend part RR of chapter 57 of the laws of 2008 providing for the administration of certain funds and accounts related to the 2008- 2009 budget, in relation to effectiveness of certain provisions there- of; and to amend the public authorities law, in relation to voting of directors of the local government assistance corporation, and provid- ing for the repeal of certain provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 51 of part RR of chapter 57 of the laws of 2008 providing for the administration of certain funds and accounts related to the 2008-2009 budget, as amended by section 13-a of part PP of chap- ter 56 of the laws of 2009, is amended to read as follows: S 51. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after April 1, 2008; provided, however, that the amendments to subdivision 6 of section 4 and subdivi- sion 4 of section 40 of the state finance law made by sections fifteen and sixteen of this act shall expire on the same date such subdivisions expire; and provided, further, however, that section thirty-four of this act shall take effect on the same date as the reversion of section 69-c of the state finance law as provided in section 58 of part T of chapter 57 of the laws of 2007, as amended; provided, further that such amend- ments shall expire and be deemed repealed March 31, [2010] 2011; and provided, further, however, that sections one, three, four, and eighteen through twenty-seven of this act shall expire March 31, 2009 when upon such date the provisions of such sections shall be deemed repealed; and provided further that section fourteen of this act shall expire March 31, [2010] 2011 when upon such date the provisions of such section shall be deemed repealed.
S 2. Subdivision 5 of section 3234 of the public authorities law, as amended by section 54 of part K of chapter 81 of the laws of 2002, is amended to read as follows: 5. A majority of the whole number of directors then in office shall constitute a quorum for the transaction of any business or the exercise of any power of the corporation. Except as otherwise specified in this title, for the transaction of any business or the exercise of any power of the corporation, the corporation shall have power to act by a majori- ty of the directors present at any meeting at which a quorum is in attendance; provided that one or more directors may participate in a meeting by means of conference telephone or similar communications equipment allowing all directors participating in the meeting to hear each other at the same time and participation by such means shall constitute presence in person at a meeting. A unanimous vote of all directors THEN IN OFFICE shall be required for approval of a resolution authorizing the issuance of bonds or notes or any supplemental or amen- datory resolution. The corporation may delegate to one or more of its directors, or officers, agents and employees, such powers and duties as the directors may deem proper. Five days notice shall be given to each director and nonvoting representative prior to any meeting of the corpo- ration. S 3. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after April 1, 2010, provided, however, that section two of this act shall expire March 31, 2011, when, upon such date, the provisions of such section shall be deemed repealed.

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