Bill Text: NY A06444 | 2011-2012 | General Assembly | Introduced

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Bill Title: Relates to the power of the New York State Thruway Authority to finance certain projects in connection with the canal system.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2011-06-16 - substituted by s5564 [A06444 Detail]

Download: New_York-2011-A06444-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6444
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 16, 2011
                                      ___________
       Introduced  by M. of A. BRENNAN -- (at request of the Thruway Authority)
         -- read once and referred to the Committee on  Corporations,  Authori-
         ties and Commissions
       AN ACT to amend the public authorities law, in relation to the powers of
         the  New  York  state thruway authority to finance certain projects in
         connection with the canal system including emergency
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  383  of  the public authorities law, as added by
    2  chapter 766 of the laws of 1992, is amended to read as follows:
    3    S 383. Additional powers of the authority to finance certain  projects
    4  in connection with the New York state canal system. 1.  (a) The authori-
    5  ty  is hereby authorized, as an additional corporate purpose thereof, to
    6  issue its bonds, notes and other obligations in conformity with applica-
    7  ble provisions of the uniform commercial code for purposes of  financing
    8  the construction, reconstruction, development and improvement of the New
    9  York state canal system.
   10    (b) The authority may issue bonds, notes or other obligations pursuant
   11  to  paragraph  (a)  of this subdivision in an aggregate principal amount
   12  not exceeding ONE HUNDRED sixty million dollars plus a principal  amount
   13  of bonds, notes or other obligations issued (i) to fund any related debt
   14  service  reserve fund, (ii) to provide capitalized interest for a period
   15  not exceeding six months, except that where the proceeds of such  bonds,
   16  notes  or other obligations are expended on a revenue-producing project,
   17  such period shall be that allowable under  the  United  States  internal
   18  revenue  code  of  nineteen  hundred eighty-six, as amended, in order to
   19  preserve the exclusion of interest on such bonds, notes or  other  obli-
   20  gations  from  federal  income  taxation,  and (iii) to provide fees and
   21  other charges and expenses, including underwriters'  discounts,  related
   22  to the issuance of such bonds, notes and other obligations and the main-
   23  tenance  of such reserves, all as determined by the authority, excluding
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09724-01-1
       A. 6444                             2
    1  bonds, notes and other obligations issued to refund  outstanding  bonds,
    2  notes and other obligations issued pursuant to this section.
    3    (c)  The  authority,  in  addition to the bonds, notes and other obli-
    4  gations authorized pursuant to paragraph (b) of  this  subdivision,  may
    5  issue  bonds,  notes  or  other obligations pursuant to paragraph (a) of
    6  this subdivision in an aggregate principal  amount  not  exceeding  [ten
    7  million]  TWENTY  MILLION  dollars  for  the  purpose of funding capital
    8  construction and reconstruction projects on the  New  York  state  canal
    9  system  which are deemed by the authority as necessary due to the exist-
   10  ence of an emergency involving danger to life, safety or property  which
   11  requires  immediate action. Provided, however, that no such bonds, notes
   12  or other obligations shall be issued pursuant to  this  paragraph  until
   13  the  authority has exhausted its authorization pursuant to paragraph (b)
   14  of this subdivision.
   15    (d) In computing the total principal amount of bonds, notes and  other
   16  obligations  that  may  at any time be issued for any purpose under this
   17  section, the amount of  the  bonds,  notes  or  other  obligations  that
   18  constitutes  interest  under  the United States internal revenue code of
   19  nineteen hundred eighty-six, as amended, shall be excluded.
   20    2. All of the provisions of this title relating to  bonds,  notes  and
   21  other  obligations,  which are not inconsistent with this section, shall
   22  apply to obligations authorized  by  this  section,  including  but  not
   23  limited to the power to issue renewal notes or refunding bonds thereof.
   24    S 2. This act shall take effect immediately.