S T A T E   O F   N E W   Y O R K
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                                  5651

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              March 3, 2015
                               ___________

Introduced  by M. of A. RUSSELL -- read once and referred to the Commit-
  tee on Corporations, Authorities and Commissions

AN ACT to amend the public authorities law, in relation to bonds of  the
  Ogdensburg  Bridge  Authority; and to repeal section 706 of the public
  authorities law relating thereto

  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 736 to read as follows:
  S 736. BONDS OF THE AUTHORITY. 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 CORPO-
RATE PURPOSE, INCLUDING THE ESTABLISHMENT OF RESERVES TO  SECURE  BONDS,
THE  PAYMENT OF PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THE BONDS
AND THE PAYMENT OF INCIDENTAL EXPENSES IN  CONNECTION  THEREWITH.    THE
AGGREGATE  PRINCIPAL  AMOUNT  OF  SUCH BONDS, NOTES OR OTHER OBLIGATIONS
SHALL NOT EXCEED ONE HUNDRED MILLION DOLLARS, EXCLUDING BONDS, NOTES  OR
OTHER  OBLIGATIONS  ISSUED  TO REFUND OR OTHERWISE REPAY BONDS, NOTES OR
OTHER OBLIGATIONS THEREFORE ISSUED FOR SUCH PURPOSES; PROVIDED, HOWEVER,
THAT UPON ANY SUCH REFUNDING OR REPAYMENT OF THE TOTAL AGGREGATE PRINCI-
PAL AMOUNT OF OUTSTANDING BONDS,  NOTES  OR  OTHER  OBLIGATIONS  MAY  BE
GREATER  THAN  ONE  HUNDRED MILLION DOLLARS ONLY IF THE PRESENT VALUE OF
THE AGGREGATE DEBT SERVICE OF THE FUNDING 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 TO BE
REFUNDED OR REPAID. FOR PURPOSES OF THIS SECTION, 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
UTILIZING  THE  EFFECTIVE  INTEREST  RATE  OF THE REFUNDING OR REPAYMENT
BONDS, NOTES OR OTHER OBLIGATIONS, WHICH SHALL BE THAT RATE  ARRIVED  AT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09649-01-5
              

A. 5651                             2

BY  DOUBLING  THE  SEMI-ANNUAL  INTEREST RATE (COMPOUNDED SEMI-ANNUALLY)
NECESSARY TO DISCOUNT THE DEBT SERVICE  PAYMENTS  ON  THE  REFUNDING  OR
REPAYMENT BONDS, NOTES OR OTHER OBLIGATIONS FROM THE PAYMENT DATES THER-
EOF  TO  THE DATE OF ISSUE OF THE REFUNDING OR REPAYMENT BONDS, NOTES OR
OTHER OBLIGATIONS AND TO  THE  PRICE  BID  INCLUDING  ESTIMATED  ACCRUED
INTEREST  OR  PROCEEDS  RECEIVED  BY  THE  AUTHORITY INCLUDING ESTIMATED
ACCRUED INTEREST FROM THE SALE THEREOF. THE AUTHORITY SHALL  HAVE  POWER
AND  IS  HEREBY AUTHORIZED TO ENTER INTO SUCH AGREEMENT AND PERFORM SUCH
ACTS AS MAY BE REQUIRED UNDER  ANY  APPLICABLE  FEDERAL  LEGISLATION  TO
SECURE A FEDERAL GUARANTEE OF ANY BONDS.
  2.  THE AUTHORITY SHALL HAVE POWER FROM TIME TO TIME TO RENEW BONDS OR
TO ISSUE RENEWAL BONDS FOR SUCH PURPOSE, TO ISSUE BONDS  TO  PAY  BONDS,
AND,  WHENEVER  IT  DEEMS REFUNDING EXPEDIENT, TO REFUND ANY BOND BY THE
ISSUANCE OF NEW BONDS, WHETHER THE BONDS TO BE REFUNDED HAVE OR HAVE NOT
MATURED, AND MAY ISSUE BONDS PARTLY TO REFUND BONDS THEN OUTSTANDING AND
PARTLY FOR ANY OTHER CORPORATE PURPOSE OF THE  AUTHORITY.  BONDS  ISSUED
FOR  REFUNDING  PURPOSES  SHALL  BE SOLD AND THE PROCEEDS APPLIED TO THE
PURCHASE, REDEMPTION OR PAYMENT OF THE BONDS OR NOTES TO BE REFUNDED.
  3. BONDS ISSUED BY THE AUTHORITY MAY BE GENERAL OBLIGATIONS SECURED BY
THE FAITH AND CREDIT OF THE AUTHORITY  OR  MAY  BE  SPECIAL  OBLIGATIONS
PAYABLE  SOLELY  OUT  OF  PARTICULAR  REVENUES OR OTHER MONEYS AS MAY BE
DESIGNATED IN THE PROCEEDINGS OF THE AUTHORITY  UNDER  WHICH  THE  BONDS
SHALL  BE  AUTHORIZED  TO  BE ISSUED, SUBJECT AS TO PRIORITY ONLY TO ANY
AGREEMENTS WITH THE HOLDERS OF OUTSTANDING BONDS PLEDGING ANY PARTICULAR
PROPERTY, REVENUES OR MONEYS. THE AUTHORITY MAY  ALSO  ENTER  INTO  LOAN
AGREEMENTS, LINES OF CREDIT AND OTHER SECURITY AGREEMENTS AND OBTAIN FOR
OR ON ITS BEHALF LETTERS OF CREDIT, INSURANCE, GUARANTEES OR OTHER CRED-
IT  ENHANCEMENTS  TO THE EXTENT NOW OR HEREAFTER AVAILABLE, IN EACH CASE
FOR SECURING ITS BONDS OR TO PROVIDE DIRECT PAYMENT OF ANY  COSTS  WHICH
THE AUTHORITY IS AUTHORIZED TO PAY.
  4. (A) BONDS SHALL BE AUTHORIZED BY RESOLUTION OF THE AUTHORITY, BE IN
SUCH  DENOMINATIONS  AND BEAR SUCH DATE OR DATES AND MATURE AT SUCH TIME
OR TIMES, AS SUCH  RESOLUTION  MAY  PROVIDE,  PROVIDED  THAT  BONDS  AND
RENEWALS  THEREOF  SHALL  MATURE  WITHIN  THIRTY  YEARS FROM THE DATE OF
ORIGINAL ISSUANCE OF ANY SUCH BONDS.
  (B) BONDS SHALL BE SUBJECT TO SUCH TERMS OF REDEMPTION, BEAR  INTEREST
AT SUCH RATE OR RATES, BE PAYABLE AT SUCH TIMES, BE IN SUCH FORM, EITHER
COUPON OR REGISTERED, CARRY SUCH REGISTRATION PRIVILEGES, BE EXECUTED IN
SUCH MANNER, BE PAYABLE IN SUCH MEDIUM OF PAYMENT AT SUCH PLACE OR PLAC-
ES,  AND  BE SUBJECT TO SUCH TERMS AND CONDITIONS AS SUCH RESOLUTION MAY
PROVIDE.
  (C) NOTWITHSTANDING ANY OTHER PROVISIONS OF  LAW,  THE  BONDS  OF  THE
AUTHORITY  ISSUED  PURSUANT  TO THIS SECTION SHALL BE SOLD TO THE BIDDER
OFFERING THE LOWEST TRUE INTEREST COST, TAKING  INTO  CONSIDERATION  ANY
PREMIUM  OR  DISCOUNT  NOT  LESS  THAN  FOUR NOR MORE THAN FIFTEEN DAYS,
SUNDAYS EXCEPTED, AFTER A NOTICE OF SUCH  SALE  HAS  BEEN  PUBLISHED  AT
LEAST  ONCE  IN A NEWSPAPER OF GENERAL CIRCULATION IN THE AREA SERVED BY
THE AUTHORITY AND ON THE AUTHORITY WEBSITE, WHICH SHALL STATE THE  TERMS
OF  THE SALE. THE TERMS OF THE SALE MAY NOT CHANGE UNLESS NOTICE OF SUCH
CHANGE IS PUBLISHED IN SUCH NEWSPAPER AND ON THE  AUTHORITY  WEBSITE  AT
LEAST ONE DAY PRIOR TO THE DATE OF THE SALE AS SET FORTH IN THE ORIGINAL
NOTICE  OF  SALE. ADVERTISEMENTS SHALL CONTAIN A PROVISION TO THE EFFECT
THAT THE AUTHORITY, IN ITS DISCRETION, MAY REJECT ANY OR ALL  BIDS  MADE
IN PURSUANCE OF SUCH ADVERTISEMENTS, AND IN THE EVENT OF SUCH REJECTION,
THE  AUTHORITY  IS  AUTHORIZED  TO NEGOTIATE A PRIVATE OR PUBLIC SALE OR
RE-ADVERTISE FOR BIDS IN THE FORM AND MANNER  ABOVE  DESCRIBED  AS  MANY

A. 5651                             3

TIMES  AS,  IN  ITS  JUDGMENT, MAY BE NECESSARY TO EFFECT A SATISFACTORY
SALE.
  (D) NOTWITHSTANDING THE PROVISIONS OF THE PRECEDING PARAGRAPH, WHENEV-
ER  IN THE JUDGMENT OF THE AUTHORITY THE INTERESTS OF THE AUTHORITY WILL
BE SERVED THEREBY, THE MEMBERS OF THE AUTHORITY, ON THE  WRITTEN  RECOM-
MENDATION  OF  THE  CHAIRPERSON, MAY AUTHORIZE THE SALE OF SUCH BONDS AT
PRIVATE OR PUBLIC SALE ON A NEGOTIATED BASIS OR ON EITHER A  COMPETITIVE
OR  NEGOTIATED  BASIS.  THE AUTHORITY SHALL SET GUIDELINES GOVERNING THE
TERMS AND CONDITIONS OF ANY SUCH PRIVATE OR PUBLIC SALES.
  (E) THE PRIVATE OR PUBLIC BOND SALE GUIDELINES SET  BY  THE  AUTHORITY
SHALL INCLUDE, BUT NOT BE LIMITED TO A REQUIREMENT THAT WHERE THE INTER-
ESTS  OF  THE  AUTHORITY  WILL  BE SERVED BY A PRIVATE OR PUBLIC SALE OF
BONDS, THE AUTHORITY SHALL SELECT UNDERWRITERS  FOR  PRIVATE  OR  PUBLIC
BOND  SALES  CONDUCTED PURSUANT TO A REQUEST FOR PROPOSAL PROCESS UNDER-
TAKEN AT LEAST ONCE ANNUALLY AND CONSIDERATION OF PROPOSALS FROM  QUALI-
FIED  UNDERWRITERS  TAKING  INTO ACCOUNT, AMONG OTHER THINGS, QUALIFICA-
TIONS OF UNDERWRITERS AS TO EXPERIENCE, THEIR ABILITY TO  STRUCTURE  AND
SELL  AUTHORITY  BOND  ISSUES,  ANTICIPATED  COSTS TO THE AUTHORITY, THE
PRIOR EXPERIENCE OF THE AUTHORITY WITH THE FIRM, IF ANY, THE CAPITALIZA-
TION OF SUCH FIRMS, PARTICIPATION OF QUALIFIED MINORITY AND  WOMEN-OWNED
BUSINESS  ENTERPRISE  FIRMS  IN SUCH PRIVATE OR PUBLIC SALES OF BONDS OF
THE AUTHORITY AND THE EXPERIENCE AND ABILITY OF  FIRMS  UNDER  CONSIDER-
ATION  TO  WORK WITH MINORITY AND WOMEN-OWNED BUSINESS ENTERPRISES SO AS
TO PROMOTE AND ASSIST PARTICIPATION BY SUCH ENTERPRISES.
  (F) THE AUTHORITY SHALL HAVE THE POWER FROM TIME TO TIME TO AMEND SUCH
PRIVATE BOND SALE GUIDELINES IN ACCORDANCE WITH THE PROVISIONS  OF  THIS
SUBDIVISION.
  (G)  NO  PRIVATE  OR  PUBLIC  BOND SALE ON A NEGOTIATED BASIS SHALL BE
CONDUCTED BY THE AUTHORITY WITHOUT PRIOR APPROVAL  OF  THE  STATE  COMP-
TROLLER.
  (H)  THE  AUTHORITY  SHALL  ANNUALLY  PREPARE  AND APPROVE A BOND SALE
REPORT WHICH SHALL INCLUDE THE PRIVATE OR PUBLIC BOND SALE GUIDELINES AS
SPECIFIED IN THIS SUBDIVISION, AMENDMENTS TO SUCH GUIDELINES  SINCE  THE
LAST PRIVATE OR PUBLIC BOND SALE REPORT, AN EXPLANATION OF THE BOND SALE
GUIDELINES  AND  AMENDMENTS,  AND  THE  RESULTS  OF  ANY  SALE  OF BONDS
CONDUCTED DURING THE FISCAL YEAR. SUCH BOND SALE REPORT MAY BE A PART OF
ANY OTHER ANNUAL REPORT THAT THE AUTHORITY IS REQUIRED TO MAKE.
  (I) THE AUTHORITY SHALL ANNUALLY SUBMIT ITS BOND SALE  REPORT  TO  THE
STATE  COMPTROLLER  AND  COPIES THEREOF TO THE SENATE FINANCE COMMITTEE,
THE ASSEMBLY WAYS AND MEANS COMMITTEE AND THE AUTHORITY BUDGET OFFICE.
  (J) THE AUTHORITY SHALL MAKE AVAILABLE TO THE  PUBLIC  COPIES  OF  ITS
BOND SALE REPORT UPON REASONABLE REQUEST THEREFORE.
  (K)  NOTHING  CONTAINED  IN THIS SUBDIVISION SHALL BE DEEMED TO ALTER,
AFFECT THE VALIDITY OF, MODIFY THE TERMS OF OR IMPAIR  ANY  CONTRACT  OR
AGREEMENT  MADE  OR  ENTERED INTO IN VIOLATION OF, OR WITHOUT COMPLIANCE
WITH, THE PROVISIONS OF THIS SUBDIVISION.
  5. ANY RESOLUTION OR RESOLUTIONS AUTHORIZING BONDS  OR  ANY  ISSUE  OF
BONDS  MAY  CONTAIN  PROVISIONS WHICH MAY BE A PART OF THE CONTRACT WITH
THE HOLDERS OF THE BONDS THEREBY AUTHORIZED AS TO:
  (A) PLEDGING ALL OR ANY PART OF THE REVENUES, OTHER MONEYS OR PROPERTY
OF THE AUTHORITY TO SECURE THE PAYMENT OF THE BONDS,  OR  ANY  COSTS  OF
ISSUANCE  THEREOF,  INCLUDING BUT NOT LIMITED TO ANY CONTRACTS, EARNINGS
OR PROCEEDS OF ANY GRANTS TO THE AUTHORITY RECEIVED FROM ANY PRIVATE  OR
PUBLIC  SOURCE  SUBJECT  TO SUCH AGREEMENTS WITH BONDHOLDERS AS MAY THEN
EXIST;

A. 5651                             4

  (B) THE SETTING ASIDE OF RESERVES AND THE CREATION  OF  SINKING  FUNDS
AND THE REGULATION AND DISPOSITION THEREOF;
  (C)  LIMITATIONS ON THE PURPOSE TO WHICH THE PROCEEDS FROM THE SALE OF
BONDS MAY BE APPLIED;
  (D) THE RATES, RENTS, FEES AND OTHER CHARGES TO BE FIXED AND COLLECTED
BY THE AUTHORITY AND THE AMOUNT TO BE RAISED IN EACH  YEAR  THEREBY  AND
THE USE AND DISPOSITION OF REVENUES;
  (E) LIMITATIONS ON THE RIGHT OF THE AUTHORITY TO RESTRICT AND REGULATE
THE  USE  OF  THE PROJECT OR PART THEREOF IN CONNECTION WITH WHICH BONDS
ARE ISSUED;
  (F) LIMITATIONS ON THE ISSUANCE OF ADDITIONAL BONDS,  THE  TERMS  UPON
WHICH  ADDITIONAL  BONDS  MAY BE ISSUED AND SECURED AND THE REFUNDING OF
OUTSTANDING OR OTHER BONDS;
  (G) THE PROCEDURE, IF ANY, BY WHICH THE TERMS  OF  ANY  CONTRACT  WITH
BONDHOLDERS MAY BE AMENDED OR ABROGATED, THE AMOUNT OF BONDS THE HOLDERS
OF  WHICH MUST CONSENT THERETO, AND THE MANNER IN WHICH SUCH CONSENT MAY
BE GIVEN;
  (H) THE CREATION OF SPECIAL FUNDS INTO WHICH ANY  REVENUES  OR  MONEYS
MAY BE DEPOSITED;
  (I) THE TERMS AND PROVISIONS OF ANY TRUST, MORTGAGE, DEED OR INDENTURE
SECURING THE BONDS UNDER WHICH THE BONDS MAY BE ISSUED;
  (J)  VESTING  IN A TRUSTEE OR TRUSTEES SUCH PROPERTIES, RIGHTS, POWERS
AND DUTIES IN TRUST AS THE AUTHORITY MAY DETERMINE WHICH MAY INCLUDE ANY
OR ALL OF THE RIGHTS, POWERS OR DUTIES OF THE TRUSTEES APPOINTED BY  THE
BONDHOLDERS PURSUANT TO THIS TITLE AND LIMITING OR ABROGATING THE RIGHTS
OF  THE  BONDHOLDERS TO APPOINT A TRUSTEE UNDER SUCH SECTION OR LIMITING
THE RIGHTS, DUTIES AND POWERS OF SUCH TRUSTEE;
  (K) DEFINING THE ACTS OR OMISSIONS  TO  ACT  WHICH  MAY  CONSTITUTE  A
DEFAULT  IN THE OBLIGATIONS AND DUTIES OF THE AUTHORITY TO THE BONDHOLD-
ERS AND PROVIDING FOR THE RIGHTS AND REMEDIES OF THE BONDHOLDERS IN  THE
EVENT OF SUCH DEFAULT, INCLUDING AS A MATTER OF RIGHT THE APPOINTMENT OF
A  RECEIVER,  PROVIDED, HOWEVER, THAT SUCH RIGHTS AND REMEDIES SHALL NOT
BE INCONSISTENT WITH THE GENERAL LAWS OF THE STATE AND OTHER  PROVISIONS
OF THIS TITLE;
  (L)  LIMITATIONS  ON  THE  POWER OF THE AUTHORITY TO SELL OR OTHERWISE
DISPOSE OF ANY PROJECT OF ANY PART THEREOF;
  (M) LIMITATIONS ON THE AMOUNT OF  REVENUES  AND  OTHER  MONEYS  TO  BE
EXPENDED FOR OPERATING, ADMINISTRATIVE OR OTHER EXPENSES OF THE AUTHORI-
TY;
  (N)  THE PAYMENT OF THE PROCEED OF BONDS, REVENUES AND OTHER MONEYS TO
A TRUSTEE OR OTHER DEPOSITORY, AND FOR THE METHOD OF DISBURSEMENT THERE-
OF WITH SUCH SAFEGUARDS AND RESTRICTIONS AS THE AUTHORITY MAY DETERMINE;
AND
  (O) ANY OTHER MATTES OF LIKE OR DIFFERENT CHARACTER WHICH IN  ANY  WAY
AFFECT  THE  SECURITY OR PROTECTION OF THE BONDS OR THE RIGHTS AND REME-
DIES OF BONDHOLDERS.
  6. IN ADDITION TO THE POWERS HEREIN CONFERRED UPON  THE  AUTHORITY  TO
SECURE  ITS BONDS, THE AUTHORITY SHALL HAVE POWER IN CONNECTION WITH THE
ISSUANCE OF BONDS TO ADOPT RESOLUTIONS AND ENTER INTO SUCH TRUST  INDEN-
TURES,  AGREEMENTS OR OTHER INSTRUMENTS AS THE AUTHORITY MAY DEEM NECES-
SARY, CONVENIENT OR DESIRABLE CONCERNING THE USE OR DISPOSITION  OF  ITS
REVENUES  OR  OTHER  MONEYS OR PROPERTY, INCLUDING THE MORTGAGING OF ANY
PROPERTY AND THE ENTRUSTING, PLEDGING OR CREATION OF ANY OTHER  SECURITY
INTEREST  IN  ANY SUCH REVENUES, MONEYS OR PROPERTY AND THE DOING OF ANY
ACT, INCLUDING REFRAINING FROM DOING ANY ACT WHICH THE  AUTHORITY  WOULD
HAVE  THE  RIGHT  TO DO IN THE ABSENCE OF SUCH RESOLUTIONS, TRUST INDEN-

A. 5651                             5

TURES, AGREEMENTS OR OTHER INSTRUMENTS. THE  AUTHORITY  SHALL  HAVE  THE
POWER  TO  ENTER  INTO  AMENDMENTS OF ANY SUCH RESOLUTIONS, TRUST INDEN-
TURES, AGREEMENTS OR OTHER  INSTRUMENTS.  THE  PROVISIONS  OF  ANY  SUCH
RESOLUTIONS,  TRUST  INDENTURES,  AGREEMENTS OR OTHER INSTRUMENTS MAY BE
MADE A PART OF THE CONTRACT WITH THE HOLDERS OF BONDS OF THE AUTHORITY.
  7. ANY PROVISION OF  THE  UNIFORM  COMMERCIAL  CODE  TO  THE  CONTRARY
NOTWITHSTANDING,  ANY  PLEDGE OF OR OTHER SECURITY INTEREST IN REVENUES,
MONEYS, ACCOUNTS, CONTRACT RIGHTS, GENERAL INTANGIBLES OR OTHER PERSONAL
PROPERTY MADE OR CREATED BY THE AUTHORITY SHALL BE  VALID,  BINDING  AND
PERFECTED  FROM  THE  TIME  WHEN  SUCH  PLEDGE IS MADE OR OTHER SECURITY
INTEREST ATTACHES WITHOUT ANY PHYSICAL DELIVERY  OF  THE  COLLATERAL  OR
FURTHER  ACT, AND THE LIEN OF ANY SUCH PLEDGE OR OTHER SECURITY INTEREST
SHALL BE VALID, BINDING AND PERFECTED AGAINST ALL PARTIES HAVING  CLAIMS
OF  ANY  KIND IN TORT, CONTRACT OR OTHERWISE AGAINST THE AUTHORITY IRRE-
SPECTIVE OF WHETHER OR NOT SUCH PARTIES HAVE NOTICE THEREOF. NO  INSTRU-
MENT  BY  WHICH  SUCH  A  PLEDGE OR SECURITY INTEREST IS CREATED NOR ANY
FINANCING STATEMENT NEED BE RECORDED OR FILED.
  8. WHETHER OR NOT THE BONDS ARE OF SUCH FORM AND CHARACTER  AS  TO  BE
NEGOTIABLE  INSTRUMENTS  UNDER THE TERMS OF THE UNIFORM COMMERCIAL CODE,
THE BONDS ARE HEREBY MADE NEGOTIABLE INSTRUMENTS WITHIN THE  MEANING  OF
AND FOR ALL THE PURPOSES OF THE UNIFORM COMMERCIAL CODE, SUBJECT ONLY TO
THE PROVISIONS OF THE BONDS FOR REGISTRATION.
  9.  NEITHER  THE MEMBERS OF THE AUTHORITY NOR ANY PERSON EXECUTING ITS
BONDS SHALL BE LIABLE PERSONALLY ON ITS  BONDS  OR  BE  SUBJECT  TO  ANY
PERSONAL LIABILITY OR ACCOUNTABILITY BY REASON OF THE ISSUANCE THEREOF.
  10. SUBJECT TO SUCH AGREEMENTS WITH BONDHOLDERS AS MAY THEN EXIST, THE
AUTHORITY  SHALL  HAVE  POWER  OUT  OF  ANY  FUNDS AVAILABLE THEREFOR TO
PURCHASE BONDS OF THE AUTHORITY, WHICH SHALL THEREUPON BE CANCELLED,  AT
A PRICE NOT EXCEEDING: (A) IF THE BONDS ARE THEN REDEEMABLE, THE REDEMP-
TION  PRICE  THEN  APPLICABLE PLUS ACCRUED INTEREST TO THE NEXT INTEREST
PAYMENT DATE; OR (B) IF THE BONDS ARE  NOT  THEN  REDEEMABLE,  THEN  THE
REDEMPTION  PRICE  APPLICABLE ON THE FIRST DATE AFTER SUCH PURCHASE UPON
WHICH THE BONDS BECOME SUBJECT TO REDEMPTION PLUS  ACCRUED  INTEREST  TO
THE  NEXT  INTEREST  PAYMENT DATE. BONDS SO PURCHASED SHALL THEREUPON BE
CANCELLED.
  S 2.  Section 706 of the public authorities law is REPEALED.
  S 3. This act shall take effect immediately.